Real Estate Market News: Are home prices rising or dropping?
While DTLA is in a normal real estate market, prospective urban home buyers and sellers must be aware that home prices are flat or dropping in ten U.S. real estate markets. These weaker markets serve as a canary in a coal mine for Downtown L.A. #realestate #market #news
Those who are renting and have not yet taken advantage of historic affordability must consider the fact that America, including Downtown LA, is still in an historic and extreme low-interest bubble that will pop into higher interest rates, unexpectedly high rents and unaffordable homes.
Those who are flipping or investing in Downtown lofts or condos must be equally aware that we are in a relative high point of the economic cycle, giving an opportunity to lock in large gains should the seller need the money for other things before downward pressure on the economy takes effect.
Canary in a Coal Mine
For 20 years, fast growing Downtown real estate investors have benefitted from easy intelligence as DTLA has been among the last to decline in down markets and the first to shoot up in positive markets. Acting like a canary in a coal mine, declines in other markets have provided valuable warnings of what’s to come for Downtown Los Angeles. Today, some of these oracle markets are cooling. While affordable condos are doing well, once-skyrocketing Greater Toronto prices of single family homes have been dropping for more than a year. The once booming New York luxury market is now losing. Ten real estate markets in the U.S. are cooling or dropping.
The L.A. Loft Blog has led the way for the last 7 years as the first to announce, report and warn of the biggest challenges and greatest opportunities in Downtown Los Angeles residential real estate. Today, we are in the middle ground, with still a normal real estate market. For the average loft owner or urban home buyer, there is not any urgency. For some others, the urgency is here.
REMEMBER? Predictions that came true…
Coming Soon — Expensive Lofts Only. Lofts Under $250,000 must be purchased now.
Posted on March 14, 2012 by LA Loft Blog
Due to the changing market, prospective buyers must be prepared to start paying higher prices. Prices are rising. Inventory is low in Downtown, while the number of serious buyers is increasing. Beginning the 2nd half of 2012, the Loft Living L.A. team may no longer be able to help buyers who need to purchase properties under $250,000 because there will few if any quality properties in that price range.
If you plan to purchase a loft or condo in or around Downtown for less than $250,000, you must make your purchase now. By 2013, we expect the minimum price for quality Downtown lofts to be closer to $300,000.
To see low cost properties while they are still available, contact:
Corey Chambers, REALTOR®, Broker Associate
(213) 478-0499
Business Hours: 9 AM to 8 PM every day
http://www.LAloftBlog.com
Posted in Lofts in Downtown Los Angeles | Tagged affordable lofts downtown los angeles, for sale under 200000, low down payment l.a. | Comments Off
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About the author: Known for 30 years of startlingly accurate market calls, and for placing his own money where his mouth is, Corey Chambers and the L.A. Loft Blog have helped thousands of home buyer and sellers to gain billions of dollars in real estate since 1991. More importantly, Corey is not known as a salesman, but is known instead for telling the real pros and cons of all real estate properties and the real economics markets regardless of how dismal, dormant or dramatic.
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.
We’ve have had building booms in the past, but what is happening now is unprecedented!