I hope this helps.
I find that most sales are happening in Downtown Los Angeles as pocket listings. For example, we negotiate with the Seller a fair market value for their home. Instead of listing the home and letting it sit, the sale happens and the general public never even sees the home hit the market.
If properties are sitting on the market, they are usually listed with out of the area agents or new agents in Downtown Los Angeles. They usually don't understand the market and they usually don't have in-house properties for their listings.
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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.
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