HOME PRICES DROP (Downtown Los Angeles, CA) — February urban L.A. home values are down significantly from a year ago, with fewer properties sold, taking longer to sell, selling at lower prices, and less total home sales. The median price dropped by a significant 14.2%. Each property took 18% longer to sell, according to the MLS agents multiple listing service for Downtown and nearby loft neighorhood areas 23, 42 and 1375, comparing last month to the same period of the previous year. Compare: #marketreport

2020: 37 properties sold; 73 average days on market; $620,000 median price; $26 million total volume

2021: 35 properties sold; 89 average days on market; $532,000 median price; $22 million total volume

READER QUESTIONS

Q: DTLA Building Report, ShyBury Grand – Investment Report, Lawsuit. Request: How many of the units are rented vs being owned by private residences. — Teri A: Thank you for your request. SB Grandhas a high renter ratio, likely around 60% or more renters. The HOA has approved a large renovation project for the building. No record found regarding current litigation, but there may be undisclosed litigation. The building exterior will be repainted, lobby and hallways completely redone, rooftop painted and new furniture installed. Building is currently undergoing cosmetic facelift with no special assessment or increase in HOA dues expected. Call for more details 213-880-9910.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.