Downtown Los Angeles Real Estate Inventory Explosion: Desperate Sellers Debut

Los Angeles For Sale

REAL ESTATE NEWSThe number of properties available for purchase has recently shot up tremendously, as a whopping 251 homes have been listed for sale. The problem: only 16 properties sold in May. With so many for sale, and so few selling, it could take 16 months to get all of these properties sold. To make matters more clogged, the mainstream news media has been doing the worst job in recent memory when it comes to reporting economic woes. MSN and CNBC report that the flight to the suburbs is real and growing, as coronavirus changes the way people live. We’ve seen historic stock market volatility, historic job loss and historic drop in GDP, all surpassing the Great Depression, laying the foundation for The Greater Depression of 2020. The IMF agrees that the near future looks bleak. #losangeles #realestate #glut

13 loft condos now actively listed for sale at the Shybary Grand. Little Tokyo Lofts sellers are trying to unload active 6 listings. 10 units up for grabs at Bunker Hill Tower. 9 Skyline condos; a dozen lofts languish at Market Lofts; 9 new units at 939 Lofts; and at least a dozen lonely luxury units seeking owners at Metropolis. 28 listings have already reduced the asking price, with more likely to come. 17 listings show potential signs of distress, which could sometimes indicate more room for negotiation or price drops. SB Grand has recently been approved for FHA 3.5% down financing, which could help. | Blog Video

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Unless the Fed creates runaway inflation through continued radical money printing (which it has indicated it could), prospective home buyers can expect to see more inventory and more falling prices in the coming months.

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Los Angeles sees glut of homes for sale as prospective buyers head for the suburbs

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.

Downtown L.A. Home Buyers Change Their Minds Due to Rising Crime

REAL ESTATE NEWS (Los Angeles, CA) — More prospective Downtown Los Angeles homebuyers have been changing their minds, deciding not to buy, as Los Angeles crime grows out of control. Their stories are similar: #dtla #homebuyers #renters

My wife and I have decided to abandon our search in DTLA. The crime situation (which I had been trying to turn a blind eye to) is just too troubling for us to feel like we wish to continue living here. We have grown tired of the constant sirens, LAPD helicopters and today more knife crime only a few blocks away. I think we will now take stock and sadly look at renting in a safe part of LA County.

Other would-be loft buyers have echoed the sentiment, calling Skid Row “intense.”

Established residents are beginning to take action as the streets fill up with derelict vehicles, and sidewalks become unwalkable. A group of residents at one Los Anglees loft condominium building recently put together a petition requesting that their city provide adequate law enforcement, and clean up the surrounding streets and sidewalks, which are cluttered and clogged with dangerous refuse that breaks federal laws and likely to cause injury as residents trip over the objects or are forced to walk in the streets that lack functioning street lights.

Even after the recent riots quieted down, Angelenos are unable to get basic emergency services as violent assaults occur in LA streets. When a lady was assaulted by a bottle-throwing mentally ill woman this week, calls to 9-1-1 emergency hotline went unanswered, with busy signal after busy signal.

Local residents plea for assistance:

Our neighborhood looks worse every day. it would be so wonderful if we could get some kind of plan of action by way of street cleaning in our area. I know the city is low on money and I’m sure our community would be willing to pitch in. I know that 26th and Humboldt has regular street cleaning services. We request the surrounding areas around Alta lofts be included. Let me know how I can help.

Businesses and residential neighborhoods alike are impacted as women and children find many areas too unclean and unlawful for anxious residents to walk safely:

Please clean up the homelessness and trailers around Barranca St and San Fernando Rd. I’ve seen several people living in them peeing and defecting on the street with their exposed parts showing around young children.

The City of Los Angeles is today facing the most worrying explosion of urban blight in the city’s history as city, county and state officials are focused narrowly on politics while neglecting to take care of the basic necessities of tax-paying residents.

The taxpayers simply ask for basic cleanliness and safety that the City of Los Angeles is required to provide in exchange for tax dollars, as succinctly clarified by one L.A. loft owner:

Please keep our neighborhood from going ugly and keep our streets sanitary.


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Assault victims in peril as 9-1-1 emergency services fail to answer the call in Los Angeles

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.