DTLA Property Crash – Downtown L.A. Housing Market Aug 2021
DTLA Feels Full Force of Stagflation as World Economy Sentiment Drops
Up and Down! Average and better L.A. urban home prices increased while the bottom of the barrel decreased. The rich get richer and the poor get poorer. The home price increases occurred even while the Downtown Los Angeles housing market slowed. The number of sellers increased, as the number of buyers decreased. Most urban home prices are today affected by the upward force of inflation, even while the bottom tier and overall market feel the downward pressure of economic stagnation. The well-to-do are able to take advantage of most any situation.
Last August, 32 properties for sale grew to 55 for sale this August; Days On Market increased from 39 Avg / 31 Med to 55 Avg / 30 Med; Most prices shot up in August compared to the same month a year ago: $580,000 Med / $704,000 Avg. As the bottom half bear the brunt, lowest price decreased from $309,000 down to $100,000 while the high price increased from $1,700,000 in 2020 to $3,000,000 in 2021. These numbers are based on real estate agents Multiple Listing Service for Downtown and nearby MLS areas 23, 42 and 1375.
As for the global economy, Americans and Europeans have lost faith in their financial futures recently. US consumer sentiment fell to a near decade low in August, according to Al Jazeera. Europe is feeling no better. While inflation can help boost or prop up the value of real estate, stagflation is not what the doctor ordered. Citibank expects a negative stock market event soon.
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Living Downtown offers lots of shopping opportunities Try some of these
Downtown shopping is back on the menu, from snagging bargains in the Fashion District to flea market finds in the Arts District. Options abound, and the city is open for business. Loft and Condo living downtown puts all these great locations right outside your door. Living downtown is fun you just need to get out and look at all the options. As recently reported in the DTLA service industry with bars and restaurants downtown is bouncing back, so get out there. Here is a list of open shopping malls as provided by the la downtown news.
SHOPPING CENTERS and SHOPPING PLAZASIN THE DTLA CORE
The BLOC
Formerly Macy’s Plaza, a complete renovation has reshaped this mall into an easygoing destination anchored by a flagship Macy’s, as well as an open-air marketplace filled with restaurants, upscale shops, showrooms and art. The Alamo Drafthouse movie theater opened in the summer, bringing a bar, arcade and a mix of blockbusters and independent films. In February, a tunnel opened up connecting the mall to the Seventh Street/Metro Center Metro rail station. The Bloc currently has retailers such as Uniqlo, Eli and Ella Rose and Nordstrom Local. 700 S. Flower St., theblocla.com.
Row DTLA
The 30-acre Industrial District complex is growing quickly, with both office and retail tenants filling out the space. The shopping center houses home goods shops such as A+R and Tokyobike, along with fashion retailers Erica Tanov, Galerie.LA and dRA. New arrivals come almost every month, and there is a huge outdoor Sunday gathering called Smorgasburg. Additionally, there is plenty of parking. 777 S. Alameda St., rowdtla.com.
Central Plaza
A pagoda entryway marks Chinatown’s most popular and historic plaza, where gift shops sell pretty umbrellas, jade keepsakes and silk pajamas. The modern boutique Realm offers an eclectic selection of gifts, ceramics and stationary, while the traditional Gin Ling Gifts is a good spot for Chinese dresses, accessories and other goodies. And yes, you can find paper lanterns. Bordered by Broadway, Hill, Bernard and College streets.
Dynasty Shopping Center
Hidden from street view, this huge indoor swap meet is packed with dozens of stalls selling clothes, toys, luggage, purses and jewelry. There are bargains to be had, especially if you are ready to haggle. Just next door is Chinatown Plaza, a collection of jewelry storefronts. 800 N. Broadway.
FIGat7th
H&M, Zara and Target are highlighted at this mall, along with a Nordstrom Rack on the ground level. With a plethora of eateries, the 500-seat food court is one of the best places to grab a bite downtown. It is also linked to the Metro redline train station below making it an easy train ride from other parts of downtown. There’s a farmer’s market, and live music and events to keep shoppers entertained. 735 S. Figueroa St., figat7th.com.
505 Flower
Underneath a pair of office, towers is an underground shopping area boasting a flower shop, fitness center, photography shop, dentist and several eateries. 505 S. Flower St., B Level.
Japanese Village Plaza
This outdoor destination is Little Tokyo’s most popular place to shop, dine and stroll. You can browse the gift shops, sample frozen yogurt, visit the market for a selection of Japanese goods, or simply sit and people watch. The First Street entrance is marked by a traditional fire tower. Two-hour parking with validation on Central Avenue between First and Second streets. 335 E. Second St., japanesevillageplaza.net.
Little Tokyo Galleria & Market
This Japanese-oriented shopping mall is anchored by the Market, a full-service grocery store specializing in Asian products and readymade food. There are stores filled with housewares, knickknacks, Hello Kitty items, and stationery. Several restaurants will keep you fueled, while the X Lanes bowling alley and arcade provide entertainment. And don’t miss Beard Papa’s cream puffs! Validated parking. 333 S. Alameda St.
St. Vincent Jewelry Center
At 200,000 square feet, this is the largest complex in the Jewelry District with nearly 500 businesses selling every jewel, stone, precious metal and bead imaginable. Prices fit all budgets, with some items up to 80% less than the mall competition. Be ready to bargain. There’s a 250-car parking structure adjacent to the center on Broadway. 640-650 S. Hill St., svjc.com.
Weller Court
Look for the giant friendship knot sculpture that marks this tucked-away Little Tokyo shopping center. There are a handful of restaurants (Orochan Ramen and Curry House), as well as gift shops, boutiques, a bookstore, karaoke and the Marukai Market. 123 Astronaut E. S. Onizuka St.
The Yards
This massive Arts District shopping and restaurant hub is part of the vibrant residential complex One Santa Fe. Shoppers will find 80,000 square feet of retail with a nice mix of stores, including upscale brands such as Wittmore, The Voyager Shop and Malin+Goetz. Don’t miss the amazing bookstore Hennessy + Ingalls and grab a bite at the grocery store Grow. There’s even the comic book emporium A Shop Called Quest. 300 S. Santa Fe Ave., osfla.com.
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