REAL ESTATE NEWS
“Up and Coming” or “Came and Went”? — Why would a Downtown Los Angeles real estate broker blog about something as negative as “LA is going nowhere?” The answer: Because there’s much truth to it that the public wants and needs to know. To reverse this trend, the public must be informed, and be willing to take action.
First of all, we’re only singling out Los Angeles because we live and work here, we are neighborhood specialists here and we care. Many major metropolitan areas in the U.S. are on a decline in middle class population, and a decline in property values. People are moving out of LA, heading for the suburbs, safer neighborhoods, lower prices and lower taxes.
Many city residents are in a state of paralysis, waiting for things to get better, but economics does not work that way unfortunately. As the Greater Depression of 2020 sets in, the key economic numbers have already surpassed the crash of 1929, and key industries such as real estate normally must take 6 months to 18 months or more to fall before they may recover from major economic shocks. Until we see full capitulation by the stock market and real estate market, we may see no real recovery for the U.S. economy and local economy.
As we mentioned yesterday, the median home price around Downtown has dropped by $23,000. Sadly, there is no news about expansion or improvement of Downtown L.A. — only news of strife such as retail and offices shutting down (many of them permanently) and rapidly growing tent cities (also seemingly permanent). We’re looking forward to giving good news about Los Angeles urban real estate in the future, but that cannot happen until the public begins to again respect cleanliness, safety, economy and future prospects of DTLA. | Details about the exodus from L.A. and CA. | CRIME | HOMELESS | ABANDONED CONSTRUCTION | DEPRESSION
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.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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