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Downtown was one of the fastest markets to recover after the economy collapsed. We are back on track. I think the prices will continue to grow. There are some things to consider over the next 24 months. There are more than 20 new buildings coming online.
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It is the rule of supply and demand. Most of the talking heads I hear report that we can expect this market for the next couple of years. That doesn't mean that prices will drop further necessarily, but it does mean that investing for the Long Term is key to being successful.
There is also a big difference between buying for personal residence and investment. If someone was renting now, and would be buying their first home, and worked in downtown LA, it might make a lot of sense. If an investor is looking for a quick buck, no way.
If you are thinking of buying right now..don't consider selling for at least five (5) years.
Heights have become "hip." So the Downtown housing boom could resurge sooner than later. continue The timing of the market crash did nothing to help. What makes things difficult to determine is the massive inventory that 's available or coming on line. Take out the high concentration of renters (FIDM students and USC) and you got serious issues. No schools (I would have children attend by choice) so forget the family market. Even if the market came back there is a flood of new development around the corner.
The homelessness is under control if you consider their chased from one location to another by young academy scouts on bicycle. Fig and flower are the most desirable streets and from there you need to watch where you go. But I picked a nice and new class A loft in a building next to a convienience store with a rough late night crowd. The building I am in however has completed but vacant upscale retail that compares to Rodeo Drive.....next to a 711? Something's up downtown but it's looking for now like a stagnant gamble at best. At least a 5 to 7 year bet.
As gas prices go up and traffic in LA gets worse, many people are making the move to Downtown LA. There is also a lot of development going on in Los Angeles that I think will draw people to live in Downtown. The more companies invest in creating a better urban center in Los Angeles the more people will move there. Dubbed the Downtown Renaissance. Downtown Los Angeles once had a stigma to it. It was an urban wasteland. As more great new projects go in, I feel it will be a great place to buy in our un-pedestrian friendly town, Downtown will be one of the few areas that is truly walkable-work, live and play. Los Angeles real estate prices have historically doubled every 10 years. Owning in LA is a safe bet, be in Downtown or anywhere else.
HOA fees are still nigh though. If you can swing buying a home in another part of LA that's your best investment.
The Reavis Group at Keller Williams