Residential Property Prices Update
Urban L.A. home values rebound, even as they take longer to sell. Motivated home buyers get more scarce in an economy affected by fear masked by Monopoly money. Radical monetary policy and helicopter bucks have artificially propped up housing prices amid nationwide de-urbanization. While many are still fleeing the violent crime, chaos and perceived virulence of the inner cities, the plummeting U.S. dollar now inflates the price of nearly all assets. Last month marked a turning point for the median Downtown L.A. loft condo price, which is now looking up.
Number of properties for sale up 23% as de-urbanization continues in favor of cleaner, safer neighborhoods. Runaway inflation has, however, miraculously cured the falling prices. While most Downtown condo prices are rising again, some loft prices nearest to Skid Row are still sagging. Today, fed-excreted funny money props up real estate prices, even for neighborhoods that would otherwise be dwindling due to virus panic, homeless encampment chaos and increasing bifurcation of markets into richer and poorer.
What took 48 days to sell in September 2020 now sits a scary 73 days on the market in September 2021. Lofts are up $16,000 this year due to a devaluing dollar. Downtown LA median price September 2021 of $615,000 sold in 2020 for $599,000. Statistics provided by real estate agents Multiple Listing Service for Downtown and nearby loft neighborhood areas 23, 42 and 1375. | PDF Reports: SEP 2020 | SEP 2021
Because real estate is a slow game, most DTLA home sellers are unlikely to realize much of a turn-around for another six months. For the gritty hoods, substantial price increases may not be seen for years. At Little Tokyo Lofts, only one 1 out of 12 listed units has sold successfully in the last 6 months. The lowest price loft in Downtown Los Angeles, unit# 631, asking price has been reduced to just $355,000. Once you get over potential frights around the corner, this loft condo unit and building are of notably high quality.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. 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.