REAL ESTATE NEWS
More than half of lofts in Downtown L.A. are now going up in value, but the other nearly fifty percent are not doing so great. What makes the difference? Why is the average LA urban loft doing well today while the lesser lofts drop in value?
Growing wealth divide causes bifurcation in the real estate market. As the rich get richer, and the poor get poorer, the best lofts are rising while the dregs decline. Add virus hysteria, rising crime, out-of-control homeless and mentally ill / substance abuse populations, and the difference in Downtown Los Angeles is stark. Alta Lofts top floor corner unit 620 just went into escrow in less than a week, while Little Tokyo Lofts unit 631 sits on the market for more than 100 days without an offer. Here are some of the key differences.
The Alta loft, a penthouse level loft with views, about 1,000 sq ft, appeals to upper-income buyers. Just outside of Downtown, Alta has a waiting list of buyers looking for a high-up unit. Little Tokyo has a glut — a waiting list of owners who want to sell. The Little Tokyo Loft unit 631, at less than 700 sq ft is by Skid Row. With the lowest asking price of any loft in DTLA, the top floor courtyard industrial style live/work residential loft with covered patio balcony and wood-burning fireplace appeals more to middle-income buyers. Entry level to mid-priced properties and lower in Downtown Los Angeles are comparatively dead because the bottom half of the population has been so squeezed by fear, lockdown and stagflation. The upper income crowd is firmly in charge, and they only want to buy the best lofts with the best characteristics: views, corner units, spacious units 1,000 sq ft and larger, with lots of windows and natural light, away from homeless tents. Prospective Alta Lofts buyers can get on the Alta lofts waiting list.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. 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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