Been a busy several months, lots of buyers snatching up the best units quickly since the inventory remains very low. The best units (meaning ones with at least a few of these: corner, higher floor, lots of light, views, building with amenities, parking) are definitely getting multiple offers and driving prices even higher than they should be. Sellers should be realistic and know that just because a unit sold for X price, it doesn't mean their unit will go for the same price/sf. The unit orientation, views, etc. all matter. In fact, there have been some larger units that have sold for less than smaller ones because of the views or layout.
The fact remains, DTLA prices have been climbing, but so have rents. Every year there's an average jump of 6-8% in rent prices in general. And on top of that, no rent control. It's no wonder investors love DTLA.
Wednesday, May 18, 2016
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