Category: commercial

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Downtown Los Angeles Property Market Report December 2022 | Real Estate Recession as Prices Continue to Fall

Mixed use live/work residential commercial triplex with street retail for sale Lincoln Heights by DTLA

REAL ESTATE NEWS (Los Angeles, CA) — Urban home prices continued to plummet in December, confirming a real estate recession in L.A. The end of 2022 saw less than half as many loft condos sold, properties taking about 50% longer to sell. The average DTLA home price dropped by nearly $100,000 as compared to the same month of the previous year, according to MLS Multiple Listing Service statistics in Downtown and nearby loft neighborhoods, areas 23, 42 and 1375.

In December of 2021, 45 properties sold. 57 days on market average, 41 days median. Median price $630,000 and average price $724,000. Total volume $33 million.

Last month, only 22 sold. 84 days on market average, 72 days median. Median price $563,000 and average price $625,000. Total volume only $14 million.

How much is your home worth? Get a free list of recently sold comparable properties, along with an updated list of home currently on the market nearby. Fill out the online form.

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Live/work residential duplex and retail complex for sale in Lincoln Heights near Downtown

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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.

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Commercial Real Estate Collapse

REAL ESTATE NEWS (Los Angeles, CA) — Offices and businesses have been collapsing since March 2020, when the virus hysteria and government-forced lockdown began to close down a large percentage of business in California and some other states.

A lot of different markets at this point are giving us a good sense as to what’s going on, according to CNBC. Let’s start with rents, which seem to keep going up despite what we’re hearing about housing rates moving up and making it more or less affordable for buyers. The media is talking about rents being a component of inflation and how there’s nothing abating that upward tick in rents. It’s really a supply and demand issue. Apartment buildings across the country are full, thus able to push rents right now. Until we start to see more supply come online, it will continue.

Some believe that rents will maintain or continue to move higher. They’ll continue to go up. Many business people are calculations a north of 5% increase over the next year. We are told that, until we see that come down to the historic average of 2% to 3%, we’re not going to see that number abate. From an investor perspective and/or those lending, multifamily is the place to be right now. Apartments is a great place to be invested. One of the big reasons for that is Fannie and Freddie, which provide liquidity in that market. There isn’t such liquidity in other commercial real estate classes.

Fore more on the collapse of commercial real estate, take a look at this video from Wall Street Journal about Chinese companies getting the heck out of American commercial real estate.

https://www.wsj.com/articles/chinese-firms-flee-u-s-commercial-real-estate-market-after-big-property-bets-sour-11663622573

In the near future, the loft blog will provide a larger article, along with an offer of search and sales services to help with commercial real estate in Downtown and the Greater Los Angeles Area. Get a free list of live/work industrial style residential loft condos for sale or for lease. Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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.