Tag: property values

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Downtown Los Angeles Real Estate Market Report May 2021

The rich get richer while the poor get poorer in Downtown Los Angeles

REAL ESTATE NEWS | Blog Video

Downtown Los Angeles loft condo prices dropped in May, compared to the same month last year. Many more sellers attempted to unload their properties last month, but homes are taking an average of 12 days longer to sell. L.A. urban home buyers can enjoy better deals as most condos dropped in price by $35,000 or more. While most home prices fell, some of the most attractive properties actually went up in price as the well-to-do paid extra for large units that have lots of natural light, views and private outdoor space. This bifurcation between Median Price and Average Price occurs as the rich get richer and the poor get poorer. These numbers provided by real estate professionals MLS Multiple Listing Service for Downtown Los Angeles and nearby loft neighborhoods 23, 42 and 1375.

Number of Listings May 2020: 195 | May 2021: 244

Average Days on Market May 2020: 63 | May 2021: 75

Median Price May 2020: $585,000 | May 2021: $550,000

Average Price May 2020: $676,850 | May 2021: $716,132

Find out how much your loft is worth. Get a free list of recently sold condos in Los Angeles, along with a list of currently active homes for sale in the area. Fill out the online form:

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Median loft condo prices still falling in Downtown Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.

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Downtown Los Angeles Real Estate Market Report February 2021 #realestate #dtla

REAL ESTATE NEWS

HOME PRICES DROP (Downtown Los Angeles, CA) — February urban L.A. home values are down significantly from a year ago, with fewer properties sold, taking longer to sell, selling at lower prices, and less total home sales. The median price dropped by a significant 14.2%. Each property took 18% longer to sell, according to the MLS agents multiple listing service for Downtown and nearby loft neighborhood areas 23, 42 and 1375, comparing last month to the same period of the previous year. Compare February: #marketreport

2020: 37 properties sold; 73 average days on market; $620,000 median price; $26 million total volume

2021: 35 properties sold; 89 average days on market; $532,000 median price; $22 million total volume

READER QUESTIONS

Q: DTLA Building Report, ShyBury Grand – Investment Report, Lawsuit. Request: How many of the units are rented vs being owned by private residences. — Teri A: Thank you for your request. SB Grand has a high renter ratio, likely around 60% or more renters. The HOA has approved a large renovation project for the building. No record found regarding current litigation, but there may be undisclosed litigation. The building exterior will be repainted, lobby and hallways completely redone, rooftop painted and new furniture installed. Building is currently undergoing cosmetic facelift with no special assessment or increase in HOA dues expected. Call for more details 213-880-9910.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.