Home value – Page 11 – LA Loft Blog

Little Tokyo Lofts has a glut of sellers as prices plummet — new bargains in industrial style live/work condos.

REAL ESTATE NEWS

More than half of lofts in Downtown L.A. are now going up in value, but the other nearly fifty percent are not doing so great. What makes the difference? Why is the average LA urban loft doing well today while the lesser lofts drop in value?

Growing wealth divide causes bifurcation in the real estate market. As the rich get richer, and the poor get poorer, the best lofts are rising while the dregs decline. Add virus hysteria, rising crime, out-of-control homeless and mentally ill / substance abuse populations, and the difference in Downtown Los Angeles is stark. Alta Lofts top floor corner unit 620 just went into escrow in less than a week, while Little Tokyo Lofts unit 631 sits on the market for more than 100 days without an offer. Here are some of the key differences.

The Alta loft, a penthouse level loft with views, about 1,000 sq ft, appeals to upper-income buyers. Just outside of Downtown, Alta has a waiting list of buyers looking for a high-up unit. Little Tokyo has a glut — a waiting list of owners who want to sell. The Little Tokyo Loft unit 631, at less than 700 sq ft is by Skid Row. With the lowest asking price of any loft in DTLA, the top floor courtyard industrial style live/work residential loft with covered patio balcony and wood-burning fireplace appeals more to middle-income buyers. Entry level to mid-priced properties and lower in Downtown Los Angeles are comparatively dead because the bottom half of the population has been so squeezed by fear, lockdown and stagflation. The upper income crowd is firmly in charge, and they only want to buy the best lofts with the best characteristics: views, corner units, spacious units 1,000 sq ft and larger, with lots of windows and natural light, away from homeless tents. Prospective Alta Lofts buyers can get on the Alta lofts waiting list.

Get a free list of Alta lofts for sale, and get notified when an Alta loft is coming available. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/p13459dj099mtj0/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Alta Lofts has a waiting list of buyers for higher floor units.

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. 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.

With fewer buyers, most Downtown Los Angeles home sellers must expect a lengthy wait.

Residential Property Prices Update

Urban L.A. home values rebound, even as they take longer to sell. Motivated home buyers get more scarce in an economy affected by fear masked by Monopoly money. Radical monetary policy and helicopter bucks have artificially propped up housing prices amid nationwide de-urbanization. While many are still fleeing the violent crime, chaos and perceived virulence of the inner cities, the plummeting U.S. dollar now inflates the price of nearly all assets. Last month marked a turning point for the median Downtown L.A. loft condo price, which is now looking up.

Cool, hip Arts District loft prices rise as the rich get richer and the poor get poorer.

Number of properties for sale up 23% as de-urbanization continues in favor of cleaner, safer neighborhoods. Runaway inflation has, however, miraculously cured the falling prices. While most Downtown condo prices are rising again, some loft prices nearest to Skid Row are still sagging. Today, fed-excreted funny money props up real estate prices, even for neighborhoods that would otherwise be dwindling due to virus panic, homeless encampment chaos and increasing bifurcation of markets into richer and poorer.

What took 48 days to sell in September 2020 now sits a scary 73 days on the market in September 2021. Lofts are up $16,000 this year due to a devaluing dollar. Downtown LA median price September 2021 of $615,000 sold in 2020 for $599,000. Statistics provided by real estate agents Multiple Listing Service for Downtown and nearby loft neighborhood areas 23, 42 and 1375. | PDF Reports: SEP 2020 | SEP 2021

Because real estate is a slow game, most DTLA home sellers are unlikely to realize much of a turn-around for another six months. For the gritty hoods, substantial price increases may not be seen for years. At Little Tokyo Lofts, only one 1 out of 12 listed units has sold successfully in the last 6 months. The lowest price loft in Downtown Los Angeles, unit# 631, asking price has been reduced to just $355,000. Once you get over potential frights around the corner, this loft condo unit and building are of notably high quality.

How much is your loft worth?

Get a list of recently sold homes in the area, along with a list of currently active homes for sale. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/qbg942419l39cs/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Category: Home value

Some Downtown Los Angeles Lofts Are Hot. Others Are Not.

Downtown Los Angeles Real Estate Market Report September 2021

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