Residential and commercial real estate have slowed dramatically during the virus hysteria of 2020. Home sales and rentals have slowed to a crawl, while brick and mortar business space lease has all but stopped as more than 20% of retail shopping store tenants are either late or completely out of business.
“We have seen sale numbers across the board drop like I have not seen before,” said Jack Livingston, a research analyst at Avison Young.
In May $332 million of retail, office, industrial and apartment products sold in Los Angeles County, according to NKF data. That’s far below the $1.66 billion in sales last May as reported by the L.A. Business Journal.
For Downtown Los Angeles residential lofts and condos, the recent panic has placed the nail in the coffin, turning what was already a falling market into a blighted zone of tent encampments and exploding condo inventory. The L.A. Loft Blog shall delay the reporting of June DTLA sold home price market data. That report is expected to be released around Thursday July 9. Currently, the Loft Blog is preparing to add a unique series of helpful news about coming financial assistance for home sellers, buyers and renters, with various programs offering loans from $5,000 to $10 million. Those article are also expected to begin in July.
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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.
I can only imagine retail space changing dramatically during the pandemic. People just aren’t buying as much anymore. We need to work on getting people back to brick-and-mortar.
I can only imagine retail space changing dramatically during the pandemic. People just aren’t buying as much anymore. We need to work on getting people back to brick-and-mortar. Get them to shop!