Loft Values Gain Value As Equity Grows

1100 S Hope Street
1100 S Hope Street

Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home Price Expectation Survey.

Every month, the economists at CoreLogic release the results of their Home Price Insights Report, which includes the actual year-over-year change in prices across the country and their predictions for the following year.

The chart below shows the forecasted year-over-year prices for 2018 (predictions made in 2017). According to their predictions, the average appreciation over the course of 2018 should be 4.8%, which is still greater than the ‘normal’ appreciation of 3.6%.

If we layer in the actual price appreciation that has occurred this year, we can see that over the course of 2018, home prices have appreciated by an average of 6.9% and have outpaced projections all year!

What does this mean?
The tale of today’s real estate market is one of low inventory, high demand, and rising prices. The forces at work can be simply explained with the theory of supply and demand. That being said, if a large supply of inventory were to come to the market, prices may start to appreciate closer to the forecasted rate which would STILL be greater than the historic norm!

Bottom Line
If you are a homeowner whose house no longer meets your needs, now may be a great time to list your home and capitalize on the equity you have gained over the last year to make a significant down payment on your next home!

#lofts #DTLA

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Macys Plaza now the Block by Historic Lofts
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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.

Mills Act Higgins Building A Gem Of Early 20th Century

Mills Act Bonus at Higgns Lofts in DTLA

The landmark Higgins loft condominium building takes downtown history full circle. It was conceived in 1910 by copper tycoon Thomas Higgins and designed in the Beaux-Arts style by Architects Arthur L. Haley and A.C. Martin. Surrounding the building lay architectural masterpieces including the Caltrans headquarters, Historic LA Times building, City Hall, and the LAPD headquarters.  Owners have recently been hit by a repair charge to exterior decorations. The Higgins Building does have its benefits however in the form of Mills Act savings, and some sellers are actually paying the assessments so that the buyer might be spared a major unexpected expense.  Paying for repairs or making repairs for buyers is a well-tested element of an overall home sales plan.
Mills Act participants can realize very fruitful property tax savings. Tax savings vary by building and are based on the rental value of a given building.  Don’t
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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]e 

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Higgins Building Spiral Stairs to Mezzanine

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.