Category: Real Estate News

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Real Estate Recession — Downtown Los Angeles Lofts Market Crash

REAL ESTATE NEWS (Los Angeles, CA) — The urban Downtown L.A. property market has been in a serious funk since October of 2022. Things were ok 12 months ago: January of 2022 showed a healthy 54 properties sold, while 2023 gets off to an extremely anemic start with only 9 properties sold in the Downtown Los Angeles area. Last January, most properties took less than 14 days to sell. So far this year, they’re taking closer to 43 days to sell. A year ago, DTLA condos were selling for $638,000. Now, they’re $530,000 on average. Times are getting tough for sellers, as money has been getting tight for buyers lately. The above statistics were from real estate agent professional Multiple Listing service for Areas 23, 42 and 1375.

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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.

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Los Angeles Real Estate Questions

Disaster at 200 N San Fernando Rd #120.

ASK COREY

Q: What happened to Alta Lofts this week?

A: Alta Lofts unit 120 caught fire, filling the courtyard and neighboring units with smoke. We’re told that it may have started in or near a bed in the upstairs area loft of the 2-story loft condo unit. The unit has been a problem unit for a number of years, with the owner apparently having left the country, and the tenant using the unit for unlawful industrial purposes. Fortunately, the fire sprinklers worked, and put out the fire. The basement flooded, causing damage to the fitness room gym. The HOA has been largely overlooking many maintenance problems and ignoring hundreds of violations, such as unlawful industrial use, 24/7 industrial noise complaints, constant unpermitted construction and extreme industrial storage in the unit and in Alta walkways. The lack of rules enforcement by the HOA likely contributed to the problem, a danger that really had been smoldering for several years.

On a side note, Alta lofts unit 109 just leased out for around $2,750.

Get a free list of live/work lofts 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

When condo building HOAs don’t evenly enforce rules, bad problems are bound to occur.

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.