75% Failure Rate in Downtown Los Angeles Real Estate as the Greater Depression of 2020 Unfolds

REAL ESTATE NEWS

Why only 1 of 16 Little Tokyo Lofts sold at full price, and how they did it.

GDP Gross Domestic Product is way down, with the biggest drop in history. DTLA real estate is affected greatly. In the last six months, for example, sixteen units have been listed for sale in the industrial style condo building at 420 S San Pedro Street in Downtown L.A. Of those listed, only four have sold, and only one sold at full asking price. How did they do it? How did one out of sixteen do so well as to attract one hundred percent of their desired selling price? They took these three steps: 1. The unit was listed at the correct price; 2. Unit was presented well: uncluttered, clean; 3. Unit has upgraded, updated kitchen, bath and built-ins.

The successful sale was an excellent example of how the currently challenged market strongly favors a loft unit that is professionally fixed up to stand out, and priced right.

FRAUD ALERT

Keep in mind that the recent panic and confusion have increased the amount of fraudulent activity, such as fake escrow requests for bank wire transfers, fake home buyers, fake rental listings and fake real estate agents. Always check credentials of professionals; report to police any earnest money deposits that are not confirmed by escrow; and warn clients not to bank wire money without first calling to double check the bank wire instructions validity with escrow.

Low rent prices, out-of-town owners and unlisted text only phone numbers are signs of fraud. Prospective renters should never give money or personal information to any unconfirmed rental owner/manager/agent.

Be on the look for con artists who claim to be wealthy philanthropists offering to give real estate. Do not give money or personal information. Report them to police and to the L.A. Loft Blog fraud@laloftblog.com.

Avoid this when selling a condo or house in California 2020

Get a free guide of whats happening in today’s real estate market, what mistakes to avoid, along with what to expect when selling a home and how to get the most money for a home. 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

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 Real Estate Market Report April 2020

NEWS — Property Price Collapse Accelerates

April L.A. urban property market delivered expected abysmal sales figures with total sold listings down by more than 50% from the same month in 2019. The median sold price fell by $15,000. The average price per square foot is down by 4.14%. Home sales total dollar volume fell 64%. Fear has hit the Greater DTLA home transaction arena with 72% more failed listings. Take a look at the falling market:

20192020
Listings Sold3817
Median Sold Price$660,000$645,00
Avg Price/Sq Ft$667.41$639.80
Total Volume$33 Million$12 Million
Failed Listings3662

We have not received data about days on market because that metric is not being reported, having been temporarily suspended by TheMLS due to coronavirus. We can presume that the days on market is likely equal or greater than the 80 days average that the L.A. Loft Blog reported last month, based on data from Downtown and nearby loft neighborhoods MLS areas 23, 42 and 1375. | Blog Video

VIDEO

The number of expired, cancelled and withdrawn listings has increased dramatically. The number of failed listings has also shot up, nearly doubling from 36 failed listings in April of 2019 to 62 failed listings in the same month of 2020.

Find out what the home down the street sold for. Get a free list of recently sold homes in your area. 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

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.