Category: home prices

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Real Estate Recession | Home Price Reductions in Downtown Los Angeles

As the Loft Blog recently reported, the average condo has dropped in value by around $100,000 in just the last few months. Rent prices, on the other hand are going up in response to continuing inflation, interest rates increases and purchase reluctance. In addition to price reductions, we can likely soon expect to see more motivated sellers, distressed properties, foreclosures and short sales. In the current market of active listed L.A. urban properties for sale, 53 home sellers have recently reduced asking prices:

1155 S Grand Ave #412

1130 S Flower ST #123

880 W 1st St #805

257 S Spring St #PENTC

315 E 8th St #401

1100 Wilshire Blvd #3104

416 S Spring St #809

130 S HEWITT ST #20

629 Traction AVE #209

400 S BROADWAY #3202

645 W 9th ST #740

1100 S Grand AVE #a208

>> MORE

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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.

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Downtown Los Angeles Real Estate Report November 2022

REAL ESTATE NEWS (Los Angeles, CA) — November was a repeat of October. The real estate market has dropped significantly compared to the same month of the previous year, according to several data points. Fewer home owners are trying to sell. Even fewer prospects are trying to buy. Homes are taking more than twice as long to sell. Homes are selling for significantly less, and there are far fewer home sales being transacted.

2021: 34 listings; 18 Days on Market; $733,500 Median Price; $817,205 Average Price; $27,785,000 Total Volume

2022: 17 listings; 49 Days on Market; $650,000 Median Price; $756,040 Average Price; $12,853,000 Total Volume

These numbers are based on statistics from TheMLS for Downtown L.A. and surrounding loft neighborhoods of DTLA, Lincoln Heights, China Town etc.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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.