REAL ESTATE NEWS (Los Angeles) — Downtown L.A. (DTLA) and its surrounding areas have continued to serve as vibrant hubs for the city’s real estate market. In this blog post, we take a closer look at the dynamics of loft sales in Downtown LA and nearby loft neighborhoods for the month of June 2023 compared to the same period last year, based on MLS data for areas 23, 42, and 1375. Home prices are down and market activity is down.
Volume of Sales
Starting off with the total number of lofts sold, the June 2023 data shows a decrease in sales volume compared to June 2022. This past month, the DTLA loft market saw 34 sales, down from the 64 sales recorded in the same month last year. While such shifts can be influenced by multiple factors, this decline suggests a tightening of the market.
Sales Price (SP) and List Price (LP)
When considering the selling prices, we can observe an interesting trend. In June 2023, the lowest recorded sale price was $280,000, with the highest reaching $1,700,000. The average selling price (SP) was recorded as $688,103. In comparison, June 2022 showed a larger price range with the lowest sale price at $250,000, and the highest soaring up to $3,200,000. Interestingly, the average SP last year was significantly higher at $779,021.
On the other hand, when we look at the List Price (LP), in June 2023 the range was between $285,000 and $1,890,000, with an average LP of $715,485. This contrasts with June 2022 when the LP ranged from $229,000 to $3,375,000, with an average LP of $783,066.
Square Footage and Price Per Square Foot
Focusing on the average price per square foot, June 2023 recorded an average price of $669.30/sq ft., slightly lower than the $739.27/sq ft. of June 2022. The average square footage remained roughly the same, with 1,025 sq ft. in June 2023 compared to 1,055 sq ft. the previous year.
DOM and Average % of List Price Received on Solds Statistics
It’s also noteworthy to look at the Days on Market (DOM) and the average % of List Price received on sold properties. The majority of properties sold in June 2023 were on the market for 0-30 days (50%) and fetched 97.17% of their listing price. Meanwhile, in June 2022, a whopping 71.88% of properties sold within 0-30 days, garnering 100.45% of their listing price, indicating a hotter market in 2022 compared to 2023.
Total Sales Volume
Lastly, it’s worth mentioning the total sales volume. In June 2023, this figure was approximately $23,395,512, down from a much higher volume of $49,857,388 recorded in June 2022. This decrease correlates with the reduction in the number of lofts sold, indicating less market activity this year.
In conclusion, the Downtown Los Angeles loft market in June 2023 showed signs of slowing down compared to the same period last year. The decrease in sales, lower selling prices, and a reduced percentage of the list price received all suggest a cooling of the market. The real estate market in the area has been down for more than 6 months. Whether this shift continues or the market rebounds will undoubtedly be something to keep an eye on in the upcoming months.
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July 4th 1776 is a momentous day in history for all FREE
Owning real estate, especially your own home, is a sure-fire celebration of independence. In today’s market, many homeowners really want to make a move but are finding themselves in a catch-22 – whether to sell first or buy first. They don’t want to end up getting stuck owning two homes or none at all. I am sure you will join me in saying we can’t blame them. I also believe that you agree that this is true for ourselves and others; homeownership is good for ALL. The more who can buy a home, the more who can sell a home, the more our economy benefits. And as Jimmy Carter said, “To be true to ourselves, we must be true to others.
Fortunately, I have a special program for Home Owners wanting to move and Buyers wanting to buy in Today’s market that turns the tables on this CATCH 22.
Over the last 12+ years of selling real estate, I have been able to develop and successfully implement a program that allows me to guarantee the sale of a property. Yep, you read that right. Actually guarantee in writing the sale of a home. Obviously, a program like this gives sellers GREAT PEACE OF MIND (a true celebration of independence from fear). I guarantee, upfront and in writing, that if their home does not sell at their price and within their time frame – I will step in and buy it myself.
The conditions are simple: the seller and I must agree on the price and possession date. Buyers benefit too because we are able to ensure they get the home they want and back up their purchase with a satisfaction guarantee: if they are not happy with the home, we will buy it back. This obviously is a win-win for all involved.
This is where you come in…
Your friends, neighbors, work associates, and family members who may be considering a move can now do so and celebrate true independence from the fear of getting stuck with two homes or none at all. And remember… Your referrals help the Children… As I share with you each month, we are on a mission to raise $25,000 for the Children’s Hospital Los Angeles Helping Hands Fund. We do this by donating a portion of our income. Children’s does great work in helping kids overcome cancer and other life-threatening diseases. In fact, Kids under their care are 300% more likely to enter into remission IF they can get into the recovery center. BUT the Recovery Center depends on sponsorships and donations to keep rolling. So, YOUR REFERRALS REALLY DO HELP THE KIDS…
Who do you know considering buying or selling a home you could refer to my real estate sales team? Not only will they benefit from our award-winning service, but we donate a portion of our income on every home sale to Children’s Hospital Los Angeles Helping Hands Fund. I want to make it easy to refer your friends, neighbors, associates, or family members considering making a move, so here are your options:
1. You can go to www.ReferralsHelpKids.com and enter their contact info on line or forward the link to who you know considering a move.
2. Of course you can always call me direct as well at 888-240-2500.
You and your referrals mean more than ever to my team and me. As we move forward in this new season, please know my team and I are extremely thankful for you and you’re being a special part of our business.
With all my appreciation.
P.S. The story of this young person enclosed may cause you to look at your loved ones differently. It did me. Check it out.
It’s easy to refer those you know considering buying or selling a home. Here are the Options Again:
You can go to www.ReferralsHelpKids.com and enter their contact info on line or forward the link to someone you know considering a move.
Call me direct or pass my number on 213-880 9910.
Why I Support Children’s Hospital of Los Angeles
I grew up right here in Los Angeles. Born right nearby at St. Francis Hospital. I remember when I first heard about a young person close to our family suffering from a serious disease and getting treated for that at Children’s Hospital Los Angeles. It was then that I began to pay closer attention to the work they do at that hospital. Since then, I have learned that it is a collection of hard-working health care professionals, most making their home right here in the Los Angeles area, all coming together for a common cause. That cause is to help young people overcome unfortunate health issues that life sometimes throws our way. Being a Los Angeles area, California native, I take pride in supporting in any way that I can the good work these people do at Children’s. My team rallies around our annual goal of raising money and donating portions of our income to help Children’s Hospital in its quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Children’s Hospital Los Angeles shares similar commitments to their patients. And since their services survive on sponsorships and donations we are happy to contribute and proud to support them.
Kairi Goes to Washington
By Jeff Weinstock
The teenage recipient of a rare double-organ transplant will attend Family Advocacy Day in the nation’s capital to tell lawmakers about her remarkable health journey at Children’s Hospital Los Angeles.
In July 2019, Oscar could not imagine that things would turn out this good. His 11-year-old daughter, Kairi, on dialysis for close to three years after being diagnosed with a failing kidney and liver, was set to have a lifesaving double-organ transplant at Children’s Hospital Los Angeles.
“During that time, there was a whole bunch of pressure on us,” he says. “The future wasn’t clear. We couldn’t comprehend what the outcome would be.”
Nearly four years later, the landmarks keep coming, each warranting a celebration. In January, the family celebrated Kairi’s 15th birthday, a milestone in Hispanic families signifying the entrance into young womanhood that Kairi wasn’t always certain to reach. “We’re blessed that she did and she’s doing awesome,” Oscar says.
Next month, Kairi and her dad are going to Family Advocacy Day in Washington, D.C., to meet with members of Congress to tell them about her experiences at Children’s Hospital Los Angeles and the importance of supporting pediatric hospitals. In addition to joining with kids from across the U.S., Kairi and Oscar will be given a tour of the city.
“It’s going to be great,” Oscar says. “We can’t wait to go.”
The journey Kairi will narrate to lawmakers is a success story, but one that has had its hurdles. Diligent medical monitoring and frequent follow-ups at CHLA force Kairi, a ninth-grader, to miss multiple school days. She has had a few hospital stays to battle infection, which is part of the experience for transplant recipients, who have vulnerable immune systems as a result of taking immunosuppressants to prevent their bodies from rejecting the transplanted organs.
“But other than that, we’ve been lucky,” Oscar says. “She takes care of herself. She makes sure that she takes her medicine. She’s aware of how important the medication is. She can’t miss one pill because that might cause her body to start rejecting the transplant. She’s a tough cookie, so she is hanging in there and getting nice grades and doing generally what any regular teen does.”
Another milestone approaches: The fourth anniversary of Kairi’s transplant surgery is in July. Each year, Oscar and his wife, Roxana, honor the day with a party. After learning about the longevity of some of the earliest transplant patients at CHLA, they have reason to think that Kairi has a long and good life awaiting her.
“I know that the medication now is even better,” Oscar says, “so I’m just thinking, hey, there’s good hope for her.” | The Curious Case of Kairi
