REAL ESTATE NEWS: CORONAVIRUS UPDATE LOS ANGELES, CA
April Fools Day may turn out to be no joke in 2020. Real Estate billionaire Tom Barrack says that commercial real estate is set to fall apart beginning April 1 unless the federal government takes unprecedented actions to stop it by loosening regulations and setting free the purse strings. Due to the current shut down of most businesses that rely on crowds, many of the owners of these stores, restaurants, entertainment venues, travel and many other companies do not have the money to pay rent that is due tomorrow. Barrack expects this to immediately impact the commercial real estate market (which is, in fact, already feeling the impact due to bleak expectations), then quickly spread to other industries. #coronavirus #dtla
While Barrack is focused on commercial real estate, the residential property market is very much connected, thus shall feel the effects. Lofts and condos around Downtown Los Angeles have already fallen by 3%-7% in the last year, even before the Coronavirus and massive stock market crash. Home prices are expected to fall again in 2020, which has already begun in January and February. #realestate #california | Blog Video
While Downtown Los Angeles has achieved significant success in slowing the spread of the virus by social distancing, most feel the economic effects as 60% of Los Angeles residents have experienced reduced incomes, according to Loyola Marymount University’s Center for the Study of Los Angeles. The Convention Center has been turned into a federal field hospital.
Critics such as economist Peter Schiff, Jeff Berwick, notable medical doctors like former Representative Ron Paul and Senators Rand Paul warn that the coronavirus covid-19 reporting by the government, along with coverage by the mainstream media has been overblown or fabricated as cover for a mismanaged economy and bigger-than-ever, super massive bank bailout at the expense of middle-class Americans.
For DTLA real estate, the crisis come at a bad time. The L.A, Loft Blog has already reported declines in Los Angeles real estate, and has additional bad news to report. We will present a full report on the Corona Crash effects on residential real estate in the coming days.
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