Home Buying in 90017>Question Details

Wahida, Home Buyer in New York, NY

Is investing and/or living in a downtown LA loft or condo (South Park area) still a good idea?

Asked by Wahida, New York, NY Wed Feb 18, 2009

What are the current market conditions for downtown LA?

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Only if you can rent it for positive cashflow.

The same holds true of all real estate investments. NEVER buy something that you have to feed every month with the hopes that it will appreciate in value and you'll sell it later-you never know what will happen. Nothing makes you broker faster than poor performing real estate.
0 votes Thank Flag Link Sat Oct 3, 2009
It's actually hard to say, given our current market. There is a strong move to rehab downtown Los Angeles, and I'm all for that.
As it is, however, our downtown area is run down in areas and houses the majority of our homeless population. Something to consider, when thinking of investing in the area.
It is quite possible, that downtown Los Angeles could become an exciting urban center down the road..I hope it does.
0 votes Thank Flag Link Sun Feb 22, 2009
Hello Wahida,

The medium price for a condo in Downtown has gone from 529k in January 2008 to 305k in January 2009. I think condos/lofts are not as good an investment as homes. They drop faster than homes and come up slower. You also don't have control of market condition. What may be the new/updated condo in an area is passe a couple years later. I know it's probably not like this in New York. If it's all you can get into than it's a great deal as a start. I just think Downtown has a long way to go. I've also heard their are some lenders not writing loans on downtown properties. If you can get a house, get a house. If you can't than a loft is a good option but I think Hollywood is a better place to put your money right now.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood HIlls
Phone: 323.899.2900
Web Reference: http://www.thecarrabbagroup.com
A moment ago - Delete this answer
0 votes Thank Flag Link Wed Feb 18, 2009
I would say that since downtown LA has been overbuilt and was quite inflated in price, now is a much better time to invest than before. There are amazing deals both in resale and new developments and if you buy in the right area it is a great investment. There is so much work being done to change the vibe of downtown that I feel is finally being realized in the past 4 months or so. The quality of living you can acheive for under 500-600k is really excellent!

Let me know if you have specific questions as I am very familiar with all the current properties that downtown living has to offer.
0 votes Thank Flag Link Wed Feb 18, 2009
I was taught along time ago that there are good deals to be had in every market. Downtown LA has been built forward of need. there are many new developments that are still being built competing with resale properties. people are loosing their jobs everyday. that means motivation is high both with new and resale properties. What that all equals is Opportunity!!! Yes there are good investments in down town !!!. one of the most important rules in this market is hedge your bets, do your homework and choose several properties that fit your criteria, then make aggressive offers on all of them. the deal is below the surface so it will pop after you make an offer.
Let me know if I can help
Joey Sacavitch
KW Wilshire
Web Reference: http://www.joeysellsla.com
0 votes Thank Flag Link Wed Feb 18, 2009
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