Category: home values

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March Home Prices Drop $35,000 in Downtown Los Angeles

Home Values Plummet in Los Angeles Amid Sprawling Squalor

REAL ESTATE MARKET UPDATE #homeprices #losangeles

The March 2020 numbers are in, and we are not surprised by the statistics. We expected to see an apocalyptic dive, and we see a substantial dip indeed. The market moved briskly, as the number of sold property listings shot up from 33 sold in March 2019 to 56 transacted in March of 2020 (good news for real estate agents). Lofts and condos sold on average 33 days faster this March, compared to the same period last year. Most homes dropped in price from $615,000 last March to a median price of just $580,000 this March. The average Downtown Los Angeles home buyer paid about $35,000 less than the same period last year in the loft neighborhoods around Downtown Los Angeles MLS areas 23, 42 and 1375. This confirms that 2020 continues the recessionary deflation of urban home values that we reported last year. | Blog Video

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Coronavirus crash, along with the long term economic cycle, seems to be the most likely culprit in the market, but new rent control bureaucracy, along with homeless tent cities and insufficient law enforcement may be contributing to falling housing values. Due to the largest economic shutdown in history, a major real estate crash across the country, and world-wide, is inevitable. #realestate #dtla #lofts

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Tent Cities and Coronavirus Contribute to Falling Real Estate Prices in Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.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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Why is a Painting Worth Three Times as Much as a House? Artist Lofts, Art and Architecture

Architecture vs Art: Why does one sell for more?

REAL ESTATE NEWS

Why did a painting sell for 3X as much as the most expensive home ever sold? #artist #lofts #architecture #davinci #warner

Amazon CEO Jeff Bezos made news when he recently purchased a Beverly Hills mansion for $165 million, setting the record for the most expensive home sold in California. The sprawling estate, originally built for Warner Bros. executive Jack Warner, was sold by media tycoon David Geffen. The 13,000-square-foot mansion, with it’s own nine-hole golf course and gas station, and perhaps could be considered a work of art — so why did it sell for only 1/3 the price of a painting? | Blog Video

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The painting sold in 2017 was created by a person whom many consider to be among the most important creative minds in history, Leonardo da Vinci (1452–1519). Regarded as one of the greatest artists of all time, he is well known for his two other remarkable paintings: The Mona Lisa and The Last Supper. At 26 inches tall, Da Vinci’s third great painting, Salvator Mundi is a painting by the Italian Renaissance artist dated to c. 1500. The builder of the Warner estate was quite proficient to say the lease, but not nearly so notable as eternally celebrated polymath Da Vinci.

While it may take far more expensive resources to make, the estate can be replaced, while the Da Vinci painting cannot. That’s why the painting sold for 300% more than the most expensive home.

Architecture is often considered synonymous with art, and an historic deco sensation like an Eastern Columbia loft usually costs under $2 million. Investing in that kind of masterpiece is genius.

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Historic art deco landmark masterpiece Eastern Columbia Building

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.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.