REAL ESTATE NEWS (Los Angeles, CA) — For investors, when is the best time to buy a property? When the price is low, of course. Most Americans have been hearing that home prices are super high these days, but the national news has been largely following the average home price, dominated by skyrocketing single family homes in the suburbs over the last few years. Urban, inner city and downtown home prices mostly fell during that same period. That means Downtown L.A. and other city centers are actually at a relative low price historically, and in comparison to suburban and rural home prices. For example, some Little Tokyo Lofts at 420 S San Pedro are priced lower than they were purchased for 15 years ago.
The bottom for Downtown LA prices occurred around September of 2021. DTLA prices have risen precipitously since then. This gives us an excellent picture of the real estate market opportunities presented by LA urban home prices that dropped as many suburban home prices were simultaneously skyrocketing nationwide. The reason for the big city urban home price drop was due to a combination of long-term trends, which often differ from remote areas, plus the virus panic and hysteria of 2020-2021. Like other big city centers, Downtown Los Angeles suffered a flight of worried residents who sought to escape perceived dangers of large populations, close contact, crowds and germs. Downtowners fled to safer pastures during that time period, but things are changing. Urbanites have begun to change their thinking, and the smart money is now beginning to take advantage of relatively low condo prices in the heart of the entertainment capital.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449. 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 subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.