REAL ESTATE NEWS (Los Angele, CA) — Just about everything seems to be in short supply these days, including Downtown L.A. lofts, condos and apartments for lease and for sale. Several prospective renters are fighting over a bare selection. In the Arts District, there’s only one large loft for lease under $4,000. It’s on the ground floor. Most renters prefer to be higher up in the building.
While there are plenty of expensive cookie cutter apartments for lease, lofts with character are hard to find. Last week, only 12 lofts were listed for lease. Compare that to 19 lofts listed for sale. Rents are going up. The average downtown renter is now paying $2,994 per month for rent.
Stagflation plays a major hand in the property market today, amid crashy stock markets and rising interest rates. While most markets are cooling off, Downtown LA is heating up as far as price goes. Mostly fueled by inflation, prices are rising even while the overall market is stagnating.
More buyers are showing up to pick up a nice historic loft in May. They’re finding plenty of competition. The high-up condo units are going fast, leaving mostly darker units with no view, or ground floor opportunities that fewer people want. The good deals are going fast. The unadvertised bargains can be found by trying out the Top Level Tour. Big savings on condos with character can also be nabbed by taking advantage of little-known government programs. Get a free list of amazing historic Mills Act lofts for sale. Fill out the online form:
Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 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.