BAD NEWS FOR L.A. REAL ESTATE
LOS ANGELES, CA (Is it worth it?) — After seeing the surveillance video of a Downtown pedestrian severely injured by a forceful shove from a vagrant into the path of a large truck, one must consider whether or not the costs of Downtown life are worth the rewards today. Reports to the L.A. Loft Blog from Downtown real estate professionals indicate that the number of prospective home buyers has dropped significantly, while the number of residents moving out of Southern California has risen sharply over a few years ago. #dtla
Of the ten most recent sale or purchase transactions by the Corey Chambers Team, five were moving to Downtown Los Angeles. Six out of ten were moving to Los Angeles. Not too shabby, but compared to 2012, when nearly 100% of sales/purchases were people moving into Downtown Los Angeles, today’s real estate picture shines a bit less brightly for DTLA. Of the recent ten moves, four of them were either moving out of DTLA or moving out of Southern California altogether. #realestatenews
MARKET SHIFTS AND STORMS
Five years ago, local real estate agents were extremely busy helping a huge influx of fresh faces move to lofts in Downtown Los Angeles. Today, the market has changed significantly. “More than 80% of our business is now helping repeat and referral customers, about half of them moving out of the area,” says Corey Chambers, “While the repeat business is great, and we’ve been able to attract offers for each and every one of our loft and condo listings, it is sad to see fewer buyers excited to move to Downtown Los Angeles now.” #realestatemarket
Chambers says he’s concerned about the number of residents moving out of California, but that these kinds of trends and cycles happen in real estate, and that the future for Downtown Los Angeles is very bright so long as residents, business and government can weather the storms while continuing to improve the quality of life in the center of the city. #sellhome
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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.