Downtown Los Angeles Condos

I’m Stephen May, Broker/Owner of Downtown Residential Real Estate. I’ve been representing Buyers and Sellers of Downtown Los Angeles condos and lofts since 1989. I’m happy to provide you with a list of what’s currently for sale in Downtown Los Angeles. Call me at 213-689-0669 or email me at downtownlofts@gmail.com. Also, let me know if you want to subscribe to my eNewsletter by providing me with your name and email address.

Advertisements

4 Responses to “Downtown Los Angeles Condos”

  1. Stephen May Says:

    FEWER ACTIVES AND MORE PENDINGS AND SOLDS OF DOWNTOWN LOS ANGELES CONDOS

    January 25, 2007
    194 ACTIVE…79 PENDING…12 SOLD IN PAST 30 DAYS

    March 24, 2007
    178 ACTIVE…92 PENDING…42 SOLD IN PAST 30 DAYS

    These are the numbers reported on CLAW MLS, the Combined Los Angeles-Westside Multiple Listing Service, of which Broker Stephen May, Downtown Residential Real Estate is a member.

    Search criteria used are: ACTIVE, PENDING, LOOKING FOR BACKUP, SOLD, condo, Area 23 (Metropolitan), Area 42 (Downtown LA), SOLD in last 30 days.

    What do you think is going on? Post your comments and read the comments of others at http://downtownlofts.blogspot.com, https://downtownlofts.wordpress.com, or http://condoDomain.com/blog.

    It’ll be interesting to see how many different explanations people can come up with. I may even offer one or a few of my own.

    Stephen May
    Broker, Downtown Residential
    Selling Downtown Lofts since 1989!
    213-221-4514
    http://www.DowntownCondosandLofts.com
    downtownlofts@gmail.com

  2. Stephen May Says:

    In early March, I bought a unit at Little Tokyo Lofts, which now serves as the office of Downtown Residential Real Estate and as my second home. I like the place very much, both as a place to live/work and as a long-term investment.

    The Sales Office of the developer, Hammer Ventures, informs me that there are around 40-45 units out of 161 still available at this time, going fast. They are for sale at a variety of prices, mostly lower floors, various floor plans, three remaining exposures (northern is pretty much sold out). I can represent a buyer of these units, negotiate concessions/amenities on my client’s behalf, and get paid a commission by the Seller/Developer.

    There is, in addition, what I consider to be an especially good opportunity to buy upgraded units from a reseller. These are the only two units published for sale on the MLS other than those being sold by developer Hammer. They are both approximately 800 square feet with city views. These properties are listed with another agent, who represents the seller and offers to “cooperate” with a buyer’s agent. Seller pays all commission. For sake of ease, I will simply reprint here the MLS-published remarks of the List Agent. Call me, Stephen May, at 213-221-4514, who will represent you the Buyer exclusively, for more information or to arrange a showing.

    Unit 522, Asking $455,000–List Agent’s REMARKS:

    “Come Now! Model unit priced for immediate sale! Slashed over $50k! Designer upgrades include additional cabinetry, lighting, window treatments, niches, all stainless appliances, lush paints & so much more. Plus an unbelievable 2 car parking that you own & an unheard of 1 year paid HOA at $429 per month. Dont miss this once in a lifetime chance to own a gorgeous live/work loft in the heart of downtown LA.”

    Unit 402, Asking $457,000–List Agent’s REMARKS:

    “Huge reduction.. over $50k! Model unit priced to sell quickly. Your gain on an a move in ready designer unit.. ready to go! Plus, you own 2 car parking and get a FREE year of HOA at $419 per month. For a live/work loft of this quality and calibur at this price simply does not exist anywhere in downtown LA. Do not miss this golden opportunity. Come now!”

    The language the Seller’s Agent uses in his property description is a little different from the language I use…but you get the picture.

    Again, call Stephen May, REALTOR at 213-221-4514 for more information or to arrange a showing of these two units (any day, any time), or other units being sold through the Sales Office (Monday-Saturday, 10-5). I especially like Little Tokyo Lofts. I bought here myself. And I know Downtown condos!

  3. Stephen May Says:

    29 DOWNTOWN CONDOMINIUMS ARE REPORTED “SOLD” ON THE MLS IN THE LAST 30 DAYS

    From March 17, 2007 to April 17, 2007, 29 Downtown condos were reported SOLD on the Combined Los Angeles-Westside Multiple Listing Service (CLAW MLS). 236 condos are reported as having ACTIVE status (currently on the market) and 78 are PENDING (in escrow).

    What are the SOLDS? In what Downtown neighborhoods are they located? In what price range are they selling? Are the Sellers individual owners or developers of new projects? Are Buyers showing a preference for apartment-style or loft-style condos? Do Buyers care whether the construction is new or adaptive reuse? Here are the numbers and maybe a little analysis…with a caveat!

    In terms of neighborhood, 13 reported SOLDS are located in City West (Vero), 1 in the Industrial District (Toy Factory), 4 on Bunker Hill (The Promenade, Bunker Hill Tower, Promenade West), 5 in the Historic Theater District (Eastern Columbia), 1 in Pico-Union (Vista Montoya), 1 in Little Tokyo (Savoy), 1 in South Park (Skyline), 1 in the Historic Core (Bartlett Building), and 2 in the Financial District (Library Court). Analysis: City West is cookin’!

    So, what’s the caveat? The List Agents of the developers, though brokers who are members of the MLS, are not required to publish all their sales activity as are members who represent individual Sellers. So agents, and the Buyers and individual Sellers they represent, cannot get a true picture of what is for sale and what has actually sold. This seems to me to be contrary to one of the main purposes the MLS is supposed to serve: to give an accurate picture of what’s going on in the real estate market. Anyone agree with me?

    Price: 1 in the $200,000’s, 4 in the $300,000’s, 11 in the $400,000, 8 in the $500,000’s, 2 in the $600,000’s, and one each in the $700,000, $800,000 and $900,000’s. Analysis: Most sales are in the $400,000 and $500,000’s.

    The caveat? You guessed it. Again, the brokers representing the developers, though members of the MLS, are exempt from the requirement that MLS members publish all their listings. So the information above is what’s “published” on the MLS, but far from being a complete or accurate picture, which is what I would like to be able to provide to my clients, both Buyers and Sellers. The County Assessor can only provide information about what’s actually been sold, not what’s on the market. The MLS should be the place to obtain the facts about what’s for sale, what has sold, and for how much, insofar as MLS members are involved in the transaction.

    I’ve attempted to answer (with caveat) two of the questions I posed in the second paragraph above. The remaining questions I’ll save for the next article. My writing appears to be evolving more into the presently-popular “blog” style. Will “blogging” last, or will it go out with “low carb” and “rehab?” So I’d better rant while I can.

  4. Stephen May Says:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: