Home Values Plummet in Los Angeles Amid Sprawling Squalor
REAL ESTATE MARKET UPDATE #homeprices #losangeles
The March 2020 numbers are in, and we are not surprised by the statistics. We expected to see an apocalyptic dive, and we see a substantial dip indeed. The market moved briskly, as the number of sold property listings shot up from 33 sold in March 2019 to 56 transacted in March of 2020 (good news for real estate agents). Lofts and condos sold on average 33 days faster this March, compared to the same period last year. Most homes dropped in price from $615,000 last March to a median price of just $580,000 this March. The average Downtown Los Angeles home buyer paid about $35,000 less than the same period last year in the loft neighborhoods around Downtown Los Angeles MLS areas 23, 42 and 1375. This confirms that 2020 continues the recessionary deflation of urban home values that we reported last year. | Blog Video
Coronavirus crash, along with the long term economic cycle, seems to be the most likely culprit in the market, but new rent control bureaucracy, along with homeless tent cities and insufficient law enforcement may be contributing to falling housing values. Due to the largest economic shutdown in history, a major real estate crash across the country, and world-wide, is inevitable. #realestate #dtla #lofts
Find out what the home down the street sold for. Fill out the online form:
Be greedy when others are scared. — Warren Buffett
Recession Tips and Tricks for Today’s Urban L.A. Property Market
REAL ESTATE NEWS — Because panic proves to create more harm than the coronavirus itself, the Loft Blog provides news and information on how to avoid incorrect thinking, and instead to take advantage of opportunities created by changes in the economy and society. Unlike a typical economy, where there is more benefit to buyers and sellers across the board, a depressed economy has fewer buyers, along with a larger number of losers who must sell low, giving greater opportunities to the wealthy, plus rewards for the brave who take advantage of lower prices and more bargains in the real estate market. #corona #virus #realestate #losangeles
Today’s toilet paper panic pales in comparison to the cholera pandemic L.A. bank run of 1910
The best time to sell a Downtown loft: Spring 2018 — For those who are just now thinking of selling due to the panic, OOPS! a bit late it seems, but the good news is that today is likely better than selling in the year 2016, and selling today is also likely better than selling in the year 2022, when downtown urban condo prices are projected be about 7% to 14% lower. Rents will stay about the same over that time. For those who want to wait until the next upside peak, set your Google calendar for around 2028. Of course, there’s no way to guarantee any market timing or pricing, but readers know that the Loft Blog has been the most accurate for the last 10 years regarding Los Angeles real estate market projections. More importantly: To help with today’s real estate market, here are the most helpful hacks that are working today for buyers, sellers, renters, landlords and investors in DTLA today: | Blog Video
Buyers:
Time to start stealing lofts! Place lower offers, below asking price, low-ball offers.
Place offers on pending, on-hold, expired and cancelled listings.
Buy the ugliest property in the best neighborhood, and then beautify it (works in good times and in bad). Many Loft Blog readers know this, but they’re too spoiled, so they buy an already fixed up place. This is fine too for those with the resources who would rather spend their time enjoying the beauty of an already fixed-up loft condo or lofty house.
Create long-term financial security with an ADU, duplex or other multi-unit property.
Beat out other buyers to hot new listings. The best deals go quickly. That’s why the most successful home buyers and investors don’t wait to see what the crowd is trying to buy. The astute buy before a property is listed to the public, before the prices get driven up.
Avoid these mistakes: The 9 steps to get your home sold fast and for top dollar
Renters:
Now is the time to save $500 or more on when leasing a Downtown Los Angeles loft. Use the upgraded tour service. It includes a guarantee to save at least $500.00 or a full refund
Why pay rent when you can own? Take advantage of todays falling prices, super low interest rates and 0% to 2% down payments.
Reader Questions: Q: What is Broadway lofts DTLA? A: Broadway Lofts are the loft rental apartment building in the Historic Core Downtown Los Angeles. Lots of character with industrial walkways and awesome rooftop deck. Check out www.LALoftLease.com.
Get a free list of Mills Act historic lofts with property tax benefits. Fill out the online form:
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