Real Estate News – Page 232

Downtown and National Real Estate Market Report

Probably the best news for real estate is the recent Foot Traffic Report, which shows that there’s been a real strong demand for housing nationwide all year long. It’s not been that up and down spike during the spring season. And probably even the better news, the October numbers; the last numbers reported, are even better than September numbers.

Normally by the end of the year, the demand for housing seasonally starts to fall off. That didn’t happen; not only is it remaining as strong as it was the month before, it’s actually increasing. That’s gigantic news; demands are strong, people are out there; they’re looking to buy. Most agree that interest rates are going to start going up, and they’re coming off the fence right now. But again, that’s the good news.

Let’s take a little look at the not such good #news for #realestate. When we go to the supply side of it, we can see that year over year, we’re way off the amount of inventory we had last year. So demand is way up; supply is down; that’s going to create a challenge. Now if we look at the month’s supply of homes for sale, we can see that what’s the number always hitting? We’re always aiming at? Six months; six months is a normal market.

Ladies and gentlemen, we haven’t had one month this year over 5.2 months. And the last two months, and three of the last four months, have been under five months inventory. That’s not good; it’s not enough. Now part of the challenge we had, and again this is a good news/bad news scenario, the good news is, the percentage of distressed properties nationwide has dropped dramatically since 2012. From 35 percent in 2012, to 9 percent this time last year, down to 6 percent.

So the number of distressed properties, foreclosures and short sales are dropping like a rock. And that’s good news. The bad news is we’re not replacing that inventory. Those are all houses for sale. We have to find other houses that are nondistressed properties to fill that void, because if we take a look at home prices and last look at the FHFA numbers by region.

We can see across the whole country; if normal appreciation is between three and three and a half percent; that’s a normal average annual appreciation, the vast majority of the country is way over those numbers. The only parts of the country that are not at at least normal appreciation are up in the Northeast; the Mid‐Atlantic and New England. Downtown Los Angeles is at 8% appreciation.

And if prices are going up, we should all feel good that, you know, the market’s getting better; the value of our home is increasing. But we have to realize if those increases happen too quickly, it will start to kill off some of the buyers. Downtown has gone up very quickly of the past few years. Many buyers now cannot qualify to buy in Downtown, or the buyers are finding that the prices per square feet are less competitive with some of the surrounding neighborhoods.

For serious Downtown buyers who are adamant about getting an urban loft or condo, the inventory is simply too low, and the number of buyers is still high as high income buyers and worldwide investors are competing to buy Downtown lofts and condos. The solution for this problem is for buyers to get access to pocket listings, off-market and unlisted properties for sale. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/mt3p9620deynrc/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

Find homes in Downtown Los Angeles:

LOFT & CONDO LISTINGS DOWNTOWN L.A. [MAP]

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Corey Chambers, Realty Source Inc BRE#01889449

Downtown Los Angeles is one of the fastest growing neighborhoods in the United States, doubling in population in the last 10 years. With new Metro transportation, 50,000 new middle class and wealthy residents, and thousands of new businesses, lofts and luxury condominiums, DTLA has changed its status from blight to boom.

Transform Skid Row into the family friendly Casino District

But there’s one area of Downtown L.A. that falls short: Skid Row #homeless

Downtown’s Central City East Skid Row contains one of the largest stable populations (between 3,000 and 6,000) of homeless people in the United States. Every day, these needy people live alone on the sidewalks without proper sanitation, while local residents, workers and visitors must face public urination, defecation, garbage, needles and lawlessness that prevents Los Angeles from attaining its deserved status as a premier world-class city.

Local families, residents, visitors and business owners have the right to walk through the important historic neighborhood while feeling safe and clean.

Local city council members, homeless advocates and judges have all called for more services and low income housing to help take the homeless off of the streets. Skid Row has been the epicenter of this growing problem since before the 1950s. Thus far, despite massive efforts by charities, governments and countless of individuals, the Skid Row homeless problem has only continued to spiral out of control.

The homeless of Skid Row have the right to live a free life while getting the assistance that they need. At the same time, businesses and families have the right to enjoy a neighborhood that is fully policed. It is not right to wait another 60 years to take effective action. The time is now to take bold steps to help the homeless and clean up the streets of L.A.

All Californians have the right to live, work and enjoy life in a place that is clean and safe. There are now nearly 1,000 commercial and tribal casinos in the United States that have successfully raised billions of dollars for Native American tribes, transforming their local communities.

Adding a special world-class entertainment venue to Downtown Los Angeles will attract large amounts of additional revenue from world-wide wealthy travelers, and funnel the money to where it is needed most. The transformation of Skid Row into a family-friendly casino district is the proven way to raise $100 million per year that is needed to clean up skid row, add 6,000 new free and low-cost housing units, create thousands of new jobs, and increase police, security and cleaning in the neighborhood that is absolutely necessary to end the current lawlessness while giving homeless the services, housing and care that they deserve. This high level of funding is absolutely necessary in order to properly care for the homeless while bringing the standards of the entire neighborhood up to the level that is required for a fully realized modern urban center. An added 11% gambling tax will generate the required revenue that includes 1% earmarked to treat and prevent gambling addiction, along with other addictions, providing a balance to pay for new housing, maintenance, homeless care (including contributions to local homeless care charities), police, neighborhood security patrols and cleaning of the gentrified neighborhood.

Please sign the petition to ask the City of Los Angeles and State of California to finally allow the raising of the necessary revenue required for full funding of a revolutionary homeless care program that will finally put an end to the 60-year-old problem of Skid Row homelessness and lawlessness by creating a properly controlled, family-friendly Skid Row Casino District.

Let’s transform Skid Row now! SIGN THE PETITION

Visit https://www.change.org/p/city-of-los-angeles-los-angeles-county-california-state-house-california-state-senate-end-homelessness-in-skid-row-downtown-los-angeles

Find homes in Downtown Los Angeles:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]