Alex, Other/Just Looking in Los Angeles, CA

what is the future for downtown la? will buyers at least have a sustainable piece of property if not?

Asked by Alex, Los Angeles, CA Thu Jul 24, 2008

something that will appreciate when the market inevitably turns around? What can be done to help buyers feel safe about buying downtown LA?

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5
Keith Sorem’s answer
Alex
The market it not turning around. The Coast Commission is taking part of the sales tax increase and is going to create more land, so land values will be dropping at least 20% for the next two years...it was in the LA Times...

Sorry for the sarcasm...but, no, the land values will be declining and at SOME POINT will be going back up.

This is without the benefit of my crystal ball:
1. In the Long Term (five plus years) home values will go UP (unless there is an earthquake)
2. In the Short Term dress lengths will be shorter and tempers will match. Homes values will follow dress lengths.
3. If you are buying because you RENT right now, odds are you'll come out ahead.

If you own right now, don't sell, buy and rent out the other unit.

Good luck
0 votes Thank Flag Link Sun Sep 14, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
I think the key answer to your question is choosing a real estate agent who has something at stake in working with their clients. I've been in Downtown Los Angeles since 1997. I've launched over 20 careers in Downtown Los Angeles real estate. When you choose a Buyer Agent like me to represent your interest, I work to protect your interest. This is where sitting online and searching for home doesn't make a lot of sense. You don't have someone explaining all the possible pitfalls and upsides. I suggest finding an agent who has excellent Yelp reviews (my team has 30 five-star reviews), experience in the market place, and knowledge of all the buildings. By the way, I have all the original sales literature of all the condo buildings in Downtown Los Angeles here in my office. I use this literature to help educate my Buyers to the properties they are interested in. I explain how Developers oversold the UPSIDES and HIDE THE DOWNSIDES of investing in Downtown Los Angeles. I then show clients what the truth is about a developments ie past lawsuits, future lawsuits, and potential challenges we know they will encounter sooner rather than later (ie losing the Mills Act, building coming up across the street, rising HOA fees, etc). You need to choose an agent that knows the good, the bad, and the ugly and isn't afraid of letting go instead of creating an excellent client relationship with you.

We start with a Home Buyer's Consultation where we explain everything you need to do to figure out Downtown Los Angeles. Give me a call and I'll talk more.

Living Outrageously For Today ®,
Theodore Trentman
Keller Williams Realty
213-747-5638 Desk
213-948-3165 Cell/Text
213-232-7778 FAX
213-596-7707 Private Fax
DRE#01780236
Ted@LoftLivingLA.com
KW's #1 Group in Units Closed in Los Angeles and Beach Cities
#1 Keller Williams Team in All of North America (2006/2007)

Visit http://www.downtownLAcoupons.com

Save a life! Adopt a pet. Visit http://www.PetHarbor.com or LIKE this Facebook page... http://www.facebook.com/pages/Pets-On-Death-Row-Southern-Cal…

LOFT LIVING LA® provides diverse solutions for people who want to live and work in creative environments throughout Southern California


Living Outrageously For Today ®,
Theodore Trentman
Keller Williams Realty
213-747-5638 Desk
213-948-3165 Cell/Text
213-232-7778 FAX
213-596-7707 Private Fax
DRE#01780236
Ted@LoftLivingLA.com
KW's #1 Group in Units Closed in Los Angeles and Beach Cities
#1 Keller Williams Team in All of North America (2006/2007)

Visit http://www.downtownLAcoupons.com

Save a life! Adopt a pet. Visit http://www.PetHarbor.com or LIKE this Facebook page... http://www.facebook.com/pages/Pets-On-Death-Row-Southern-Cal…

LOFT LIVING LA® provides diverse solutions for people who want to live and work in creative environments throughout Southern California
0 votes Thank Flag Link Sat Jan 4, 2014
I do think that once the market has adjusted that downtown could be a very exciting place to live! It really depends upon how the planning has been done to revitalize the area..it's been a long time coming..but I believe in the future of downtown.
0 votes Thank Flag Link Sun Sep 14, 2008
Hello Alex,

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 buyI 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.

Best,

Monique Carrabba
The Reavis Group at Keller Williams
http://www.thereavisgroup.com
mcarrabba@kw.com
0 votes Thank Flag Link Mon Jul 28, 2008
Alex:

Downtown LA is have billions of dollars invested in bringing it into this Century and making a destination location again. Of course my crystal ball is broken, however I believe that those who find great deals in Downtown real estate in the coming year(s) will probably be happy they did.

KFWB produced an exclusive on the Downtown LA marketplace just this week. I have provided the link below. It has some very interesting information which some would view as bad and others would view as opportunity. Listen and decide what you hear. And Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Thu Jul 24, 2008
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