![]() That’s almost twice the Downtown average and roughly three times the price of a typical existing condo in Los Angeles County (based on the California Association of Realtors data). A separate report from Loftway also excludes brand new units, but shows that condos in recently built Downtown LA complexes like Metropolis and Ten50 Grand command far higher prices than those in older developments.Ĭondos in Metropolis, for instance, sold for more than $1,100 per square foot in 2018. The association exclusively gathers data on sales of existing properties, meaning those that are newly built are excluded from sale data. ![]() The median sale price last month was 1.6 percent below the list price in December 2017, a typical unit sold for exactly the price at which it was listed. Many of those units also sold at a discount. In December, the average condo spent a full 10 days longer on the market than those sold 12 months earlier. Sale numbers from the California Association of Realtors also show that sellers may need a little more patience when listing condos and townhomes today than a year ago. The median sale price of single-family homes was $588,140 in December, up 1.8 percent since a year earlier.īuyers with tighter budgets are more likely to feel the strain of rising interest rates, which have driven up monthly mortgage payments considerably over the last year.Īs Zillow economist Aaron Terrazas told Curbed earlier this month, affordability concerns and a decline in millennial buyers is one reason that LA’s real estate market has softened since late summer. Generally among the most affordable properties on the market, condos and townhomes appeal to budget-conscious or solo shoppers and in California are disproportionately popular with millennials and senior buyers, according to a recent report from CAR. ![]() On a per-square-foot basis, condo prices went up just 1.7 percent. When accounting for the size of the unit, the difference was even smaller. The median sale price of $430,000 rose just under 2 percent, according to data released by the association. In that time, sales prices grew-but not by much. The total number of condos and townhomes sold in December across all of Los Angeles County dropped 24 percent since last year. “To build any building that’s sizable, it’s 18 months to two-and-a-half years to deliver,” Mark said.Los Angeles’s real estate market continues to cool after years of accelerating prices, and a new figures from the California Association of Realtors show that effect has extended to condo sales as well as single-family homes. ![]() “Some developers still feel the scars of the recession.”Īs for new construction, that could happen - there’s one 38-story condo tower in early development on 9th Street north of Staples Center - but it’s going to take a while. “There are definitely people circling, trying to figure out does it work and do they have the wherewithal to put 200 or 300 units on the market for sale,” he said. The numbers don’t quite pencil out, and the wounds from the downturn are still too fresh. That surge in rental supply may lead some apartment owners to flip their buildings back to condos, but Mark said he doesn’t see that happening yet. And big institutional investors, desiring a safe, stable return, shifted their money into high-end apartments, helping to fuel a building boom that has 5,000 rental units now under construction, and 3,000 more units approved by the city. After the housing market tanked in 2008, some downtown projects that had originally been designed as for-sale switched over to become rentals. ![]()
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