Category: Home value

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Downtown Los Angeles Real Estate Market November 2023

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.

Find out how much your home is worth. Get a free list of recently sold lofts, condos or houses, along with a list of active listings. Fill out the online form.

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.

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Unlocking the Potential: BPO Broker Price Opinion for Improved Land with Blueprints

ASK COREY

Q: Good morning, Corey. I have a question. Would you be able to provide a BPO on improved land that has the full blueprints?

A: Hi Kevin, Thank you for your inquiry regarding a Broker Price Opinion (BPO) for improved land with full blueprints. It’s a great question and one that many California property owners and investors often contemplate. In this article, we will delve into the intricacies of BPOs for improved land, explore how blueprints can impact property value, and shed light on the steps necessary to realize the full potential of your investment.

Understanding the Role of a BPO

Before we dive into the specifics of improved land with blueprints, let’s clarify what a BPO is and why it’s essential in the world of real estate. A Broker Price Opinion is a professional assessment conducted by a licensed real estate broker or agent to determine the estimated value of a property. BPOs are used for various purposes, including sales, refinancing, and insurance. They offer a more detailed and informed valuation than automated tools but are less comprehensive than a full appraisal.

Blueprints: The Blueprint to Increased Value?

Now, let’s address the question at hand: Can blueprints enhance the value of improved land? The answer is nuanced. Blueprints can certainly play a crucial role in increasing the perceived value of a property, but several factors come into play.

Firstly, blueprints provide potential buyers or investors with a clear vision of the property’s possibilities. They showcase the layout, design, and functionality of the land, making it easier for interested parties to visualize their future investment. This visualization can spark interest and enthusiasm, potentially leading to a quicker sale or a higher sale price.

However, it’s important to note that blueprints alone do not automatically add monetary value to the land. Their impact on value becomes significant when they are tied to a concrete plan for development. The value-added by blueprints is contingent on obtaining the necessary permits, completing the city review process, and securing approval for the proposed improvements. These steps transform a concept on paper into a tangible and marketable asset.

Maximizing the Impact of Blueprints

If you possess improved land with blueprints and wish to maximize its potential value, here are essential steps to consider:

Permit Procurement: Initiate the process of obtaining the required permits for the proposed improvements. This step is pivotal in turning blueprints into actionable plans.
City Review Process: Engage with your local authorities to navigate the city review process efficiently. Ensure that your plans align with zoning regulations and building codes.
Utilities and Infrastructure: Specify the details of utilities, infrastructure, and other essential amenities in your blueprints. These aspects add practical value to your property.
Market Research: Stay informed about the real estate market trends in your area. Understanding the demand for specific types of properties can help you position your improved land effectively.
Professional Guidance: Consult with a real estate professional experienced in land development. They can provide valuable insights and guidance throughout the process.
Conclusion

Blueprints have the potential to enhance the perceived value of improved land. However, their true value is unlocked when they are part of a well-defined plan, complete with permits and approvals. If you’re considering selling or investing in such a property, it’s crucial to take the necessary steps to realize its full potential.

As a seasoned real estate broker in Los Angeles, serving all of California, I’m here to assist you in navigating the complexities of real estate transactions. Feel free to reach out to me at 213-880-9910 or coreychambers@yahoo.com if you have further questions or if you’d like to discuss your specific property in more detail.

Remember, your referrals can also make a significant impact on the lives of children in need at Children’s Hospital Los Angeles. Together, we can make a difference in our community.

Best regards,

Corey Chambers
ENTAR® Real Estate & Financial Tech
DRE#01889449

P.S. Your Referrals Help The Kids! We are on a mission to raise $25,000 to help the extraordinary kids in need at Children’s Hospital Los Angeles. We do this by donating a portion of our income on every home we sell. Help us help Children’s. Who do you know considering making a move that would benefit from the services we provide? Call me at 213-880-9910 with their contact info, or have them contact me. You can also visit Referrals Help Kids. Thank you in advance!

How much is your property worth? Order a BPO Broker Price Opinion to get it in writing, along with extra reports. Fill out the online form:

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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.