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
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