REAL ESTATE NEWS (Los Angeles, CA) — Here’s a detailed overview of the downtown L.A. real estate market as of May 2023, as well as a comparison to the situation a year ago in May 2022. The data have been sourced from the MLS reports, providing accurate insights into the dynamics of the real estate market in downtown LA.
May 2023 Overview
In May 2023, the total volume of sold properties accounted for $24,415,800, with a total of 38 listings sold. The prices for the sold listings ranged from a low of $306,000 to a high of $1,310,000, with a median price at $559,000. The average selling price was around $642,521. The average price per square foot (considering listings with a square footage greater than zero) was $622.02.
When looking at the average days on market (DOM) for each listing, it is clear that most properties were sold within 0-30 days (34.21%), closely followed by those listed for 31-60 days and 120+ days (both 23.68%). Properties listed for 61-90 days and 91-120 days made up a smaller portion of sales, with 10.53% and 7.89%, respectively.
May 2022 vs May 2023
When comparing the real estate market of May 2023 to May 2022, we can see some distinct changes. The total volume of sold properties decreased from $54,858,888 in May 2022 to $24,415,800 in May 2023. The total number of listings sold also decreased significantly from 71 in 2022 to 38 in 2023.
The median selling price decreased from $640,000 in May 2022 to $559,000 in May 2023. However, the lowest price increased from $290,000 in 2022 to $306,000 in 2023. The highest price also saw a drop, going from $3,600,000 in May 2022 to $1,310,000 in May 2023.
The average selling price decreased from $775,512 in May 2022 to $642,521 in May 2023, indicating a softer market. The average price per square foot decreased from $731.78 in 2022 to $622.02 in 2023, following the trend of overall price softening.
The number of listings sold within 0-30 days increased slightly from 59.15% in May 2022 to 59.34% in May 2023, indicating a slightly faster turnover rate.
Market Down
Based on this data, it seems that the downtown Los Angeles real estate market has softened in the year from May 2022 to May 2023. The total market of sold homes in May 2023 was less than half the size of the same period last year, according to market data of MLS areas 23, 42 and 1375. The average and median selling prices, as well as the highest price, have all seen reductions. The average price per square foot has also reduced, aligning with the general trend of a softening market. The number of listings sold decreased significantly, but the turnover rate remains healthy, with a large portion of properties being sold within 0-30 days. This market report indicates a possible buyer’s market in downtown Los Angeles, providing excellent opportunities for prospective homebuyers looking to invest in the area.
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THE GIVING IT BACK AND PAYING IT FORWARD NEWSLETTER
Happy Fathers Day to… Everyone?
You guessed it: Fathers Day is June 18. But why should I mention this to you?
Well, since you have been kind enough to be part of our business, I wanted to take the opportunity to give you a free gift on Fathers Day. Chances are that you are not a dad, but I am sure the dads won’t mind. So I am going to go ahead and give you (and those you know) TWO very special free gifts.
Yes, TWO Gifts.
Gift #1 We will sell your home at your price, or we will buy it.*
Yes, this is the guarantee I am most famous for. And you will know that, whether it’s a super awesome real estate market or a housing recession, I have not wavered from this guarantee. The peace of mind from a guarantee like this is a fantastic gift.
I can think of none better.My team and I are committed to results. In fact, Results-Oriented is one of our core values. For more than 30 years, people have been coming to us when they want their home sold, at their price and with the least hassle. We look forward to the next 30 years ofGuaranteed Results for L.A. homeowners. #coreychambers #realestate #news
Your Referrals Change Lives!
Go Serve Large!!! Investing In The People Of Our Great Community.
With The Corey Chambers Team, Your Referrals Really do Change Lives!
If you or a friend are thinking about selling, make sure to choose a real estate company you can trust!
A Real Estate Company That Gives Back!
Gift #2…Donations to one of the areas Leading NonProfits, CHLA Children’s Hospital of Los Angeles. In last month’s letter, I updated you on our goal of raising $25,000 for CHLA. In case you missed it, we donate a portion of our income from home sales to help the kids.Children’s Hospital Los Angeles is a 501(c)(3). a nonprofit institution that provides pediatric health care and helps young patients more than half a million times each year in a setting designed just for their needs. Its history began in 1901 in a small house on the corner of Alpine and Castelar Streets (now Hill St. in Chinatown) and today its medical experts offer more than 350 pediatric specialty programs and services to meet the needs of patients. CHLA provides more than $316.2 million in community benefits annually to children and families. As the first pediatric hospital in Southern California, CHLA relies on the generosity of philanthropists in the community to support compassionate patient care, leading-edge education of the caregivers of tomorrow and innovative research efforts that impact children at the hospital and around the world. YOUR REFERRALS HELP THE KIDS! Keep them coming!
Our goal this year: Raise $25,000 for Children’s Hospital Los Angeles!
Who do you know considering buying or selling a home you could refer to my real estate sales team? Not only will they benefit from our award-winning service and ironclad guarantees but the kids of Children’s Hospital will benefit too! Just give me a call or pass my number on to anyone you know considering buying or selling. My number is 213-880-9910.
Your Referrals help the Kids!
Life moves fast for some and we are eager to make the Home Selling and Buying experience a smooth rewarding one. Over the last two decades of helping thousands of families sell their home and/or buy another, we have met some wonderful, loving, caring people. People like you! As we move forward this Summer, please know we areA Real Estate Company That Gives Back!
Thank you in advance for your referrals! My number is 213-880-9910.
Go Serve Big!!!
Corey Chambers
P.S. Check out the story enclosed of this amazing young person whose life was given back thanks to CHLA.
CHLA Your referrals help kids!
A real estate company with experience, proven results, and a give-back philosophy!
Refer your friends, neighbors, associates or family members considering making a move:
You can go to www.ReferralsHelpKids.comand enter their contact info online, or forward the link to someone you know considering a move.
Of course, you can always call me direct as well at 213-880-9910
Why I support Children’s Hospital of Los Angeles
I grew up right here in the Greater Los Angeles Area, born in Los Angeles County at St. Francis Hospital. I remember when I first heard about a young person close to our family suffering from a nasty disease and getting treated for that at Children’s Hospital Los Angeles. It was then that I began to pay closer attention to the work they do at that hospital. Since then, I have learned that it is a collection of hard-working health care professionals, most making their home right here in the Los Angeles area, all coming together for a common cause. That cause is to help young people overcome unfortunate health issues that life sometimes throws our way. Being a Los Angeles Area California native, I take pride in supporting in a way that I can the good work these people do at Children’s. My team rallies around our annual goal or raising money and donating portions of our income to help Children’s in their quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Children”s Hospital Los Angeles shares similar commitment to their patients. And since their services survive on sponsorships and donations, we are happy to contribute and proud to support them.
Sincerely,
Corey Chambers
*seller and Corey must agree on price and time of possession. Corey Chambers, Broker DRE#01889449
Can a New Way to Treat a Tumor Help Kai Beat Brain Cancer?
Melissa found Children’s Hospital Los Angeles in July 2021, when she was on a frenzied search for help for her infant son. — By Jeff Weinstock (Courtesy CHLA)
After her infant son was diagnosed with a rare tumor, Melissa crossed the country searching for help. She found it at Children’s Hospital Los Angeles in the office of Dr. Ashley Margol, one of the few experts in an innovative therapy called MEMMAT.
Five months earlier, Kai had been diagnosed with atypical teratoid rhabdoid tumor, known as ATRT, an especially menacing brain cancer with a bleak prognosis. The doctors who made the diagnosis after removing the tumor recommended that Melissa and her husband, Chasen, not intervene with treatment.
“We ran from them as fast as we could,” Melissa says. But where to? Searching out an alternative opinion was an immense effort. “Nobody said, ‘This is how we treat it, this is what we’re going to do,’ because there’s no real protocol for ATRT.”
The family moved east, picking up stakes from San Jose, California, to pursue treatment, but after four months of chemotherapy, Kai relapsed just before his first birthday. The cancer reappeared in the same area of Kai’s brain, along with more, smaller lumps nearby and on his spine. The medical team told the family that there was no answer for recurrent ATRT and discontinued Kai’s care.
Again facing a desperate scramble to find an expert who would treat Kai, Melissa contacted doctors across the country, but got nowhere until a pediatric oncologist in Texas listened to her story and thought of a colleague. She told Melissa, simply, “Call Dr. Margol.”
A new way of attacking a tumor
One of the few physicians with expertise in ATRT, Children’s Hospital Los Angeles oncologist Ashley Margol, MD, Director of the hospital’s Brain Tumor Center, administers a treatment protocol called MEMMAT developed specifically to target recurrences of the most destructive pediatric cancers, including atypical teratoid rhabdoid tumor.
Melissa says she didn’t hold back. “We emailed her, we called her. She called us back and said, ‘Get on a flight. I’ll see him in a couple of days.’”
How fast was the response? The time elapsed between the date Dr. Margol received the email and the date the family was in her office was five days.
“We were completely overwhelmed,” Melissa says. “We had no idea this even existed, this possibility. We were thinking we were only going to have a certain amount of time with our kid. And then we were presented with a little bit of hope, which was—no, you can’t describe that.”
The acronym MEMMAT is a merger of recurrent medulloblastoma, ependymoma and ATRT. It’s what’s called an antiangiogenic therapy, which means it is designed to prevent new tumors from forming by cutting off their blood supply, as opposed to standard chemotherapy, which kills active cancer cells.
“I’ll give you an example,” Dr. Margol says. “If I have a plant and I start depriving it of water, that’s one way of killing it, right? Versus if I pulled the plant out of the dirt and chopped it into 10 pieces. We know that tumors, unless they have their own blood supply, can’t grow. Eventually they wither away and die. So it’s kind of a different way of attacking a tumor.
“Honestly,” she says, “there’s no standard of care for relapsed ATRT. There’s really no standard of care for upfront ATRT. It’s such a rare disease. There are only about 50 kids in the U.S. every year who are diagnosed with it.
‘Fifty percent doesn’t mean anything’
What separates MEMMAT from conventional chemotherapy is the delivery of medicine, which goes directly into the fluid surrounding the brain through a small catheter called an Ommaya reservoir. That’s a potential advantage over the standard intravenous injection of chemotherapy, which can run up against a protective screen called the blood-brain barrier and be kept from reaching cancer cells in the brain and spine.
The therapy knocked out the several new, smaller tumors Kai presented with at CHLA, while the recurrent large tumor was removed by neurosurgeon Mark Krieger, MD, Surgical Director of the Brain Tumor Center, who holds the Billy and Audrey L. Wilder Chair in Neurosurgery. Multiple rounds of radiation followed. Last October, with repeated MRIs showing no evidence of cancer and seeing no benefit to be gained from more chemotherapy, Dr. Margol advised ending the treatment to spare Kai any further side effects. The most recent scan in January was also clear.
“Dr. Margol and the MEMMAT protocol absolutely saved Kai,” Melissa says.
However, Dr. Margol has had frank talks with the family about the chances of surviving the disease. MEMMAT is not seen as a cure, she says. It can extend and improve life, but recurrent ATRT remains a nearly insurmountable cancer.
“I don’t go over statistics because children are not statistics,” Dr. Margol says. “Fifty percent doesn’t mean anything, right? Your kid is 100%. So I don’t have that conversation. There is never a scenario where I tell someone, ‘I’m sorry, there’s nothing I can do.’
“I do tell every family, ‘My goal is to cure your child, and I’m going to do everything I can to make that happen.’ My goal is always for the family to understand that we’re on the same team from the get-go. I don’t know how the journey’s going to end, but we’re all on this train together.”
An ellipsis that signals hope
Each clean MRI report offers some relief, but hardly enough time to exhale before the next one. As each scan draws closer Melissa gets a swell of “scanxiety,” as parents of pediatric cancer patients call their nervousness before an impending test and the wait for the outcome.
“About a week leading up to MRIs, we’re irritable, we’re scared, we’re worried, we’re all the things, but we still have to function,” Melissa says. She asks her husband to check the patient portal for the results. “I can’t open the app. He does it because I just sit and shake until we know we’re in the clear for another little while.”
That’s just one of the ways Chasen has held Melissa together. She says that Kai’s 6-year-old brother, Cruz, also provides support. “It’s a family fight,” she says. “I’m only a small part of the reason we’re still upright each day.”
Kai turns 3 in July. He gets physical and occupational therapy to address the weaknesses related to his disease and treatment, including walking and talking. A stroke he suffered after his initial brain surgery impaired the right side of his face, which makes eating a challenge.
“I don’t think of them as deficits at all,” Melissa says. “I think of Kai as thriving based on what he’s been through. He’s the sassiest 2-year-old you’ve ever met in your whole life. He’s been telling us every day that he wants to go to preschool. We’re like, ‘OK, well, let’s try to get you potty-trained and we’ll take that next step,’ because he seems to be ready.”
Dr. Margol told the family that if Kai gets to two years with no appearance of cancer, then she will be comfortable saying his prognosis has improved meaningfully. Yet seeing in her notes that he has passed the one-year mark draws a small inflection of optimism. “Oh yeah, look at that,” she says.
“I told the family, ‘It’s still a very small possibility that we can cure him, but we’re certainly going to try.’ To be honest, I didn’t think we would be in this space right now where he doesn’t have any tumor, but …” In the upturn of her voice as it trails off, in all the open-ended qualifiers, in certainly, but, and small possibility, is a slender allowance of hope.
“I don’t know that I think about whether there’s going to be a cure,” Melissa says. “I live in survival mode, truthfully. I want to be hopeful. I’m just really cautious about how optimistic I am. The reality is that ATRT is a beast and can come back at any time. So it’s scan to scan. I’ll take it all day long because I didn’t think I would get the opportunity to experience such a beautiful kid, and I’m getting that. I’m grateful for it.”
