Amazing lofts in Downtown Los Angeles – Get a building report from the L.A. Loft Blog
REAL ESTATE NEWS
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All buildings in Downtown Los Angeles have issues that buyers want to be aware of before visiting.
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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