Thursday, October 22, 2020

DTLA Ranked #2 Coolest Neighborhood in the World by Time Out

Just after Esquerra de l'Eixample in Barcelona, our very own DTLA is #2 out of 40 neighborhoods in the world, for coolest city. 

Full article here: https://www.timeout.com/coolest-neighbourhoods-in-the-world

"There’s a version of this year in L.A.'s resurgent city centre that would’ve only been about how MOCA – the Museum of Contemporary Art – dropped admission fees and the new Hoxton hotel stacked hazelnut pancakes. How coveted co-working space NeueHouse moved into the mezzanine of the beautiful Bradbury Building while the Donut Man readied its legendary strawberry-filled doughnuts across the street at Grand Central Market.

But instead this became the most painful year in L.A.'s recent history – and in a city with no single, central gathering place, Downtown became its supportive soul. Following the shocking death of Kobe Bryant, wreaths, candles and a quiet togetherness swallowed the L.A. Live plaza. When the pandemic kept us doomscrolling at home, the Broad museum brought us a bit of virtual Infinity Room calm, while the now-shuttered Broken Spanish restaurant vacuum-sealed tamales and fed undocumented restaurant workers.

And when the killing of George Floyd made injustice too loud to ignore, Downtown was the place for Angelenos to speak up. It wasn’t without strife, but there was a palpable pivot toward unity the day that thousands streamed through Downtown’s streets. In a year of isolation, DTLA – like no other neighbourhood – has consistently brought us closer to our community. Michael JulianoTime Out Los Angeles"

Tuesday, October 20, 2020

Doing the Opposite of Everyone

Investing mantra #1. Remember the crash of 2008? Anyone who saw opportunity between 2008-2012, while tons of people were jumping ship from their homes, did well

In 2020, what is everyone doing? Everyone is buying in the suburbs. Everyone is paying top dollar to get out of the city. You might think of buying in dense city centers now while prices are more reasonable. 

Something to think about.

Tuesday, October 6, 2020

Prime Corner Units in DTLA Available

Beautiful units like this don't come on the market often. With this year's COVID shakeup, there's been some amazing opportunities to invest in units that you rarely see for sale. 


 

                                    TEN50 Penthouse 2 - 3930sf - $4.75M

Courtesy of GE Dean & Assoc 





Eastern Columbia # 311- 1740sf- $1.84M

Courtesy of Coldwell Banker





    

ELLEVEN #518 - 2070sf - $1.369M

Courtesy of New Star Realty





EVO # 1709 - 2400sf- $1.82M

Courtesy of Premier Real Estate




Luma # 1315-1316- 2879sf- $3.8M

Courtesy of Premier Real Estate





1100 Wilshire # 3208- 1160sf- $1.33M

Courtesy of Compass





DTLA Sales by Price + Days on Market + Most Popular Price Point

Slow pace of sales, but sales are still happening. Days on the market are longer, as expected when you can't do open houses, and it's a production as realtors have to prepare each showing with COVID related protocols. Everything takes longer and everyone needs to be patient--buyers, sellers and realtors included.

That said, price point in the $400-$600k region are doing best. With this price point, you have the largest pool of buyers. 

Condos are selling for about 97% of their asking price. So a $700k condo is ultimately selling for about $679k. Again, this is an average, some are selling closer to their asking, some are selling for less than 97% of their asking. 

See the graph of the recent solds in the last two months, by price point and Average Days on Market.