Downtown Los Angles Real Estate Market Report January 2024

REAL ESTATE NEWS (Los Angeles, CA) — The numbers are in. Did urban L.A. property market go up or down last month compare to the same month last year? A mixture of both, as the more affordable units get more affordable, while the more expensive units get more expensive. It’s been taking longer to sell Downtown condos lately. These add up to signs of economic stagnation and price inflation, strongly affected by higher interest rates.

The Pulse of Progress: Downtown L.A.’s Real Estate Evolution

In the heart of Los Angeles, the real estate market has always been a beacon of change, reflecting the city’s ever-evolving skyline and the dreams of its residents. As we dive into the Downtown L.A. real estate market, a comparison between home sales in January 2024 and the same period in 2023 reveals a fascinating narrative of growth, challenges, and the unyielding pulse of progress.

A Year of Transformation

January 2023 set the stage with 15 condo and co-op properties changing hands, showcasing an average days on market (DOM) of 38 days. The listings ranged from a modest $373,000 to a lavish $1,568,000, with an average selling price slightly above the listed, indicating a market of close matches between buyer expectations and seller demands. The average price per square foot stood at $760.62, a figure that bespoke the premium on downtown living space.

Fast forward to January 2024, and the narrative took on additional layers. The number of listings sold rose to 19, a subtle yet telling increase reflecting the market’s resilience and appeal. However, the average DOM jumped to 64 days, hinting at a market that required more patience from sellers and more deliberation from buyers. The price brackets expanded as well, with the high reaching $1,645,000, although the median selling price remained steady, suggesting a consistent core market value amidst a widening range of options.

Analyzing the Numbers

The slight dip in the average selling price to list price ratio from 97.36% in 2023 to 97.01% in 2024 indicates a market that’s becoming slightly more favorable to buyers, offering them a tad more negotiation room. Yet, the decrease in the average selling price over the original list price ratio from 107.87% to 93.10% signifies a shift towards a market that’s aligning more closely with initial pricing expectations, possibly reflecting sellers’ adaptation to more accurate market valuations.

Notably, the average price per square foot experienced a decline from $760.62 in 2023 to $633.58 in 2024. This adjustment could reflect a variety of factors, including changes in the types of properties sold or variations in market demand. Yet, the increase in the average square footage from 775 to 1,035 underscores a trend towards larger living spaces, reflecting a market evolution that caters to a diverse range of buyer preferences and lifestyles.

Beyond the Numbers

The story of Downtown L.A.’s real estate market is not just told through numbers but through the lives that animate its spaces. The increase in the average lot size, from 80,283.50 square feet in 2023 to 92,249.11 square feet in 2024, hints at a broader canvas for the city’s architectural creativity and the residents’ aspirations.

As Downtown Los Angeles continues to morph, with its blend of historic charm and modern luxury, the real estate market mirrors this dynamism. The market’s shifts and trends are more than mere statistics; they are a testament to the area’s resilience, its capacity for renewal, and its unwavering attraction for those seeking to write their own stories within its vibrant landscape.

The Downtown Los Angeles real estate market’s journey from January 2023 to January 2024 is a microcosm of the city itself: diverse, dynamic, and ever forward-moving. It’s a market that demands attention, not just for its economic indicators but for what it signifies about urban living and the enduring appeal of calling Downtown L.A. home.

The most dramatic differences between January 2023 and January 2024 in the Downtown Los Angeles real estate market are seen in the significant increase in the average days on market (DOM) from 38 to 64 days, indicating a slower pace of sales, and the notable expansion in the average square footage of sold properties from 775 to 1,035 square feet, reflecting a shift towards larger living spaces. Additionally, the average price per square foot saw a decrease from $760.62 to $633.58, suggesting a market adjustment that potentially offers more value per square foot for buyers. These changes highlight a market in transition, adapting to evolving buyer preferences and market dynamics.

What about average sold price and median sold price? The average and median sold prices between January 2023 and January 2024 in the Downtown Los Angeles real estate market also reflect noteworthy shifts. The average sold price increased from $625,400 in January 2023 to $661,842 in January 2024, demonstrating a growth in the overall value of properties being sold. In contrast, the median sold price remained consistent at $578,000 across both years, indicating stability in the market’s central tendency despite the overall increase in average values. This consistency in the median sold price, paired with the rise in average sold price, suggests a broadening in the range of property values sold, with high-value sales driving up the average while the bulk of transactions centered around a steady median price point.

Did average price per sq ft go up or down? The average price per square foot in the Downtown Los Angeles real estate market went down from $760.62 in January 2023 to $633.58 in January 2024. This decrease suggests a market adjustment where buyers could find more value per square foot, indicating a potential shift in the balance between buyer demand and available property characteristics.

These numbers sound like stagflation, as the rich get richer and the middle class gets poorer. The trends observed in the Downtown Los Angeles real estate market from January 2023 to January 2024 indeed present a nuanced picture that could be interpreted through various economic lenses, including aspects reminiscent of stagflation. While the term “stagflation” is traditionally used in the broader economic context to describe a period of slow growth and high unemployment accompanied by inflation, some parallels can be drawn with the real estate market dynamics.

Slowing Market Velocity: The increase in average days on market (DOM) from 38 days in 2023 to 64 days in 2024 suggests a slowing velocity in property transactions, akin to slowed economic growth.
Price Inflation: The rise in the average sold price, despite a decrease in the average price per square foot, indicates that while there might be more value per square foot, the overall price levels are increasing. This could suggest a form of price inflation where higher-value properties (potentially appealing to wealthier buyers) are driving up average prices.
Disparity in Value: The consistent median sold price alongside the falling average price per square foot could reflect a growing disparity in the market. This scenario might indicate that while the median (representative of the “middle class” of properties) remains stable, the average is skewed by high-end sales, suggesting that wealthier individuals are still investing in more expensive properties, potentially widening the gap between different market segments.

These dynamics can reflect a form of economic divergence within the real estate market, where the experiences and opportunities differ markedly between segments of the market. This interpretation aligns with concerns over economic disparities, where the benefits of certain economic conditions are not evenly distributed. However, it’s important to note that real estate markets are influenced by a multitude of factors including interest rates, supply and demand dynamics, and broader economic conditions, making the comparison to stagflation a conceptual rather than a direct correlation.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker 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. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

January 25, 2024

The Historic Mills Act Condo of Downtown Los Angeles: A Look Inside the Loft Just Listed For Sale at 215 W 7th St #702

REAL ESTATE NEWS — Nestled in the heart of the bustling Downtown Los Angeles, the loft at 215 W 7th St #702 stands as a beacon of architectural beauty and historical significance. This exquisite property, listed at a competitive price of $475,000, offers a unique opportunity to own a piece of Los Angeles’ rich history. | PROPERTY DETAILS

The Bartlett Building: A Historical Landmark

Built in 1911, the Bartlett Building, where the loft is located, is a significant part of Los Angeles’ architectural heritage. With its Mills Act status, this building is not just a residence but a protected historical landmark, offering potential property tax savings for the owner. Its stunning low-rise structure, designed in a style that harkens back to the early 20th century, stands out amidst the modern high-rises of downtown.

A Loft Like No Other

Unit #702, occupying a generous 780 square feet, is an epitome of style and convenience. As a corner unit, it basks in an abundance of natural light, highlighting its sleek and modern interior design. The loft features a spacious living area, complemented by an updated kitchen adorned with Caesarstone counters, stainless steel appliances, and art deco lighting. This is more than just a living space; it’s a statement of elegance and sophistication.

Modern Amenities in a Historic Setting

Living in this loft means enjoying the luxury of modern amenities set against a backdrop of historical charm. The building offers a 24-hour concierge service, ensuring both convenience and security. Perhaps the most captivating feature is the rooftop patio, offering panoramic views of the downtown skyline and the surrounding mountains – a perfect spot for relaxation or entertaining guests.

A Prime Location in Downtown LA

The loft’s location in the Downtown area (specifically in the 42 Downtown L.A. area) offers the best of urban living. With a high walk score, residents have easy access to a variety of restaurants, bars, and entertainment venues. The proximity to public transit options, including rapid transit stations and numerous bus lines, makes commuting a breeze. | REQUEST A VIEWING

Unique Features for a Unique Lifestyle

This loft isn’t just about luxury; it’s about convenience and practicality too. It boasts of low traffic noise, ensuring a tranquil urban retreat. The inclusion of a small, separate storage space is a thoughtful addition for city living. Moreover, the seller mentions the availability of a great parking space for potential transfer to the new owner, which is a significant convenience in downtown Los Angeles.

A Community of Comfort and Security

The Bartlett Homeowners Association offers amenities that include an elevator, controlled access, a sun deck, and concierge services. The association also maintains the landscape, adding to the building’s aesthetic appeal. The unit comes with central air conditioning and heating, ensuring comfort all year round.

An Investment in History and Modern Living

With a list price of $608.97 per square foot, this loft represents not just a home, but an investment in a lifestyle. The historical significance, coupled with modern amenities and a prime location, makes it an attractive option for those seeking the best of both worlds in downtown Los Angeles.

Your Chance to Own a Piece of Los Angeles’ Heritage

The loft at 215 W 7th St #702 is more than just a property; it’s a chance to own a piece of Los Angeles’ history. It’s a blend of the old and the new, where historical charm meets modern living. This property isn’t just a home; it’s a lifestyle – a unique opportunity for those who want to experience the vibrancy of downtown LA from the comfort of a luxurious, historically significant residence.

As you consider making this loft your new home, remember that you’re not just buying a property; you’re becoming part of a legacy that will continue to charm and fascinate for generations to come.

Exploring the Vibrant Heart of Los Angeles: The Neighborhood Around 215 W 7th St

Nestled in the bustling heart of downtown Los Angeles, the neighborhood around 215 W 7th Street is a microcosm of the city’s dynamic blend of history, culture, and modern innovation. This area, known for its iconic landmarks and hidden gems, offers an eclectic mix of experiences that embody the spirit of Los Angeles. Let’s take a stroll through this vibrant neighborhood, discovering the Tower Theater Apple Store, Little Damage Ice Cream, and L.A. Cafe along the way.

The Tower Theater Apple Store: A Modern Marvel in a Historic Venue

One of the neighborhood’s crowning jewels is the Tower Theater Apple Store. Housed in the historic Tower Theater, which opened its doors in 1927, this Apple Store is a brilliant fusion of the past and the present. The theater’s original architecture, including the ornate, Renaissance Revival façade and the elaborate interior, has been meticulously restored, offering a shopping experience that feels like a journey through time.

As you step inside, you’re greeted by the grandeur of the old theater, now repurposed with a modern twist to showcase the latest Apple products. The juxtaposition of state-of-the-art technology against the backdrop of classic Hollywood opulence is a sight to behold. The store not only serves as a retail space but also as a community hub, hosting events, workshops, and performances, making it a lively spot for tech enthusiasts and history buffs alike.

Little Damage Ice Cream: A Sweet Twist on the Traditional

Just a short walk from the Apple Store is Little Damage Ice Cream, a place that has taken the city by storm with its unique approach to everyone’s favorite dessert. This family-owned ice cream shop stands out with its gothic-inspired black cones, made with activated charcoal, providing a stark contrast to the usual bright and pastel colors associated with ice cream.

The flavors at Little Damage rotate seasonally, offering a delightful surprise with each visit. From the classic vanilla bean to more adventurous options like almond charcoal, the ice creams here are not just delicious but also Instagram-worthy. The shop’s commitment to using locally sourced, organic ingredients adds a layer of conscientiousness to the indulgence. It’s a must-visit spot for those looking to add a little ‘damage’ to their diet in the most delightful way.

L.A. Cafe: A Culinary Haven for the Urban Soul

For a taste of the local culinary scene, L.A. Cafe is a neighborhood staple that cannot be missed. This 24-hour eatery is known for its eclectic menu, offering everything from hearty breakfasts to late-night snacks. Whether you’re in the mood for a classic egg sandwich, a vegan wrap, or a decadent dessert, L.A. Cafe has something to satisfy any craving.

The café’s casual, welcoming atmosphere makes it a popular spot among locals and visitors alike. Its outdoor seating area is perfect for people-watching and soaking in the vibrant energy of downtown L.A. Whether you’re starting your day with a cup of freshly brewed coffee or ending your night with a gourmet sandwich, L.A. Cafe encapsulates the diverse, ever-evolving culinary landscape of Los Angeles.

The Heartbeat of Downtown L.A.

The neighborhood around 215 W 7th Street is more than just a collection of shops and eateries; it’s the heartbeat of downtown Los Angeles. It’s where the city’s rich history meets its innovative future, where every corner has a story to tell, and where the energy of urban life is palpable. From the architectural marvel of the Tower Theater Apple Store to the quirky delight of Little Damage Ice Cream, and the comforting embrace of L.A. Cafe, this neighborhood offers a slice of Los Angeles like no other.

As you wander through these streets, you’ll feel the pulse of a city that’s constantly reinventing itself, yet remains true to its roots. Each destination in this area offers a unique experience, a piece of the larger mosaic that is Los Angeles. Whether you’re a resident, a first-time visitor, or a returning admirer, the neighborhood around 215 W 7th Street invites you to explore, indulge, and fall in love with the endless possibilities it offers. Welcome to the vibrant heart of Los Angeles – a place where every step is a new adventure, and every moment is a memory in the making.

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