URGENT Downtown Los Angeles Real Estate Market Report – September 2019 Prices Drop

September Homes Sales Take 70% Longer, Sell for $35,000 Less

REAL ESTATE NEWS ALERT – SPECIAL BULLETIN

Los Angeles, CA  —  Thinking about selling a Downtown loft or condominium?  Better allow more time to unload it —  a LOT more time.  The September year-over-year real estate market has shrunk significantly. Things are really slowing down. Homes are taking much longer to sell. The September median Days on Market is way up from the same month period in 2018.  Last September, it took most homes 40 days to sell, but last month, it took a staggering 68 days to sell a home in the loft neighborhoods around DTLA to Lincoln Heights.  The numbers from the MLS show that homes have been moving much slower in 2019 as compared to recent years. #realestate #market #news

The latest bubble seems to be deflating. Don’t expect too much money when selling over the next several years. Median price has dropped down substantially from $625,000 to $589,875. Sellers are getting 1% less of their asking price: On average, down from 96% Sep 2018 to 95% Sep 2019.

While falling prices may seem like bad news for sellers, those few who must buy a home over the next year or two are likely to find growing selection, more affordable prices and lower interest rates as the Fed shows unfettered willingness to accommodate.

Los Angeles is not alone. Real estate agents all over California have been reporting a cooling market for more than a year.  Other areas with even more dramatic recent home price drops include New York City, Hong Kong and London.  #dtla

Find out how much your neighbor’s loft sold for.

Get a free list of recently sold homes, along with prices, and a list of homes just listed for sale in the area.  CLICK HERE


How to Set Your Asking Price When Selling Your Los Angeles Condo

Downtown Los Angeles – When you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing he or she sees, and many homes are discarded by prospective buyers as not being in the appropriate price range before they’re even given a chance of showing.
Your asking price is often your home’s “first impression”, and if you want to realize the most money you can for your home, it’s imperative that you make a good first impression.
This is not as easy as it sounds, and pricing strategy should not be taken lightly. Pricing too high can be as costly to a homeseller as pricing too low. Taking a look at what homes in your neighborhood have sold for is only a small part of the process, and on it’s own is not nearly enough to help you make the best decision. A recently study, which compiles 10 years of industry research, has resulted in a new special report entitled “Homesellers: How to Get the Price You Want( and Need)”. This report will help you understand pricing strategy from three different angles. When taken together, this information will help you price your home to not only sell, but sell for the price you want.
To hear a brief recorded message about how to order your FREE copy of this report call toll-free 1-800-791-4541 and enter 1016. You can call any time, 24 hours a day, 7 days a week.
Get your free special report NOW to learn how to price your home to your maximum financial advantage.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

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.

Downtown Los Angeles MLS areas 23,42 and 1375.  Statistics PDF files are attached.

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Los Angeles Real Estate Bubble Pops

Real Estate News:  Home Prices Plummet in Downtown L.A.

As the property market sinks throughout Downtown and Greater Los Angeles, loft and condo buyers and sellers often receive information that is three months to a year late.  For those who wish to take advantage of better market timing, the LA Loft Blog provides the fastest, most actionable real estate market updates for Downtown Los Angeles and surrounding loft communities. August 2019 showed a dramatic drop in prices, a worsening of the real estate market in nearly every way.  The numbers provide confirmation that Downtown Los Angeles is now a buyer’s market.

PROPERTY MARKET ALERT:  DTLA PRICES DOWN SHARPLY IN AUGUST

Aug 2019 Year-Over-Year Market Change – (Downtown and Nearby)
Total  of completed transactions:  Down 28%
Average Sold Price:  Down 3.8% (Dropped by $27,369)
Median Sold Price:  Down 7% from $692,500 to $647,000 (Dropped by $45,500)   #losangeles #realestate #bubble

Taking longer to sell:  Average  days on market grew from 62 to 82 days (20 days longer on market)  Properties selling 32% slower than same period previous year.

The market is diminishing some fortunes, while creating other opportunities.

Two Deadly Mistakes for Sellers to Avoid in a Buyer’s Market

One example of a struggling property is a large live/work condominium unit for sale in Los Angeles.  The stylish industrial loft with rare character and natural light has been viewed by a substantial number of buyers. Several of the buyers have decided to purchase other properties that present a greater value. All buyers, along with just as many real estate professionals have concluded that the asking price is significantly too high, and that the presentation needs improvement. The unit appears smaller than its true grandeur because it is constricted by an added dark bedroom, long narrow entryway, and clutter. For the price, the unit is slightly insufficient in maintenance, cleanliness and polish, including the kitchens and bathrooms.   |   VIDEO

The main issues that need to be corrected are:
1. Asking price is too high
2. Tenants are creating poor presentation / reduction of value

Top national professional real estate coaches have been consulted by local loft specialist real estate professionals to ensure that the property and market have been analyzed thoroughly.  The group has concluded that high asking price, along with occupancy by current tenants are the primary obstacles to a successful sale.  The L.A. Loft Blog expects prices to continue to fall — financially hurting sellers while opening up more possibilities for home buyers.

Several local loft specialists have concluded that the asking price is much too high for the type of loft unit in its current state.  The unit presents a rare opportunity for a creative, visionary buyer who is willing to patiently negotiate in order to get an amazing large loft and a very low price per square foot.

Local Real Estate Market:  Prices continue to drop. Home value decrease has been accelerating.

Several Los Angeles loft specialists with dozens of years of experienced have warned: Sellers who choose a wait and see strategy during a falling market risk future price drops being outpaced by falling market prices, causing a much lower final sale amount.

The local real estate market economic downturn has been accelerating. August median price is down significantly year-over-year. Downtown Los Angeles and Nearby median sold price is down 7% for that period from 2018.

There are several ways to attract a higher selling price. The two key actions for sellers to achieve a successful sale in today’s Los Angeles housing market:
1. Set the asking price slightly below the comps.
2. Increase the perceived value by presenting the property fixed up, vacant and professionally staged.

Get a free list of live/work lofts.  Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Compare August 2018 to August 2019:

market-analysis-1808-p   |   market-analysis-1908-p

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.