I am a downtown agent. I have been living and working downtown for the past ten years and have extensive knowledge of all buildings and neighborhoods. It's possible to purchase for under $250,000 but you will need a lot of patience. The market has changed everywhere, including downtown and one of the biggest obstacles now is inventory. There is no inventory and no plans to develop condo's for at least the next three years. Low inventory means multiple offers, usually over asking price. As well, short sales and foreclosures are almost a thing of the past. This is the market you would find a loft under $250,000. There is a unit just listed in the last couple of days of Little Tokyo Lofts and is listed at $215,000. It is a short sale. Please feel free to contact me. I would be happy to add you to my client list and notify you when properties list in your price range.
Downtown LA Realty