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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Elevate Your Urban Living Experience in Los Angeles
REAL ESTATE NEWS (Los Angeles, CA) — Welcome to the heart of Los Angeles’ Chinatown, where a rare find awaits you at 755 Yale Street. This convenient 2-bedroom apartment is not just a residence; it’s a gateway to a vibrant lifestyle, blending modern comforts with the rich cultural tapestry of one of LA’s most dynamic neighborhoods. | PROPERTY DETAILS AND PHOTOS
An Inviting Urban Retreat
This 1,150 sq ft apartment is a haven of contemporary style and comfort. As you step into the open floor plan, you’re greeted by a bright and airy living space, illuminated by natural light streaming through ample windows. The upgraded kitchen, boasting granite countertops and sleek cabinetry, opens seamlessly into a roomy living and dining area, perfect for entertaining or unwinding.
Restful Nights in Spacious Bedrooms
Each of the two large bedrooms offers a tranquil escape from the city’s buzz. With brand new interior paint and laminated wood flooring, these rooms combine coziness with elegance. Generous windows ensure that each day starts with an energizing burst of sunshine.
Convenience and Security at Your Doorstep
Security is paramount, with a gated entrance and always-locked building doors. Living here means enjoying peace of mind, knowing your home is as safe as it is comfortable.
A Location Second to None
Located close to Downtown LA and major freeways (10, 101, 110, and 5), 755 Yale Street puts you at the epicenter of convenience. Whether it’s commuting to work, exploring the city, or jetting off on weekend adventures, everything is within easy reach.
Chinatown: A Cultural Melting Pot
Living in Chinatown is an experience like no other. Steeped in history yet buzzing with modern energy, this neighborhood is a feast for the senses. From traditional markets and exquisite eateries to contemporary art galleries, there’s always something new to explore.
Special Offer: One Month Free Rent
As a welcoming gift, move in during November and receive one month of rent free! It’s an opportunity too good to pass up, providing even more value to this already attractive package.
Financials and Practicalities
The lease price of $2,250, recently reduced from $2,300, is an exceptional deal for this sought-after location. The apartment includes utilities like water and gardening services, ensuring hassle-free living. Please note, pets are not allowed, and the security deposit is $3,000.
Your Dream Home Awaits
The apartment at 755 Yale Street is more than just a place to live; it’s a lifestyle choice for those who seek the perfect blend of urban excitement and homely comfort. In the heart of Chinatown, Los Angeles, your dream home awaits.
Nestled in the vibrant heart of Chinatown, the apartment at 755 Yale Street offers unparalleled convenience, being just a stone’s throw away from the Metro station for easy transit. Walk to shopping, dining, big parks — and mere minutes from bustling Downtown Los Angeles, placing the city’s best at your doorstep.
Exploring the Vibrant Heart of Los Angeles: A Journey Through Chinatown
Discover the Colors, Flavors, and Stories of One of LA’s Most Enigmatic Neighborhoods
In the sprawling urban landscape of Los Angeles, where the glitz of Hollywood and the glamour of Beverly Hills often steal the spotlight, lies a neighborhood brimming with history, culture, and an indefinable charm – Chinatown. This enclave, nestled in the heart of the city, offers a journey through time and culture, a vibrant tapestry of old-world traditions and new-age dynamism.
A Stroll Through History
The story of Chinatown in Los Angeles is one of resilience and reinvention. Established in the late 19th century, it was initially a hub for Chinese immigrants. However, in the 1930s, the original Chinatown was demolished to make way for Union Station, leading to the birth of New Chinatown. This reinvented neighborhood, developed by Chinese Americans, stands today as a testament to their entrepreneurial spirit and cultural pride.
Architectural Wonders and Cultural Symbols
As you walk down its bustling streets, you’re greeted by a unique blend of traditional Chinese architecture and modern American influences. The iconic East Gate, with its inscribed welcoming phrase, “Cooperate to Achieve,” sets the tone for the neighborhood’s inclusive and diverse spirit. The intricate designs and vibrant colors of buildings like the Thien Hau Temple and the Central Plaza are not just visual treats but also portals into the rich tapestry of Chinese culture.
A Culinary Odyssey
Chinatown in Los Angeles is a paradise for food enthusiasts. From dim sum brunches that keep the tradition of family gatherings alive to innovative fusion restaurants that blend East and West, the culinary scene here is as diverse as it is delicious. Classics like the world-famous Peking duck sit alongside modern creations, offering a palate-pleasing journey for every taste.
The Artistic and the Eccentric
Beyond its culinary delights, Chinatown is a burgeoning hub for art and creativity. The neighborhood’s art scene, a blend of traditional Chinese art and contemporary expressions, is showcased in galleries and street murals. Annual events like the Golden Dragon Parade and the Moon Festival bring the streets to life, displaying the community’s rich cultural heritage.
A Shopping Experience Like No Other
Shopping in Chinatown is an adventure in itself. The neighborhood is dotted with shops selling everything from traditional Chinese herbs to avant-garde fashion. The bustling markets are a treasure trove for those seeking unique trinkets, exotic ingredients, and handcrafted goods.
A Community of Stories
What truly sets Chinatown apart, though, is its people. The neighborhood is a tapestry of stories – from the shopkeepers preserving age-old family businesses to the young artists and entrepreneurs injecting new life into the community. Each alley, each shop, each mural tells a story of heritage, struggle, and triumph.
Chinatown Today: A Blend of Old and New
Today, Chinatown stands at a crossroads of preservation and modernization. While efforts to conserve its historical essence are strong, the neighborhood is also evolving, with new developments and initiatives reshaping its landscape. It’s a place where the past is cherished, the present celebrated, and the future embraced with open arms.
A Must-Visit Destination in LA
Chinatown in Los Angeles is more than just a neighborhood – it’s a living, breathing mosaic of experiences with character. Whether you’re a local or a visitor, a walk through its streets is a journey through a vibrant community that continues to thrive and inspire. It’s a place where every corner has a story, every meal is a celebration, and every visit is an adventure. In the heart of LA, Chinatown awaits to share its stories, flavors, and joys with all who come its way.
