Why DTLA is Doing Much Worse than Most Imagine #dtla #lockdown #depression
By Corey Chambers, Los Angeles. Thanks for visiting. I’m going to share with you some valuable information about this topic.: What’s really happening with downtown Los Angeles. We are here with you live in downtown LA just to fill people in on the situation. What happens to a major metropolitan area when you shut it down, when you impose a lot of limitations and just make it generally less desirable place to live and work. So, you see windows that are still boarded up. You see some shops that used to be extremely popular, and now they are mostly empty, and they’re not going to be able to survive this way. There are places that we’re very, very busy and pay very top rent. This is spring street and fifth, near some very valuable high-end restaurants. High-end loft condominiums are right here across the street.
Lockdown, riots, recession and depression — Panic, hysteria, public unrest, political turmoil and bad decisions: Free enterprise has been decimated. Downtown Los Angeles will not prosper until it is once again clean, safe and free.
The Crocker club looks like it’s probably closed down. You cannot operate some of the most expensive retail locations and then have them like this. It doesn’t work. Even if they come here and they try to make a go of it, temporarily making a half of the money or a third or a fourth of the money, nobody, no businesses can live on that. Most businesses need a hundred percent or very close to a hundred percent of what they normally make to stay in business. When a business starts losing 20, 30, 40% of their revenue or more in this case, in this case, they’re losing 50% of their revenue and that is going to cause most or all of these businesses to go out of business in Downtown Los Angeles, because a business can not survive when they’re losing 20%, 30%, 40%, but they are losing a 50%, 60%, 70, 80% of their revenue under these conditions.
We’re going to take a look at the whole neighborhood here so that you’re going to be able to see exactly what is happening. I’m also going to show you what’s happening with the loss, this again, one of the most popular businesses and downtown Los Angeles, this is one of the most it or haircutting places. And they’re being forced to survive, miraculously on 50% of the business, 20% of the business, that’s not enough. So they’re making a go at it, trying to stay afloat, and that’s not going to work. They’re going to feel, look, most of the businesses are out of business or almost out of the business.
So here we have a very popular upscale loft condominium building right here on Spring Street. And this is how it is. Even the condos are boarded up. They got little peep holes where they can look out the window. You can’t operate an upscale condo like this either. You can’t do that with a business or a condo, so that’s going to have to change. Most likely, things are going to get worse before they get better. The business people here — the entrepreneurs, the people who work hard early in the morning until late at night to run these businesses — they are not being given what they need. Most of them are not going to make it. When they go out of business, it might take them two years, four years, 10 years to come back, and they may go. Most of them will go somewhere else to do that. Then, there’s the park on Spring Street. This is a one of the busiest streets in downtown Los Angeles on a busy day.
And there’s very few people. So people who think this is back to business, but this is not anywhere near close. We’re nowhere near close to being able to cut it. These businesses can’t stay in business. That’s why rents are going down. Commercial real estate is a disaster. Commercial real estate is just imploding. Commercial real estate rents are down. A commercial real estate companies are going to be foreclosing and going out of business, going into bankruptcy like crazy. This french restaurant on Spring Street is one of the most beautiful restaurants and downtown Los Angeles, a beautiful French restaurant. Things were going upscale, very successful. It was very busy. People loved eating here at all hours of the day and night. This is a reopened or partially reopened downtown Los Angeles, and it’s not cutting it. It’s not going to work because, not only do you have to reopen everything fully, you’ve got to add something, some magic as a miracle to make it just to get back to anywhere near where it was.
This is what’s actually happening in downtown Los Angeles — the major leader. Downtown areas are often a force, a predictor of what starts happening in other places, but it’s getting worse instead of better. I’m receiving more calls from sellers who want to sell their place at a loss. Unfortunately this is going to keep accelerating that problem as more and more sellers are going to be selling their downtown real estate at a bigger and bigger loss.
Downtown Los Angeles shall once again prosper after it is once again clean, safe and free.
Corey Chambers, Los Angeles Downtown. As I mentioned earlier, a property information packet is available on any loft condo or a house or a private preview is available upon request. If you have a home you’d like to sell it, you should know that I’ll guarantee the sale of your present home at a price acceptable to you, or I’ll buy it for cash. This guarantee will allow you to buy your next home without worrying about selling your present home and to find out how much you could sell your home for call me at (213) 880-9910. Corey Chambers in downtown Los Angeles. Your home sold guaranteed, or I’ll buy it. Thanks for reading the L.A. Loft Blog.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449, MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
