Looking to buy in Los Angeles? You should probably consider Downtown. (transplants, 2014)

[LovinLosAngeles]

I don't think anyone posted these articles. There is a very strong demand for housing Downtown and it's not letting up anytime soon:



"With few properties on the market, prices of new downtown Los Angeles condominiums rose 15% in January compared with the same period a year ago."



Prices of new downtown condos hit $607 per square foot in January - latimes.com


The Most and Least Expensive Downtown Lofts of 2013 - State O' The Market - Curbed LA


2,800 People Are Interested In 68 New Barker Block Condos - DevelopmentWatch - Curbed LA

[ProjectMersh]

The 2,800 "interest" list is clearly inflated. If you read the comments to the story there are people on the interest list from years ago when the development was first proposed. Yeah, there are still a lot of people interested. But with roughly 5,000 apartments planned or under construction the condo supply could change very quickly.

I am sure many of the apartments under construction have condo maps which will allow the developer/owners to sell the units when they hit the market (if they decide the return is favorable enough).

[kasuga888]

Its good that more housing is being created w the idea of this "demand" .Hopefully it will help lower the cost of housing either it being rent or selling price

[thelopez2]

Originally Posted by ProjectMersh

The 2,800 "interest" list is clearly inflated.

I remember when the Prius was oversold and the news would report dealers had huge waiting list The reality was, you could go to another dealership that didn't use waiting list and just buy one.

Originally Posted by kasuga888

Its good that more housing is being created w the idea of this "demand" .Hopefully it will help lower the cost of housing either it being rent or selling price

Cost go down, doubtful, there is clearly too much demand and too much supply of money.

I'll leave buying in DTLA to the superstar SINK and DINK transplants that can afford it.

[jm1982]

Originally Posted by ProjectMersh

The 2,800 "interest" list is clearly inflated. If you read the comments to the story there are people on the interest list from years ago when the development was first proposed. Yeah, there are still a lot of people interested. But with roughly 5,000 apartments planned or under construction the condo supply could change very quickly.

I am sure many of the apartments under construction have condo maps which will allow the developer/owners to sell the units when they hit the market (if they decide the return is favorable enough).

Yeah and interest doesn't mean they are preapproved/able to pay. The developers/brokers are using sites to create more of a frenzy for their product.

It's obvious there is a lot of real interest in living DTLA . I don't think prices will go down even with more building, because there is demand.

[iama30something]

I would love to live down there. But the time to buy was 5 years ago. Prices are comparable to Westside now.

[jm1982]

Originally Posted by iama30something

I would love to live down there. But the time to buy was 5 years ago. Prices are comparable to Westside now.

Yes, the 'deals' were definitely years ago. It's still possible properties could appreciate more though. But the people that bought when prices were lower already have their profits locked in.

I don't view most of L.A having much 'upside' for appreciation at these levels though.

[iama30something]

Originally Posted by jm1982

Yes, the 'deals' were definitely years ago. It's still possible properties could appreciate more though. But the people that bought when prices were lower already have their profits locked in.

I don't view most of L.A having much 'upside' for appreciation at these levels though.

Agreed. The problem I have, as a potential buyer, is that a 1000 sq/ ft condo selling in downtown for $599,000 is also selling for the same sq. ft by the beach for $599,000.

Which location will continue to hold it's value over the next 10, 20 or 30 years? Beach front property will always be valuable. Downtown might decline in 20 years.

Who knows...

[kasuga888]

Originally Posted by thelopez2

I remember when the Prius was oversold and the news would report dealers had huge waiting list The reality was, you could go to another dealership that didn't use waiting list and just buy one.



Cost go down, doubtful, there is clearly too much demand and too much supply of money.

I'll leave buying in DTLA to the superstar SINK and DINK transplants that can afford it.

You are prob right, there is too much supply of money. If not from us residents, then its the money from overseas.

[thelopez2]

Relocation packaged, col adjustments, it is not that hard.