DOWNTOWN GOES UPSCALE – MODERN LOFTS AND CONDOS SURPASS HOUSES IN VALUE

Downtown Los Angeles is officially transitioning this year into a luxury neighborhood as the average condo list price hits $800,000.

luxury-luxvt-robbThe world is still learning about the true nature of Downtown L.A. real estate. During the 1920’s and 30’s, Downtown was a bustling bastion of commerce, arts and entertainment, with bountiful department store and countless theaters.  From 1960 to 1990, the previously functioning Downtown fell into disrepair and decrepitude. With deindustrialization and declining population, abandoned buildings, high local unemployment, crime and huge homeless population, Downtown became a largely inhospitable city landscape. The wealthy and middle class moved away and largely stayed away.

Downtown has transformed. With the installation of the Metro rail system, adaptive re-use ordinance and other measures to promote transportation and enterprise, by 2005, Downtown L.A. had turned the corner, and was seeing rapid growth and improvement.  Ten years later, after $15 billion in new private investment and public infrastructure, the area succeeded in metamorphosing into an exciting upscale neighborhood with a new, modern moniker of DTLA. Downtown is booming, first with historic and industrial loft conversion condominiums, and now with new pricey high-rise condos taking the lead in new listings for sale.

Downtown Los Angeles Real Estate Sales Data

Average Listing Price (last 12 months)

AVERAGE LIST PRICE IN JUNE

Single Family Homes $426,182 Condos/Townhomes $792,837 Multi-family Homes $534,018

Today, the only new construction sites in Downtown are luxury high-rise condominium now for sale at the new residential tower under construction called Metropolis.  The new buildings are designed to rival and surpass South Park’s Ritz-Carlton Residences, but with less hotel interference, and lower HOA dues. Also planned for the near future are two other new luxury highrise condominium projects on Grand Avenue, as well as Hope Street.

luxury-property-presentAs Downtown transitions to an upscale luxury market, more and more homes are marketed as luxury properties. The once ordinary loft, a plain box with four walls, is now marketed as a very rare and special piece of prime real estate.  Once outdated condos built in the 60’s or 80’s are now renovated, modernized and sold as luxury properties with premium views. The average condo in Downtown is now property advertised with slick presentations in the Wall Street Journal and Robb Report.

Get the best deal by seeing what’s not on the internet. Get upscale lofts pocket listings free.  Fill out my online form.


Copyright © 2015 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 necessarily associated with the home owner’s association, seller 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 Los Angeles Condos and Lofts – Just Listed

New on the Market in Downtown L.A.

Here are the freshest, hottest new home listings in DTLA, including the just-released Metropolis Los Angeles luxury condominiums at 889 Francisco, which are already selling out while still under construction:

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Get New Downtown Condominiums For Sale Listings as soon as they come onto the market. Fill out the online form:

NEW HOMES IN DOWNTOWN LOS ANGELES

Although most homes for sale are resales, one out of four homebuyers purchases a new home. Which is better: existing or new?

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METROPOLIS NEW LUXURY CONDOS

The right answer, of course, is up to you. Both resales and new homes offer advantages. Existing homes are less expensive on average, and are generally closer to, and enjoy the warmth and surroundings of established neighborhoods with mature landscaping.

New homes, on the other hand, offer innovative use of space, greater energy efficiency and choices of options and upgrades. Everything is new and modern.

Most people consider both new and existing homes before they decide to purchase.

A new, special insider report entitled, “New Homes – 10 Tips to Save You Time and Money” has just been released which identifies invaluable tips to save you time and money when purchasing a brand new home. Also revealed are little-known buyer advantages that most builders may not tell you such as homes built on speculation for sale on the last lots which could save you money or allow you to choose more upgrades.

You can request a free copy of this special report at www.NewHomesDTLA.com

RealtySource Inc presents
Metropolis Los Angeles New Condominiums
8th and Francisco in Downtown L.A.

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METROPOLIS FOR SALE   |   FOR LEASE   |   NEW LISTINGS

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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Copyright © 2015 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 necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 478-0499 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.