REAL ESTATE NEWS — The Downtown L.A. real estate market for condos and co-ops in November 2023 exhibits significant differences compared to the same period in 2022. Here’s an analysis, comparison, and contrast of key metrics:
Number of Listings: There was a decrease in the number of listings from 23 in November 2022 to 16 in November 2023. This suggests a tighter market with fewer properties available for sale.
Days on Market (DOM): The average and median DOM increased notably from 44 and 29 days in 2022 to 86 and 68 days in 2023, respectively. This indicates that properties stayed on the market longer before being sold in 2023.
Pricing Trends:
Low Price: The low-end prices dropped from $385,000 in 2022 to $299,000 in 2023.
Median Price: The median price decreased slightly from $695,000 in 2022 to $530,000 in 2023.
High Price: The high-end market also saw a decrease from $1,599,900 in 2022 to $965,000 in 2023.
Average Price and Square Footage:
Average Price: The overall average price saw a decrease from $777,426 in 2022 to $561,743 in 2023.
Average Price per Square Foot: The average price per square foot decreased from $740.93 in 2022 to $602.56 in 2023.
Average Square Footage: Remained constant at 915 square feet for both years.
Lot Size (LSZ): The average and median lot size remained roughly the same, but the average price per lot size decreased from $18.29 per LSZ in 2022 to $12.72 per LSZ in 2023.
Sales Performance:
Average SP/Avg. LP (Selling Price vs. Listing Price): There was a slight decrease in the average selling price compared to the listing price, from 98.64% in 2022 to 97.76% in 2023.
Total Volume: There was a significant decrease in total sales volume, from $17,880,800 in 2022 to $8,987,900 in 2023.
DOM and Average % of List Price Received on Solds Statistics:
There was a more even distribution of sales across different DOM ranges in 2023, with a notable portion (37.5%) selling after 120+ days.
The percentage of the list price received was relatively high and consistent across different DOM ranges in both years.
Overall Summary:
The Downtown Los Angeles condo and co-op market in November 2023 was characterized by fewer listings, longer sales durations, lower prices across the spectrum, and a significant drop in total sales volume compared to November 2022.
The decrease in prices and increase in DOM might indicate a buyer’s market in 2023, where buyers had more negotiating power due to less competition and a greater supply of properties available for longer periods.
While October showed a notable improvement over the same month last year, suggesting a potential upturn, it now appears that this uptick was an anomaly, with the overall trend still indicating a falling real estate market for the urban L.A. city center. Most home prices are holding strong due to overall inflation concerns.
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Corey Chambers ‘Giving Back and Paying It Forward’ Real Estate Newsletter — The California Home
🎅 Happy Holidays!!! 🎁
December rings in as the most joyful time of the year. The current year is coming to a close, the Holiday Celebrations all mean different things to different people, but most always represent happiness and good wishes. You will notice that a giving spirit exists, unlike other times of the year, if you look around. | VIDEO
Unfortunately, many homeowners feel the bind of being ready to enjoy the holiday but trapped with a big task. They are desperate to exit their current loft, condo or house and give themselves a big Christmas Gift – a NEW place to call home.
Here’s how you and I can help. As a result of my team’s work with over 5,000 families over 20 years and three recessions, we have developed a unique program to quickly get an acceptable “cash” offer on any home for market value. So we are giving Home Owners wanting to make a move an extraordinary gift this holiday season. For December, we will guarantee, in writing, the sale of an area home in 30 days at a price acceptable to the homeowner. In the event there is no sale, we’ll pay the homeowner $5,000. The homeowner and I need to agree on the price. We do that starting with a simple, FREE consultation.
Here is what you can do to help!
If anyone you know, including yourself, is considering making a move, we would like to offer them a FREE, No Obligation to Sell for Top Dollar Consultation. On this call, we’ll discuss just how they can make their move, get what they want, and do it with the least hassle.
AND while we are on the phone, I will instantly send over a FREE Special Report titled “Costly Home Seller Mistakes to Avoid When Selling During the Holiday Season.” Just like we are thankful for you and your business, I am confident your referrals will be thanking you for steering them in the right direction on getting their home sold!!!
*A GREAT Guarantee: Sold in 30 Days, or I pay a $5,000.00 Cash Penalty!
*A FREE Consultation to Discuss What Price Can Be Expected.
*A FREE Special Report that details Mistakes to Avoid When Selling in Today’s Market.
AND remember, YOUR referrals help the Kids!
We are still on a mission to raise $25,000 for Children’s Hospital of Los Angeles CHLA, so we donate a good portion of our income from home sales. As you know, CHLA does a tremendous job of helping kids fight through and survive heart transplants: stuff that many times rob the life right out of young people.
Attached is a story of one child’s life being saved. CHLA survives on Sponsorships and Donations.
So YOUR REFERRALS REALLY DO HELP THE KIDS!
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, but we donate a portion of our income on every home sale to Children’s Hospital right here in Los Angeles. Your Referrals Really Do Help the Kids…
I want to make it easy to refer your friends, neighbors, associates, or family members considering making a move, so here are your options:
1. You can go to www.ReferralsHelpKids.com and enter their contact info on line or forward the link to who you know considering a move.
2. Of course, you can always call me direct as well at 213-880-9910.
#referralshelpkids #entarlovesyou
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, but you can rest assured a very worthy group of children will benefit as well!
To refer your friends, neighbors, associates, or family members considering making a move, just give me a call or pass on my number to them!
In my career of helping families sell their homes and/or buy another, we have met some wonderful, loving, caring friends. People like you! So for those you know that are considering a move, you have my word that we will do our very best in helping them buy or sell the place they call home.
I hope this special month of Showing Thanks brings you much joy and happiness. With all my appreciation,
Founder, Entar® Real Estate and Investment Technologies | ⭐⭐⭐⭐⭐
P.S. We love honoring our past clients like you. Read all about that at: www.ReferralsHelpKids.com .
I have attached an article that demonstrates the great work done by CHLA and how your referrals really do help the kids right here in Los Angeles. Keep em coming!
Corey
Why I Support Children’s Hospital Los Angeles
I grew up right here in the Los Angeles area. Born at St. Francis Hospital. When I first heard about a young person close to our family suffering from a life-threatening disease and getting treated for that at Children’s Hospital Los Angeles. It was then that I began to pay more immediate attention to their work 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 in the Los Angeles area, a California native, I take pride in supporting so that I can do the good work these people do at Children’s. My team rallies around our annual goal of 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 commitments to their patients. And since their services survive on sponsorships and donations, we are happy to contribute and proud to support them.
Over the years our team has helped our friends, family, clients to buy, sell or lease a home, we have met some wonderful, loving, caring people.
People like you!
So your referrals can be assured that not only will they get the award-winning service we are known for but also the guarantee to back it up, but that a solid portion of the income we receive will go toward a very worthy cause.
Heart of Gold
A serious heart defect isn’t stopping Maceo Alvarez from playing his favorite sport—and helping other sick children at the holidays.
Maceo Alvarez likes a lot of sports—but nothing compares with his love for football. “He’s like a football addict,” his mother, Monique Esparza, says.
“You get to catch, you get to run, you get to juke, you get to spin,” says the 8-year-old Monrovia second grader. “You can also jump if they dive for your legs.”
Last fall, for the first time, Maceo got to play on a football team. At the start of the season, he set out with his mom to pick up his gear, including cleats, uniforms and one extra item: special padding to protect his pacemaker.
Monique was admittedly nervous. Maceo not only has a pacemaker, but he’s also undergone 13 surgeries, including six open-heart surgeries, as a result of being born with tricuspid atresia, a rare heart condition in which the tricuspid valve doesn’t develop in the womb. The defect blocks proper blood flow to the lungs and caused the right side of Maceo’s heart to be severely underdeveloped. The tricuspid valve can’t be replaced, so patients undergo a series of surgeries to reroute blood flow through the body. Football—even the flag football Maceo is playing—wasn’t exactly doctor recommended. In fact, it was doctor forbidden. So said Michael Silka, MD, one of Maceo’s cardiologists at Children’s Hospital Los Angeles.
“Dr. Silka kept telling him, ‘No, no, no, no, no,’” Monique says.
But Maceo had a counter. His stepdad had told him about D.J. Hayden, a cornerback for the Oakland Raiders who suffered a near-fatal heart injury in college that had to be surgically repaired. So on the next visit to Silka, Maceo came prepared. “D.J. Hayden plays for the Raiders in the NFL and he has a scar just like mine,” he told the doctor. “So I’m playing football.”
Silka eventually relented and Maceo joined a team. What’s more, Maceo and Hayden developed a friendship, after Monique tagged Hayden in an Instagram photo of her son. Hayden responded, and the two have been Facebook friends ever since. This past summer, Maceo spent a day at the Raiders’ training camp in Napa, California, at Hayden’s invitation.
It was Monique’s instinct to say no to her son’s football aspirations as well, but when she saw his excitement at finally being healthy enough to play the game he loves, she couldn’t.
“He’s determined,” she says. “He wants to do everything you tell him he can’t do.”
Although Maceo is doing well, his battles aren’t over. A few months back, he was suffering from a severe lack of energy and sleeping all day. “He just wasn’t himself,” Monique says. “He didn’t want to play football. Didn’t even pick up a football for a few months.”
Maceo had developed pulmonary hypertension, and was put on a new medication to control it. If the medicine doesn’t work, he may ultimately need a heart transplant. Monique says outward signs are positive, though she can’t be sure until another catheterization is done.
“I can’t say 100 percent it’s working, but ever since he’s been on this medication, I can look at him and tell you that he’s in a way better place than he was a few months ago.”
That’s good news not only for Maceo and his family, but also for other heart patients at CHLA, who can expect to again be the recipients of Maceo’s kindness this holiday season. Two years ago on Halloween, as he was being discharged after an inpatient stay, Maceo spotted someone bringing Halloween costumes into the hospital. Happy to learn that the kids in the hospital would be able to have Halloween, it got him thinking ahead.
“How is Santa Claus going to get into the hospital if there’s no chimney?” he asked his mom.
Maceo declared that he would be Santa Claus and bring presents to the hospital. Monique quickly organized a toy drive and returned with Maceo in December with gifts for every child in the Heart Institute. That began what is now an annual holiday event.
“They’re stuck in the hospital, like I was,” Maceo says. “So we’re going to bring Christmas to them.”
What motivates him to do the toy drive each year? He has a succinct answer: “Because I’m helping the kids.”
Patient Story and photos courtesy CHLA
How You Can Help:
Refer your friends, neighbors, associates or family members considering making a move: www.ReferralsHelpKids.com or call Corey at 213-880-9910
