real estate market – Page 38

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

SOLD: Find out what your home is worth. Get a free list of recent Downtown Los Angeles home sales with prices, photos, descriptions, along with a list of currently active homes for sale. Fill out the online form:

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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.

Downtown Los Angeles — Properties have hit a plateau as the average price has dropped a bit in the last six months compared to the same period last year. Fewer buyers and sellers are motivated to transact at today’s home prices. L.A.’s urban real estate market stagnates while more people hunker down and spend more years living in the same old home.

REAL ESTATE NEWS

CNBC today reported that pending home sales fell 2.6% in October (6.7% for the year) as more buyers are priced out. The number of homes on the market in Downtown Los Angeles shrank a significant 20%. #dtla #realestate #market

In Downtown L.A., recent home prices and speed of sale (Days On Market) stayed about the same as 2017. Median DTLA home price is up 9% to $675,000 while average price is down 2% to $790,000.

The biggest news is the shrinking overall market. Fewer sellers and fewer sellers are making a move while more people are staying put.

The news is bad for many real estate professionals who are seeing reduced annual income. Housing supply is improving for buyers in some areas across the nation, but supply remains tight in Downtown Los Angeles as loft owners and investors remain comfy and confident with their investments.

Some landlords are feeling a pinch as fewer renters are seeking pricy Downtown loft apartments. “Whereas a few years ago, we were swamped with renters and buyers who needed our help, today the excited new urbanites, both renters and loft buyers, have all but dried up,” says loft specialist real estate broker Corey Chambers. The Chambers Team is now busy helping many sellers who are moving out of the area. Most, however, are staying, very satisfied with Downtown loft living.

Find out what the home down the street sold for. Get a free list of recently sold homes with prices and photos, along with active for sale listings. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/qbg942419l39cs/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]