Year End Stats for DTLA

Since the crash in 2008, the market has been steadily increasing in L.A. and downtown in particular. There's a lot of speculation about what's to come in 2017. Interest rates are supposed to be lowered, causing more demand for houses and as a result, prices to continue going up. 

So will it be a good time to sell? 

- Yes. 

Should I rent out my condo?

- If you're planning on renting out your unit, then expect a lot of competition from the many rentals that will be on the market so your place may sit longer than 30 days on the market before getting rented. 

Will it be a good time to buy? 

- If you're planning on holding for 3-5 years then yes. 

- If you're planning on flipping in 1-2 years, then no.

Year        Average Sold Price/SF

2016        $636/SF  

2015        $614/SF

2014        $554/SF

2013        $494/SF

2012        $384/SF

Deals in DTLA

With prices averaging about $650/sf in downtown, it's hard to find a "deal" these days. Prices have been increasing since 2009 and are expected to increase a further 3-5% next year. That's unless the interest rates go up then things may finally plateau.

For now, the deals are basically anything under $550/sf. See below:

Flower Street Lofts #115 - 2 bed, 2 bath, 2 parking, 2149sf - $950k (or $442/sf)

Vero Condos #535 - 1 bed, 2 bath, 2 parking, 1120sf- $575k (or $508/sf)

Grand Lofts  #A602 - 2 bed, 2 bath, 2 parking, 1740sf - $920k (or $528/sf)

Elleven  #406 - 1 bed, 2 bath, 2 parking, 1700sf - $910k (or $535/sf)

Eastern Columbia  #M11 - 2 bed, 2 bath, 2 parking, 1830sf - $999k (or $545/sf)

DTLA is one of L.A.'s Prime Markets

2015 has been a good year for real estate, and very good for downtown.  Check out the numbers for Q3 on condos:

[Neighborhood]  [Avg Sale Price]  [Avg Price Per SF]

DTLA.                         $807,808.                $642!!!
Beverly Hills.            $1,342,739.             $697
Brentwood.               $832,412.                $541
Hollywood.               $1,087,838.             $658
Malibu.                      $939,607.                $595
Mid Wilshire.           $628,684.                $422
Pacific Palisades.     $1,058,011.             $598
Santa Monica.          $1,242,651.             $887
Silverlake.                 $716,657.                $529
Sunset Strip.             $787,375.                $574
Venice.                       $1,468,500.             $739
West Hollywood.     $876,579.                 $629
West L.A.                   $774,557.                $503