Hello Jorge,

If you are looking to buy in Downtown. Now is a great time.For july medium prices were $465,000 for 2008 compared to $519,000 in 2007. Not much of a drop but about 10%. Prices are lower. Also the number of units sold year to date is 85 through July VS 153 for year to date for 2007. Quite a jump down.

Best,

Monique Carrabba
Keller Williams Wilshire
The Reavis Group
mcarrabba@kw.com

Some of the lofts that use to presell out are now done and still not sold, so my downtown source tells me.

Most of Los Angeles County currently is a buyers market. Existing homes are staying on the market longer, and sellers are much more negotiable when in comes to terms. Most listings will except below asking price. So first find a good reputable agent and have them run comparble home sales in the area you are considering before submitting your offer and then depending upon how long the property has been on the market determine how much below list price you are going to offer, the longer the home has been on the market, generally the lower offer, your offer can be because the seller will be in a position to accept lower offers the longer he has been on the market and he feels the urgency to sell.
I hope this helps.