Real Estate Recession Downtown Los Angeles – October Home Prices Down 4%

Property Market Update  #realestate #market #dtla

Downtown L.A. —  Median home price dropped significantly in October, adding to a weak real estate market for more than a year, and demonstrating a solid three month down slide. The city’s urban center is feeling a real estate recession as nearly all of the numbers prove a slumping market in most every way, including falling home prices, declining number of transactions, smaller total volume and slower speed of sales in Downtown and the surrounding loft communities.

The median home price has slipped from $601,500 for October 2018 to $576,000 for October 2019.  That’s a significant drop of $25,500 for the month as compared to the same month last year.  Total October sales volume is down by more than $4 million. Most sellers now find that they must reduce prices and demonstrate more patience as properties move much slower.  The average home stagnated on the market for 70 days, which is 18 days longer to sell.   |   VIDEO

There’s always a silver lining in every economic storm cloud.  Lower prices bring new opportunities for prospective home owners and investors to get a better deal on an amazing loft, condo or house with lofty character, and with less competition from other home buyers and more motivated sellers.  More condominiums have opened up to FHA/VA 3.5% down and zero down payments. New first-time buyer programs offer lower down payments, as low as 0% to 2% down for moderate income home buyers. That’s good news for those who want to own and grow their wealth instead of facing a future of rising rents.

To further help lift spirits, the L.A. Loft Blog is hosting a special fun event with free virtual reality games in the Arts District. Just free tickets remain for food, fun and games at the world’s first indoor amusement park Two Bit Circus.  The event is for Corey Chambers Team clients, but all readers of the L.A. Loft Blog may request free tickets while supplies last.   |   Facebook   |   VIDEO

Get a free list of FHA, VA and low down payment lofts. Fill out the online form:

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the 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.   |   PDF 2018   PDF 2019 market-oct-2018-p market-oct-2019-p

Arts District VR Indoor Amusement Park Event – Free Food, Fun and Games Sat. Nov. 16

Food, fun, virtual reality games at virtual reality venue Saturday Nov. 16 1-3 PM

Time is running out for readers of the L.A. Loft Blog to request free tickets to the virtual reality indoor amusement park in the Arts District of Downtown Los Angeles. Corey Chambers clients have first priority, and all others may receive free tickets while supplies last.  If you’d like to come and play, call Corey or send an email to event@coreychambers.com  #artsdistrict #dtla #events

Details:  https://www.laloftblog.com/?s=circus

In the Arts District Saturday Nov. 16 at 1:00 PM to 3:00 PM
634 Mateo St, Los Angeles, CA 90021

Corey 213-880-9910

Get a free list of Arts District lofts and condos.  Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the 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.