Downtown L.A. Home Prices: Why do homes in Downtown Los Angeles cost over $600,000 on average, while homes in Chicago cost less than $300,000?
Supply and demand are the primary drivers of prices. There are many reasons why so many people want to live in Southern California neighborhoods:
#1 Nice weather; #2 Jobs / Economy; #3 Many things to do; #4 Better Schools; #5 Better Neighbors; #6 Overall growth / Improvement in the neighborhoods. The #7 reason is that SoCal home prices go up faster and steeper than other parts of the USA, making for a much better long-term return on investment. #dtla #investment
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Downtown L.A. Homes Sell For More Money, Faster Than One Year Ago
REAL ESTATE NEWS — Downtown Los Angeles continues to beat most real estate markets in both growth and stability. Compare recent prices, along with days on market, and we can see that prices continue to rise at a desirable pace, while homes sell at a brisk pace. Check out the market report:
In the most recent market (the last 6 months), Downtown L.A. homes sold at a median price of $619,500 with 42 days on market. #dtla #realestatenews
For the same 6 month period a year ago, the median price for Downtown LA (MLS areas 23,42) was $589,250. with 55 days on market.
This shows a value growth of $30,250 in 12 months with properties selling 13 days faster.
DTLA has also proven to be superior in down markets, slower to decline in price and faster to recover in price. While Downtown Los Angeles definitely has its ups and downs, it has proven to be safer than most neighborhoods as a financial investment.
Get a free list of Downtown Top 10 Best Investment Property Listings. Fill out the online form:
How much did these new Downtowners pay for their lofts, condos and apartments? And how do they like them? #sold #homes #dtla
It’s so exciting to move into a new loft because they offer so much space for so many possibilities. Lofts are a big box like a 3-dimensional canvas that allows for great creativity and more flexible lifestyle for live/work, entertaining or just relaxing at a very special private space after a long day of work. This NCT 2-level penthouse was snapped up by an L.A. Loft Blog reader. The extra large corner unit loft
with lots of big windows and a real bedroom, all in a genuine historic loft building with a fantastic rooftop deck. Rental #prices range around $2,000 to $6,000 per month for lease.
Alana recently moved into her historic 2-story loft abode, and fell in love with the atmosphere and views.
L.A. Loft blog readers are picky, and they demand an excellent location and exceptional character in a home. Historic and industrial lofts of Downtown provide that chic, hip style with super practical open floor plans, in great walking areas near shops, restaurants, bars, pubs, entertainment and transportation. | LOFTS FOR LEASE
Doug Nasr just moved into his 3-bedroom, 2-story condominium unit at River House. He’s enjoying his sparkling new construction townhome with a private balcony and park views next to the revitalizing Los Angeles River and Marsh Park. Best of all, he got wood flooring, and saved thousands of dollars off the price and upgrades by taking advantage of a free home buyer protection program. River House condos sold for $499,000 to $899,000. | NEW HOMES
HOME SELLERS: Find Out What the Loft Down the Street Sold For
Find out what homes recently sold around Downtown Los Angeles, and how much the buyers paid for them. Get a free list of area home sales with prices and photos, along with a list of currently available homes for sale. Fill out the online form:
Asking prices for homes in Los Angeles can be very high, just right or even very low as compared to the SP final sale price. That’s why it’s necessary to look at the sold price of homes that closed escrow recently in the neighborhood. By seeing what really sold, buyers and sellers can quickly get caught up with what’s happening in the local real estate market, and the real home price and value can be determined. Below is a list of lofts and condominiums that sold this week around Downtown L.A. #sold #homes #dtla
Knowing what sold recently is the most reliable way to discover the current home value.
By learning what people actually paid for a property, we don’t need to guess as to what buyers will pay today. The Listing Price (or Asking Price) can help to understand the psychology of the seller, but they are only accurate predictors about 1/3 of the time, as about 2/3 of properties in downtown sell for significantly more or less than the asking price. #dtla #sold
Property Values: The above Little Tokyo Loft 3rd floor unit sold this week. Since it went into escrow, prices have increased while inventory has shrunk because the unit was purchased during the holiday season. The busy real estate season in Downtown Los Angeles starts Jan 2 and stays busy all the way until October 29.
The Little Tokyo Loft south side unit sold for a bit less than the asking price. The unit has a leak in the rooftop drain pipe that extends vertically all the way through the building. The pipe is more than 100 years old, and leaks slightly whenever it rains hard. The Little Tokyo Lofts Homeowners Association is again trying to repair the leak. The HOA is being sued by another residents who had a leak in his unit, that damaged his rare hollywood prop wallpaper. Find Downtown and L.A. recently sold loft prices at www.LALoftPrice.com.
Find out how much the loft down the street sold for. Request a free list with sold prices. Fill out the online form:
The average recently sold Downtown L.A. condominium price is $664,976.
REAL ESTATE NEWS AND MARKET REPORT: At the end of 2015, there were many DTLA lofts listed in the $300,000s. In 2017, there will be almost none. Next year, the starter home lofts will begin in the $400,000s, except for a few tiny studio-size condos. Today, Downtown has many opportunities for those who are looking for a bargain price. Some of those bargains include the distressed lofts at the Higgins Building, the awesome historic Mills Act lofts in the clean, pretty area between the Historic Core and Civic Center neighborhoods. Active, motivated buyers are taking advantage and getting a steal this season while some potential buyers are either scared from the election or dormant for the winter holiday season. Meanwhile, massive expansion of Downtown infrastructure and huge influx of residents continues to place strong upward price pressure. Investment gurus Jim Cramer and others have stated their analysis that prices and interest rates are likely to rise in 2017 and the coming years. The Wall Street Journal has also just weighed in with its forecast of rising prices.
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful. — Warren Buffett
The greedy are still raking in the dough in DTLA. Prospective Downtowners and investors can today take advantage of several issues that are temporarily depressing prices. There have recently and currently been a cluster of minor economic panics in Downtown LA. Some sellers have reduced their asking prices of lofts in the Higgins Building due to a new assessment. The prices were reduced some time ago, and some home sellers are giving money to buyers, so buyers are today getting Higgins lofts for up to $50,000 less than they would otherwise cost. The same holds true for units at Evo, Luma and Elleven buildings, as some buyers and sellers are afraid of the HOA lawsuit against the developer, combined with huge new condos being built nearby. These also allow buyers to pick up one of these soft lofts for easily $50,000 below what the prices will be once the dust settles.
Get access to all of the bargain lofts and condos for sale. For a free list of foreclosures, bank owned and other distressed Downtown properties, fill out the online form:
Market Report: Los Angeles Home Prices Have Room to Grow
Real Estate publication Keeping Current Matters, Zillow-sponsored Pulsenomics real estate industry panel and NAR the National Association of Realtors have concurred with each other to dispute some industry pundits who claim that residential home values have risen too quickly and that current levels are on the verge of another housing bubble.
Panelists surveyed by Zillow said they expected home values to end 2016 up 4.5 percent year-over-year, on average, and for the median U.S. home value to exceed its pre-recession peak by November 2017. A majority of panelists with an opinion said markets in the middle of the country were likely to regain popularity compared to coastal markets in coming years as cost-conscious employers start creating more jobs in Middle America.
A marked shift in fortunes between coastal America and Middle America since the housing recovery began – rapid growth in the former, stagnation in the latter – is likely to eventually reverse as cost-conscious companies look for cheaper places to grow, according to a panel of more than 100 experts.
The Q3 Zillow Home Price Expectations Survey, sponsored by Zillow and administered by Pulsenomics LLC, asked a panel of 113 economic and real estate experts nationwide to offer their expectations for home value growth through 2020. The survey also asked the experts to share their views and expectations on changing dynamics in the middle of the country versus the coasts and in urban versus suburban communities.
The L.A. Loft Blog would change the word “Definitely” to the word “Probably” to give a more accurate depiction of statistical likelihood. Market cycles are never definite; just ask former Fed Chairs Alan Greenspan and Ben Bernanke. The L.A. Loft Blog agrees that there will likely be no major downturn in home prices over the next several years because we have not experienced extended record high prices recently like we had preceding the great depression and great recession. In fact, we have more of a Japanese and European style of prolonged artificially low interest rates. That is more likely to cause overall economic stagnation, which does not require a dramatic drop in real estate prices. Additionally, Downtown Los Angeles outperformed the rest of the country for many years because of DTLA’s unique, dramatic renewal and transformation from blight to luxury. In the current market, it’s all about finding the best deal.
The good news is that it is easy and free to get access to special deals such as pocket listings and other unlisted bargains for sale. Get Downtown LA Pocket Listings Information in your email. Fill out the online form:
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P.S. Your Referrals Help The Kids! $125 donation goes to help the extraordinary kids in need at Children’s Hospital Los Angeles on every home we sell this year. Help us help Children’s. Who do you know considering making a move that would benefit from the services we provide? Call me at 213-880-9910 with their contact info, or have them contact me. You can also visit http://www.ReferralsHelpKids.com. Thank you in advance!
*Seller and Corey must agree on the price and time of possession.. Realty Source Incorporated BRE#0188944 Beverly Hills Greater Los Angeles Area Association of Realtors
Find Out What Your Downtown Los Angeles Home Is Really Worth! #homeevaluation
FREE Quick Online Home Evaluation
Knowing what your loft, condos or house is worth is important information to have if you are thinking of selling your home.
By providing your address and a brief description of your home, the system will conduct a thorough comparative market analysis by searching the database for similar homes listed or sold in your area.
With this current market data, you will be able to determine what your home might sell for if you decided to put it on the market. For a free, quick home evaluation, call Corey (213) 880-9910 or for free recorded information, call the 24-hour hotline at 1-800-791-4538 ID#1072.
For decades, Downtown Los Angeles was the dark center of L.A. But today, after more than $10 billion of new investment and renovation, the glimmering luster of DTLA is once again shining through. The revitalization of Downtown is a powerful reminder that we can truly accomplish anything, as we are only limited by our own motivation. We are empowered by our ability to believe. This article will also reveal how to place that motivation into action with lessons on how to make a billion dollars in real estate.
Downtown is the place to do it: The new Los Angeles Metro rail system, along with the new home-building power of the Los Angeles Adaptive Re-Use Ordinance, gave a huge boost of momentum to Downtown’s rebirth. Downtown has also benefited from taking advantage of the nationwide trend toward urbanization.
Along with ambitious plans, hard work and determination, thousands of fortunate, brave and savvy Downtown homeowners have recently gained hundreds of thousands of dollars of equity due to their foresight and willingness to take risks. Downtown has doubled in size since 2000. The amazing opportunities have just begun.
Now that the Downtown real estate has stabilized with a massive infrastructural boost behind it, recent annual home price gains have also been stable at 8% per year for the last two years. Fortune continues to favor the bold while the nay-sayers lose out and the scaredy-cats are getting left in the dust.
Because homeowners are doing so well with their Downtown real estate investments, it’s difficult to find bargains these days. But they do exist! Investors and would-be Downtowners can get a free list of Downtown distressed properties at http://www.DowntownLAForeclosures.com. Home buyers can also take out some of the risk with a Buyer Savings Guarantee, or Downtown buyers can reduce the risk on the investment with the Love Your Loft Guarantee. Home sellers and buyers can find out what the loft down the street sold for at www.LALoftPrice.com.
Creativity has long been the key to making the most of Downtown during hard times, and creativity is also the key to capitalizing on its current boom. Artists have for decades turned ugly, nearly abandoned buildings into beautiful live-work spaces using artistry and ingenuity instead of cash. The L.A. Loft Blog recently proclaimed that Downtown Los Angeles has made the transition from economical barrio to luxury neighborhood. Now that the gravy train has arrived (and unfortunately pushed out many starving artists), Downtown is gaining a more wealthy crowd of creatives. The next steps and next opportunities in Downtown are to complete the transition by transforming the remaining poverty-stricken parts of Downtown (namely Skid Row), maximizing the opportunities and adding lots of polish to the new creation.
Forbes Magazine revealed 4 lessons in a magazine article entitled “How to Make a Billion Dollars in Real Estate.” Lesson #1 is “Go Where the Money Is.” Forbes has joined the smart crowd in realizing that Downtown Los Angeles is the ideal place to launch and succeed in our most ambitious endeavors. Business Insider has bestowed upon us not one, not four, but 25 Billion-Dollar trends.
Get a list of the best Downtown investments and nationwide real estate income opportunities. Fill out the online form:
Your Downtown Loft or Condo Sold GUARANTEED or I’ll Buy It*
*seller and Corey must agree on price and time of possession.