Downtown Los Angeles Real Estate Market Report May 2021

The rich get richer while the poor get poorer in Downtown Los Angeles

REAL ESTATE NEWS | Blog Video

Downtown Los Angeles loft condo prices dropped in May, compared to the same month last year. Many more sellers attempted to unload their properties last month, but homes are taking an average of 12 days longer to sell. L.A. urban home buyers can enjoy better deals as most condos dropped in price by $35,000 or more. While most home prices fell, some of the most attractive properties actually went up in price as the well-to-do paid extra for large units that have lots of natural light, views and private outdoor space. This bifurcation between Median Price and Average Price occurs as the rich get richer and the poor get poorer. These numbers provided by real estate professionals MLS Multiple Listing Service for Downtown Los Angeles and nearby loft neighborhoods 23, 42 and 1375.

Number of Listings May 2020: 195 | May 2021: 244

Average Days on Market May 2020: 63 | May 2021: 75

Median Price May 2020: $585,000 | May 2021: $550,000

Average Price May 2020: $676,850 | May 2021: $716,132

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Median loft condo prices still falling in Downtown Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Eli Broad’s Massive Contributions to the Arts in Downtown Los Angeles

REAL ESTATE NEWS

One man stands out as the billionaire philanthropist who pushed the Downtown Los Angeles arts community strongly and beautifully into the 21st century. Eli Broad, the suburban real estate developer helped build up L.A.’s cultural landscape, recently died at age 87.

The Downtown L.A. building that bears the name of him and his wife Edythe, The Broad, contemporary art museum on Grand Avenue. The couple financed the $140 million structure, itself an ultra modern architectural work of art that houses and displays more than $1 billion of their private art collections. The museum offers free general admission to its permanent collection galleries. | ARCHPAPER ARTICLE

Broad, who at the time of death was worth $6.7 billion, made his fortune by building residential real estate since the 1950s, creating the Kaufman and Broad Home Corporation, before getting involved in the very profitable insurance and investment company SunAmerica. This makes Broad the only person to create Fortune 500 companies in two different industries.

That decision would have a major impact on L.A.’s arts scene. Broad served as chairman of the MOCA Los Angeles Museum of Contemporary Art, helping land the museum its first large collections.

The Broads moved to Los Angeles in 1963. At first, it was Edythe who was the art lover, buying works on paper from local galleries such as Ferus and Nicholas Wilder. But Eli soon grew to share her passion. Los Angeles became their adopted home town.

Some would call Eli divisive, and he referred to himself as “unreasonable.” One thing is for sure, Eli certainly demonstrated that he saw the arts as a way to strive to build a better world for everyone.

The Broads sponsored the $300 million Walt Disney Concert Hall designed by Frank Gehry, now home to the Los Angeles Philharmonic. Gehry described Eli as a “control freak”. Indeed, he controlled things quite well. The Broads have given nearly $1 billion to Los Angeles-area arts and culture institutions, while also spending tremendous time on the consultation required to make the well-funded arts pursuits successful.

A life trustee of MOCA, LACMA, and the Museum of Modern Art, Eli was a fellow of the American Academy of Arts and Sciences. “Civilizations are not remembered by their business people, their bankers or lawyers,” he said. “They’re remembered by the arts.” | MORE

Lofts and condos nearest to the Broad museum include: Bunker Hill Tower, Promenade Condominiums, Promenade West, Pan American Building, Douglas Building and the Higgins Building.

Get a list of live/work lofts and condos for sale or for lease. Fill out the online form:

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.