Tag: home prices

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When is the Right Time to Sell a Downtown Loft?

How to Sell Your Own LoftWhile more people are moving into Downtown than moving away, there are those who prefer to sell when they are sure that the price and equity are at a healthy level. Many loft owners in DTLA are able to move up to a larger loft, while some others are having kids and want to move to a highly esteemed school district area in the suburbs.

The L.A. Loft Blog, the authority on Downtown residential real estate, receives real-time market data and feedback every day.  Based on that large quantity of first-hand observations and real estate market service data, the true nature of the Downtown real estate market is normal and near middle of the cycle.  That means that it makes sense for both buyers and sellers to make a move now if they prefer to move during a safer, more typical real estate market cycle. That being said about market timing, Downtown Los Angeles is anything but a typical real estate market.  During the most recent cycles, Downtown performed better than the average U.S. neighborhood and better than the average California neighborhood during both the up cycle and down cycle because DTLA has extremely fast growth overall.

Here some recent articles that discuss whether or not now is a good time to sell a home:

When is the Right Time to Sell Your Home?
http://www.csmonitor.com/Business/Saving-Money/2016/0223/When-is-the-right-time-to-sell-your-house

Now I Get It: When to Sell Your Home
http://finance.yahoo.com/news/now-i-get-it–when-to-sell-your-home-225837862.html

The Best Times to Sell Your House
https://www.nerdwallet.com/blog/mortgages/the-best-times-to-sell-your-house/

Sales of Existing U.S. Homes Rise Rise to 2nd-Highest Pace Since 2007
http://www.newsmax.com/Finance/Economy/homes-sales-housing-economy/2016/02/24/id/715832/

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Find out what sold recently. Get a free list of nearby homes to learn what most recent selling prices have been. Fill out my online form:

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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Downtown Rent Prices Set to Explode

Today’s MLS data reports that the average Downtown rent has increased from $2,606 ($2,400 median) in the last half of 2013 to $3,021 ($2,725 median) currently. That’s $300 to $400 per month more rent today than just 2 years ago.  Unfortunately, that is just the beginning.

new-downtown-condos

Think Downtown Los Angeles rent prices are already high?  Wait a few years.  While we are dazzled by the amazing transformation of Downtown into the most exciting place on earth, the average Downtown rent will hit $4,000 in the blink of an eye.  The Atlantic reports that over the next 10 years, the rental population in the U.S. will climb by about 4 million people. And that growth rate pales in comparison to the blistering speed of Downtown population growth.

Census Bureau data puts DTLA’s 2000 population at 27,849 people, but the 2013 total (according to the Los Angeles Downtown Center Business Improvement District) almost doubled, reaching 52,400, says KPCC.

Of the  57 residential construction projects currently under way in Downtown Los Angeles, only 3 are condominiums for sale.  Investors are placing billions into rental communities because their projections show huge profits coming at the expense of renters over the next 10 to 20 years.  No developers have converted new condo lofts in Downtown in more than 2 years. And none have plans to convert any more soon.

Those who think it is cool to rent now and buy later will unfortunately find that home prices will rise in a corresponding manner, locking out the average buyer. Only the wealthy will be able to purchase a nice place, and only the wealthy will be able to easily afford to rent an attractive loft or apartment.  The average renter will be forced to spend more than 30% of income on rent, or live with additional roommates.

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $30,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

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Corey Chambers, Realty Source Inc, BRE#01889449