DOWNTOWN LOS ANGELES — Firefighters quickly extinguished a major fire that broke out in a commercial building in downtown Los Angeles.
The blaze, initially reported Tuesday at 1:06 p.m., occurred in a three-story building at 333 E 4th St, Los Angeles, CA, near the corner of E. 4th and San Pedro streets, according to the Los Angeles Fire Department (LAFD). The building housed businesses that were primarily importers and wholesalers, including Bebe Elegante and Van Long.
AIR7 HD was overhead, capturing footage of thick black smoke pouring out of the structure. The raging fired gutted the wholesale products building, causing the roof to collapse, according to Fox 11. The plume of smoke was visible from miles away, leading to immediate concerns about the safety of those in nearby residential areas such as Little Tokyo Lofts.
NBC 4 reported that a homeless encampment was also threatened. Firefighters were able to contain the fire in the building of origin, successfully preventing injury due to their quick, aggressive action to protect the public.
The fire involved dense storage located on the 5,000 sq ft masonry building’s third floor, according to KTLA 5. More than 10 fire hoses overwhelmed the blaze, as L.A.’s fine firefighters obliterated the inferno, rendering it into powerless puffs of white smoke.
No Injuries Reported
At the time of this report, there have been no reported injuries, and it is still unclear whether all occupants of the building have been accounted for.
Investigation Underway
The cause of the fire is still unknown and is under investigation. However, authorities have assured that more information will be provided as it becomes available.
Please stay tuned for updates as we continue to gather more information. If you’re in the downtown area, it should now be safe to return to buildings neighboring E. 4th and San Pedro streets.
For recorded video footage, please follow this YouTube link. Photos courtesy NBC 4 and KTLA 5.
If you’re in the market for real estate that prioritizes safety features, whether you’re a home buyer, seller, renter, landlord, or investor, Entar Real Estate specializes in properties that meet high safety standards. Our team at the L.A. Loft Blog is committed to keeping the community informed about important events like this, alongside providing insights into the L.A. real estate market. Stay safe, Los Angeles.
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REAL ESTATE NEWS (Los Angeles, CA) — Understanding the current market trends, including home values, rental rates, and inventory levels, is crucial for making informed decisions. The real estate market is always in flux, subject to a myriad of influences ranging from economic conditions to consumer sentiment. For investors, brokers, and homebuyers alike, understanding these market dynamics can be critical to making informed decisions. Here, we compare and contrast real estate market reports from August 2022 and August 2023 to identify key trends and shifts. This report is based on local real estate professional Multiple Listing Service data from Downtown Los Angeles and nearby lofty neighborhoods TheMLS areas 23, 42 and 1375.
Overview of Key Metrics: August 2022
Sold Properties
Number of Sold Properties: 57
Sold Price Range: $360,000 – $5,500,000
Average Sold Price: $872,473
Average Price per Sq. Ft.: $738.17
Average Lot Size (LSZ): 86,967.79 Sq. Ft.
Average SP%LP (Sold Price as a percentage of List Price): 96.67%
Overview of Key Metrics: August 2023
Sold Properties
Number of Sold Properties: 25
Sold Price Range: $278,500 – $4,202,500
Average Sold Price: $684,692
Average Price per Sq. Ft.: $669.83
Average Lot Size (LSZ): 60,222.38 Sq. Ft.
Average SP%LP (Sold Price as a percentage of List Price): 99.70%
Comparative Analysis
Volume of Transactions
One of the most noticeable differences is the volume of transactions. In August 2022, there were 57 sold listings, whereas in August 2023, the number decreased to 25. This represents a significant contraction in the market’s activity level, which may suggest lower demand or supply constraints.
Price Metrics
Average Sold Price: The average sold price decreased from $872,473 in 2022 to $684,692 in 2023. This decrease of approximately 21% suggests that property values may be declining.
Price Per Square Foot: The average price per square foot also showed a decrease, from $738.17 in 2022 to $669.83 in 2023, indicative of less competitive pricing.
Lot Size Metrics
The average lot size also showed a decline from 86,967.79 Sq. Ft. in 2022 to 60,222.38 Sq. Ft. in 2023. This reduction could be due to a shift in market preference toward smaller properties or a decrease in available larger lots.
Efficiency of Sales
Interestingly, despite the market appearing to cool off in terms of price and volume, the Sold Price as a percentage of the List Price increased from 96.67% to 99.70%. This may indicate that the properties are being priced more accurately in the current market, resulting in sales that closely match the listing price.
Days on Market (DOM) and % of List Price
In both years, properties sold more quickly as the DOM decreased. The percentage of the list price received on sold properties was higher in almost all categories in 2023 compared to 2022, suggesting that sellers are getting closer to their asking price.
Comparative Analysis of Key Financial Metrics Between August 2022 and August 2023
When comparing the two periods, several financial metrics stand out as particularly indicative of market trends. Below, we examine the total sales dollars, total sales transactions, and average and median sold prices for the real estate market in August 2022 and August 2023.
Total Sales Dollars
August 2022:
Total Sales Dollars: $49,731,000
August 2023:
Total Sales Dollars: $17,117,302
Comparison: There’s a drastic decrease in the total sales dollars between the two periods. The 2023 figure is approximately 34.4% of the 2022 figure, showing a significant contraction in total sales revenue. This could be indicative of a weakening market, reduced demand, or perhaps fewer high-end property transactions.
Total Sales Transactions
August 2022:
Total Sales Transactions: 57
August 2023:
Total Sales Transactions: 25
Comparison: The number of total sales transactions also saw a substantial decrease, from 57 in 2022 to 25 in 2023. This represents a decline of about 56%. This drop in sales transactions aligns with the decrease in total sales dollars and could indicate a less active market.
Average Sold Price
August 2022:
Average Sold Price: $872,473
August 2023:
Average Sold Price: $684,692
Comparison: The average sold price decreased from $872,473 in 2022 to $684,692 in 2023. This represents a decrease of approximately 21.5%. This could be due to a variety of factors, including reduced consumer purchasing power or a shift in the types of properties being sold (e.g., smaller homes, less luxurious features).
Median Sold Price
August 2022:
Median Sold Price: $630,000
August 2023:
Median Sold Price: $470,000
Comparison: The median sold price dropped from $630,000 in 2022 to $470,000 in 2023, showing a decrease of about 25.4%. The sharper decline in the median price compared to the average price suggests that the middle segment of the market might be experiencing a more significant slowdown.
The data suggests that the real estate market experienced a contraction between August 2022 and August 2023. Notably, there are fewer transactions and lower average and median sales prices in 2023 compared to 2022. These changes may signify a variety of economic and market factors, including potential economic downturns, shifts in buyer behavior, or external variables such as interest rates and regulations.
The comparative analysis reveals a market undergoing shifts. While the volume of transactions and average prices have decreased, the efficiency of sales in terms of SP%LP has improved, suggesting better pricing strategies by sellers. These shifts can have various interpretations, from an economic downturn affecting purchasing power to changes in consumer preferences. For any stakeholder in the real estate market, staying updated with such data and trends is crucial for making informed decisions.
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