Off Market Properties in DTLA

Eckardt Lofts - Fashion District

Highlights: 2 rare in-building parking spaces and fire escape balcony unique to only 6 units! City views.

Stats: 2 bedrooms, 1 bath, 960sf

Call 310-869-2655 for pricing

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Douglas Lofts - Historic Core

Highlights: Rare southeast corner with maximum amount of windows all around.

Stats: 2 bedrooms, 2 baths, 1010sf, 1 parking space

Call 310-869-2655 for pricing

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Bartlett Lofts - Historic Core

Highlights: East facing, tons of light from double hung windows

Stats: 1 bedroom, 1 bath, 650sf

Call 310-869-2655 for pricing

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Eastern Columbia Lofts - Historic Core

Highlights: East facing with views of the Orpheum

Stats: 1 bedroom, 1 bath, 1500sf

Call 310-869-2655 for pricing

Chance to Snatch Up Prime Units in DTLA

While some people are leaving DTLA, there are others who are moving in. Some of the best units in the area are coming out of the woodwork for the first time in years, and savvy buyers are taking advantage. 

Penthouse #506 at Pan American Lofts is in escrow!

Asking: $995k

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-612502

Courtesy of KW Larchmont

Unit #311 at Eastern Columbia Lofts - First time on market in 10 years!

Asking: $1.84

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-597232

Courtesy of Coldwell Banker DTLA

Unit #404 at Eastern Columbia Lofts

Asking: $1.345

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-630320

Courtesy of Campbell Wellman

Unit #119 at Barker Block Lofts - Tri-level loft!

Asking: $1.599

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-560722

Courtesy of The Agency

Penthouse #1207 at El Dorado Lofts - Double level with rooftop patio

Asking: $1.375

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-608070

Courtesy of Coldwell Banker

Small Survey of Buyers in DTLA - Cities Still Rule

Here's a question I recently posed to several buyers, renters, and current clients of mine. "If there was NO pandemic, and money was no object and you could live in any city in the world, where would you live?" Nearly everyone named NYC, Paris and LA as their choices. This was so interesting and uplifting to hear. Because despite the media bashing cities, in a perfect world, many people want to be living in a nice pad in a big city where there are things like museums, easy transit, restaurants, bars, art galleries, independent shops, and walkability. 

While suburbs are nice, let's face it, you're still outside of the circle of these amazing amenities that cities have to offer. And while remote working is here to stay, the office space in some form will still exist as an option for many companies, and I don't know about you, but there's a growing number of people who are starting to really hate Zoom calls 6-8 hours a day. 

Interesting article about history repeating itself. Market slows, and buyers scoop up at a discount. In this case, Silverstein Properties from NYC is betting on DTLA:

http://www.silversteinproperties.com/commercial-real-estate-media/News/silverstein-properties-acquires-us-bank-tower

Economy and Home Prices Don't Match

The economy is not doing great, yet housing prices and the stock market are high. It doesn't make sense. But if you dig deeper, it does.

The stock market is being propped up by all the stimulus and Fed money printing. Unemployment is still high even as jobs are being created. Are we on the way to recovery? Yes. Will there be another blow? Probably, as many signs are pointing to a potential second COVID wave as well as rounds of layoffs by large companies. This will be the second blow that could lead to the W-shaped recovery everyone is talking about. I still think it might be a square root, depending on how the election goes.

Here's the reality in house in LA. Overall, pretty resilient. People with jobs are still buying because there's now some room to negotiate in certain areas where urban flight is happening. Plus no one wants to miss out on 2% interest rates--it's crazy. And in the inner suburbs like Mid City, Highland Park, Mt. Washington, you're getting multiple offers. Right now, people want outdoor space. They want some distance from neighbors. They want to do DIY on their homes. Average days on the market in inner suburbs? 40. In DTLA? 65. You can't rush things during a pandemic--things are moving slowly, this is just the reality.

Why have LA home prices been so resilient?

The market in urban areas has come down since pre-COVID. On average, in NYC, about -18%, in SF, about -10% and in DTLA, about -4%. (Prices in the more suburban areas of LA are up about +1%)

Why has LA been more resilient? 

1. First, prices in LA were always lower than in NYC and SF. And suddenly, the nice weather, larger spaces and lower prices are looking pretty good when you can transplant yourself anywhere and work from home.

2. Remember, NYC was and still is the hardest hit COVID zone. LA, with it's huge population, has a fraction of the number of cases and deaths. Something is being done right in LA in terms keeping things safer. 

3. People still want a city, and LA, with its proximity to green spaces, mountains, beaches, deserts, etc, is proving to be the ideal place to settle during this uncertain time. 

4. There is a lot more space in LA than in other major cities. The average home size is about 1300sf in greater LA, and that's not including yards and other outdoor spaces. Compare that to 700sf is SF. You do get a lot more space for your money in LA, it's just a fact. 

5. The population. LA has a huge population. Where there is a population, whether employed or not, is going to need basic services, and that means jobs. Why else are companies like Amazon buying up warehouse spaces in LA? Because of demand for goods.