Shocking Drop in L.A. Property Market: Listings Selling at 300% Slower Rate and Total Volume Crashing – See What’s Happening with Urban Home Prices!

Downtown Los Angeles Real Estate Market Report February 2023

REAL ESTATE NEWS ā€” The urban L.A. property sector continues to drop following 5 months of softening market numbers. February this year brought less than half as many listings sold, as properties take about 300% longer to sell compared to the same period in the previous year. Here are the numbers for Feb.:

2022 saw 63 listings sold; average DOM 40; median DOM 14; median price $540,000; average price $834,000; total volume $53 million

2023 only 28 listings sold; average DOM shot up to 55; median DOM up to 46; median price $600,000; average price $666,000; Total volume dropped to under $19 million.

The real estate market in urban Los Angeles is continuing to decline, with February 2023 showing a significant drop in listings sold and properties taking 300% longer to sell compared to the same period in the previous year. In 2022, there were 63 listings sold with an average of 40 days on the market, while in 2023, only 28 listings were sold with an average of 55 days on the market. Median and average prices also increased in 2023. Statistics based on real estate professionals multiple listing service data for DTLA and nearby loft neighborhoods MLS areas 23, 42 and 1375.

Get a free list of live/work lofts for sale or lease in LA. Fill out the online form:

Copyright Ā© This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Corey Chambers Real Estate Newsletter March 2023 – The SoCal Home

Giving Back and Paying It Forward

Sunny Skies

All I can say is WOW! 

I am busy helping people find their new homes, thinking of how grateful I am for the value you bring to my real estate business. While looking around out in the world, I see blue skies emerging, and the recent cold days will soon be only a memory.Ā  It looks like Spring has sprung. For many across the country, itā€™s still cold, grey, and snowy! It very well could hail and snow more in the foothills around LA. But one thing is for sure, this winter season is coming to an end. It does every year without fail.

Just like the weather seasons come and seasons go, so do the seasons of life. Iā€™m sure you have noticed as I have the older I get the faster they move by. These ā€œseasons of lifeā€ go by so fast, my hope is that you enjoy each one. Yes, some will be hot and others will be cold highs and lows. The lows we want to move by quickly, the highs we want to stay in forever sometimes.

Please know that my team and I are eager to help anyone you know wanting to make a move. So much so that we are willing to make an offer that your referrals will LOVE ā€“ AND ā€“ the Kids at Children’s Hospital Los Angeles will love too. 

Your referrals help the kids!

Go Serve Big!!! Investing In Our Southern Californian Kids

If you or a friend are thinking about selling, make sure to choose a real estate company you can trust! A real estate company with experience, proven results, and a give-back philosophy!

AND REMEMBER… Your referrals help the Kids…

We are on a mission to raise $25,000 for CHLA. We do this by donating a portion of our income from homes we sell. As you know, Children’s Hospital of Los Angeles does great work in helping kids fight through and survive nasty life-threatening diseases like cancer, Non-Hodgkin’s lymphoma, leukemia and others. They also lead the way in helping kids come back from spinal cord injuries as well as early diagnosis of autism. Last year alone, Children’s helped over 1,000,000 kids right here in Los Angeles. BUT, Children’s relies on sponsorships and donations to provide their elite level of care, and to keep families’ expenses to a minimum. 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 you can rest assured we are also donating to a very worthy cause.

Go Serve Big!!! Investing in the Children of Los Angeles.

A Real Estate Company that Gives Back!

Childrenā€™s Hospital LA leads the way in serving kids one patient at a time.

We are still boldly on a mission to raise $25,000 for Childrenā€™s Hospital of Los Angeles, and we are making progress! We do this by donating to them a portion of our income from homes we sell. As you know, CHLA does AMAZING work in helping kids fight through and survive nasty diseases like cancer, Non-Hodgkinā€™s lymphoma, leukemia, and others. They also lead the way in many other fields.

They can provide this care and keep patient costs to a minimum due to donations and sponsorships. We are proud to support the Childrenā€™s Hospital of Los Angeles!

As in the attached story, Childrenā€™s Hospital of Los Angeles provides the best pediatric medical care available anywhere in the country. To do that, CHLA needs donations to continue its leading-edge care. We proudly donate a portion of our income from real estate sales to CHLA to help them continue serving the needs of those who most need it in our Los Angeles!

Who do you know considering buying or selling a home you could refer to our real estate sales team? Not only will they benefit from our award-winning real estate service, but a very worthy cause will also benefit as well. To refer anyone considering buying or selling a home just give me a call or pass on my number. 213-880-9910.

Thank you in advance for your referrals!

You and your referrals mean more than ever to my team and me. As we move forward thru this winter, please know we are extremely thankful for you and you being a special part of our business.

Go Serve Big!!! — Corey Chambers

EntarĀ® Real Estate and Investment Technologies!

P.S. I copied and pasted the story below from the CHLA website. It better tells the story of the work they are doing.

MAKING A DIFFERENCE

As a leading charitable hospital, CHLA depends on sponsorships and donations to continue its leading-edge service. We proudly donate a portion of our income from real estate sales to CHLA to help them continue serving the needs of those who most need it in Los Angeles!

A real estate company with experience, proven results, and a give-back philosophy!

Over the years of helping many families sell their homes and/or buy another, we have met some wonderful, loving, caring people. People like you! So your referrals can rest assured that, not only will they get the award-winning service we are known for and the guarantee to back it up, but that a solid portion of the income we receive will go toward helping the kids.

Refer your friends, neighbors, associates or family members considering making a move:

You can go to www.ReferralsHelpKids.com and enter their contact info online or forward the link to someone you know considering a move.

Of course you can always call me direct as well at 213-880-9910


Why I support ChildrenŹ¼s Hospital Los Angeles

I grew up right here in the Greater Los Angeles Area, born in Los Angeles County at St. Francis Hospital. I remember when I first heard about a young person close to our family suffering from a nasty disease and getting treated for that at Childrenā€™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 a way that I can do the good work these people do at Childrenā€™s. My team rallies around our annual goal of raising money and donating portions of our income to help Childrenā€™s in their 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 Childrenā€™s Hospital Los Angeles shares a similar commitment to their patients. And since their services survive on sponsorships and donations, we are happy to contribute and proud to support them.

Sincerely,

Corey Chambers

Meet the New Student at ā€˜Abbott Elementaryā€™: CHLA Spina Bifida Patient Dā€™Kai

The exuberant 5-year-old has become a representative for kids with differences in his role on ABCā€™s acclaimed comedy series.

By Jeff Weinstock

Story and photos courtesy Children’s Hospital Los Angeles

The journey from spina bifida patient to child actor isnā€™t typically done in one weekā€™s time, but after charming the producers of ā€œAbbott Elementary,ā€ 4-year-old Dā€™Kai found his lifeā€™s course swiftly set off in a new direction. Even if he hadnā€™t been waiting for his big break, he was happy to take it when it arrived.

Quick backstory: Dā€™Kaiā€™s mother, Jazmin, learned that ā€œAbbott Elementary,ā€ the celebrated ABC comedy series about a group of teachers at an underfunded public school in Philadelphia, had released a very specific casting call. The show needed a child with a disability who used a wheelchair.

Dā€™Kai met both requirements. Born with spina bifida, an incomplete development of the spine, he had been treated at Childrenā€™s Hospital Los Angeles since infancy. He lacked one attributeā€”acting experience. But he had other qualities: He was a bright kid with a lot of personality, and being 4, he was up for anything.

ā€œWe jumped on the opportunity,ā€ Jazmin says. ā€œI talked to him about it, and he was like, ā€˜OK, Iā€™ll try it.ā€™ā€

They submitted pictures, interviewed with the casting team, and Dā€™Kai, as they say in his new trade, booked it. ā€œEverything happened in a week,ā€ Jazmin says.

Itā€™s a nonspeaking role. Dā€™Kai, now 5, is visible in the background of some classroom scenes. But who knows where it may lead? Beware, Brad Pittā€™s career launched with a Pringles commercial. Dā€™Kaiā€™s breakthrough makes perfect sense to his doctors at CHLA, who call him bubbly, engaging and ideal for the screen. To see him on their TV sets in the cast of ā€œAbbott Elementaryā€ drew little surprise, but a lot of gratification.

ā€œChildren with different abilities, especially children from minority communities, is not something we see often on television,ā€ says orthopedist Melissa Bent, MD, one of several physicians who manage Dā€™Kaiā€™s care. ā€œSo having Dā€™Kai be part of that even bigger movement of visibility, to me, was very rewarding.ā€

The night Dā€™Kai made his first appearance on the show (search Season 2, Episode 1) was ā€œa joy,ā€ Jazmin says. ā€œI was just amazed. ā€˜Oh my goodness. Youā€™re really on TV!ā€™ He was so happy. He was like, ā€˜Look! Itā€™s me, Mom! Look at me! Iā€™m right there!ā€™

When the spine doesnā€™t close

You learn something new every day, and today that new something will be sequelae. ā€œIt means the consequences of the diagnosis for a medical condition,ā€ Patricia Castillo, MD, says.

A specialist in the Spina Bifida Program at Childrenā€™s Hospital Los Angeles, Dr. Castillo has treated Dā€™Kai since April 2018, when he was 4 months old. There are multiple versions and degrees of spina bifida; Dā€™Kai has the most severe form, called myelomeningocele, wherein the spine does not close properly, causing what looks like a bubble to form at the opening, sitting on the babyā€™s back, outside the skin and its contents unprotected by the spinal column.

ā€œWhat ends up happening is,ā€ Dr. Castillo says, ā€œthose contents in that bubbleā€”the portion of the spinal cord and the nerves that are attached thereā€”are exposed to amniotic fluid during the pregnancy, and that can lead to severe complications. With the form of spina bifida and the level of spina bifida that Dā€™Kai has, itā€™s not uncommon to see all of the sequelae that he does have.ā€

Those sequelae afflicting Dā€™Kai include hydrocephalus, the backup of cerebrospinal fluid in the brain; incontinence of the bowel and bladder; and lower-body weakness to the point of paraplegiaā€”the inability to feel or move oneā€™s legs.

ā€œWe donā€™t have treatments that repair spinal damage or the differences that patients are born with,ā€ Dr. Castillo says. ā€œWhat we try to do is optimize what we can to help them live functional and productive lives.ā€

To that end, Dā€™Kai has a shunt installed in the ventricles of his brain to carry away the excess cerebrospinal fluid that accumulates there. He uses a catheter to drain his bladder after he wakes in the morning and before he goes off to sleep at night, but otherwise goes without it. Though he has no feeling below the knees, he can walk some with the aid of leg braces and a walker. He was born with clubfoot that was corrected through treatment.

Dr. Bent handles Dā€™Kaiā€™s orthopedic care through the Jackie and Gene Autry Orthopedic Center, including working to ensure his feet, now straight, donā€™t turn back inward. She says her primary goal with children with spina bifida is to get them to adulthood able to carry out lifeā€™s daily functions, without any permanent deformities developed in their knees, feet or back.

ā€œHeā€™s doing great,ā€ she says of Dā€™Kai. ā€œHis foot hasnā€™t relapsed. Heā€™s had no problem with his braces. He doesnā€™t have any fixed deformities. So orthopedically, he looks fantastic.ā€

ā€˜Thatā€™s not all you areā€™

From the moment she was told his diagnosis when she was 20 weeks pregnant, Jazmin resolved to create a meaningful life for Dā€™Kai, and not one whose course was determined by his disease.

ā€œMy mindset was, itā€™s not going to define himā€”period,ā€ she says. ā€œYes, you have a disability, but thatā€™s not all you are. You have a disability and nobody sees anything else? I wasnā€™t going to let him feel like that. Itā€™s not going to be a crutch. ā€˜Oh well, because Iā€™m in a wheelchair, I canā€™tā€™ā€”no, thatā€™s not going to be you. I made sure he has a positive attitude and thatā€™s how weā€™re raising him.ā€

ā€œHe walks with a walker or with assistance from us, but he gets on the floor and he crawls everywhere and he doesnā€™t need help. Heā€™ll tell you, ā€˜I got it.ā€™ He plays with his toys. He loves music and books and different things. So heā€™s not limited. I just try to make sure Iā€™m doing all Iā€™m supposed to do so heā€™s OK and safe and happy.ā€

Dr. Castillo sees no reason to downsize expectations for Dā€™Kai. She says spina bifida generally doesnā€™t affect cognitive function or cause intellectual deficits, even if it creates the need for a shunt to be placed in the brain.

ā€œI have big hopes for Dā€™Kai,ā€ she says. ā€œHe can do what he wants to do. We have spina bifida patients who go to college if thatā€™s what they want to do, have jobs if thatā€™s what they want to do. A lot of my patients are in general education classrooms and doing what they want to do.ā€

Production on ā€œAbbott Elementaryā€ continues until February. Afterward, Jazmin will learn if the show wants Dā€™Kai back for next season. ā€œI donā€™t know anything yet,ā€ she says.

In the meantime, the family is spreading Dā€™Kaiā€™s spotlight. ā€œMy mom talks him up a lot. We could be at the grocery store, and people will see him and say, ā€˜Heā€™s very handsome.ā€™ And then sheā€™ll tell them, ā€˜Heā€™s on ā€˜Abbott Elementary.ā€™

ā€œEverything is a very new experience,ā€ Jazmin says, ā€œHeā€™s having a good time. Heā€™s still the same person, bubbly. The funny thing is, heā€™ll go to his regular school and tell them, ā€˜Iā€™m a star!ā€™ But heā€™s joking. Heā€™s still got to go to school and do what heā€™s supposed to do. No attitude change. No bigheadedness. Heā€™s still a little boy.ā€

You can hear Dā€™Kai nearby being, as billed, bubbly. ā€œIā€™m a star! Iā€™m a star!ā€ he says. You figure thatā€™s something his mother knew long before the world found out. ā€” Story and photos courtesy Childrenā€™s Hospital Los Angeles

Learn more about the Spina Bifida Program at Childrenā€™s Hospital Los Angeles.

How You Can Help

Refer your friends, neighbors, associates, or family members considering making a move: www.ReferralsHelpKids.com or call Corey at 213-880-9910

Copyright Ā© 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.