Condo and lofts sales among the highest in 20 years.
Second-quarter sales of Los Angeles Lofts and Condos were up over 130% from a year ago as reported in local trade journals that track sales by the number of properties that close. While it is not hard to imaging beating last year’s sales due to the economic conditions. See our report on this trend from earlier this year here. We did see buyers fleeing the cities to set up homes in smaller cities looking for breathing room for fear of living in close proximity during an airborne pandemic. That move did not last long, there are only so many available homes for sale in smaller states. In a state like Utah prices quickly shot to the moon. The tide appears to be turning back the other way. The appeal of loft and condo living is indeed back in the driver’s seat for home buyers here in Downtown LA and Hollywood. Prices for newly built properties are at record highs.
While demand for Industrial Lofts and Luxury Condos is high the inventory remains tight. Los Angeles is a seller’s market, which means that more people are looking to buy than there are homes available. This is expected to continue as the supply of properties is in short supply.
This can be good news for a determined buyer who knows what they want and is ready to take the extra steps suggested by their agent. Writing a letter to the seller saved one couple second round of bidding upon a property. “The letter and a picture of our dog moved the seller’s heart to take our offer.” That saved them as much as $10,000 dollars and associated gray hairs.
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Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 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 LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.