home prices – Page 18

REAL ESTATE NEWS

HOME PRICES DROP (Downtown Los Angeles, CA) — February urban L.A. home values are down significantly from a year ago, with fewer properties sold, taking longer to sell, selling at lower prices, and less total home sales. The median price dropped by a significant 14.2%. Each property took 18% longer to sell, according to the MLS agents multiple listing service for Downtown and nearby loft neighborhood areas 23, 42 and 1375, comparing last month to the same period of the previous year. Compare February: #marketreport

2020: 37 properties sold; 73 average days on market; $620,000 median price; $26 million total volume

2021: 35 properties sold; 89 average days on market; $532,000 median price; $22 million total volume

READER QUESTIONS

Q: DTLA Building Report, ShyBury Grand – Investment Report, Lawsuit. Request: How many of the units are rented vs being owned by private residences. — Teri A: Thank you for your request. SB Grand has a high renter ratio, likely around 60% or more renters. The HOA has approved a large renovation project for the building. No record found regarding current litigation, but there may be undisclosed litigation. The building exterior will be repainted, lobby and hallways completely redone, rooftop painted and new furniture installed. Building is currently undergoing cosmetic facelift with no special assessment or increase in HOA dues expected. Call for more details 213-880-9910.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 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.

REAL ESTATE NEWS

L.A. single family residence home prices went up while inner city condo prices fell in 2020. Real estate markets and the shifting economy are inexorably linked.

Real estate is one of the best hedges against inflation because inflation exerts upward pressure on home prices. We’re now entering a period of stagflation because a significant number of Americans are convinced that shutting down much of the economy can reduce viruses. It cannot. Colds and flu-like illness have always been with us, and shall be for the foreseeable future. Panic, hysteria, exaggeration and overreaction have always caused more harm than good. Shutting down jobs can only reduce wealth, decrease GDP and diminish resources needed for vital needs such as health care, food and housing. In addition to reduced real wealth, stagflation is also composed of money printing and quantitative easing. The federal reserve and federal government have committed themselves to unlimited money printing and unlimited quantitative easing. Their promise of unlimited money supply is a promise of runaway inflation. The dollar has already been crashing in relation to bitcoin dramatically for 11 years. Paper products and building materials have shot up dramatically. Stagflation is a combination of this inflation with the reduction of economic output — reduction of wealth. We’ve been promised more money and less wealth. That’s the stagflation that is now being delivered. How does this affect home prices? | Blog Video

New suburban home prices went up sharply in 2020 because the money supply was dramatically increased at the same time that the public was told to stay safer at home. Home owners were temporarily able to afford increases in the comforts of the single family home: home improvement, add-ons, expansion, new swimming pools, new home theaters, new landscaping, new computers along with more expensive homes. At the same time, most big city urban areas declined in perceived safety, desirability and price. These two trends are expected to continue, but most suburban homes are likely plateau in price around 2021 because the home improvement phase has already been accomplished, going “back to school” is going back in fashion, home prices are relatively high in comparison to GDP, and the overall economy shall face new crises as massive unwinding sets in for many industries. While big cities shall continue to bear the brunt, suburbs shall also begin to feel a financial squeeze as commercial real estate, travel, touring, restaurant, retail and other locked down industries realize exploding debt, failures, insolvencies and liquidations.

Q: Where can I find industrial live work space? A: Find lots of information about industrial live work space on the Loft Blog, including prices for sale and for lease.

Get a free list of industrial and warehouse style lofts for sale or for lease. Fill out the online form:

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