This Market Conditions Alert is for the South Park district of Downtown Los Angeles, now a seller's market with low inventories and intense demand.
While most areas of Los Angeles begin to experience low inventories of both rentals and homes for sale, one neighborhood in particular is seeing a significant impact. Listings of quality lofts and condominiums are selling fast in the West Downtown neighborhood around Ralph's Market. From Staples Center and L.A. Live to the Los Angeles Library, lofts and condos have recently been selling in days instead of weeks or months as some have come to expect.
Many buyers have been reporting that they cannot believe the current market, where the most desirable properties usually have an accepted offer within a few days after listing appears. To take advantage of prices that are down 30% from their highs, an aggressive buying strategy is now required.
A rennaisance and re-awakening of the Downtown area has been in progress for more than 10 years. South Park has a growing reputation as the preferred neighborhood, with upscale, professional and high-income residents. Prospective buyers and renters will need a more powerful, aggresive agent to put in offers more quickly, with powerful negotiation skills to beat out the many competetive offers. Success in South Park requires an agent who is familiar with the local market and its various buildings.
Corey Chambers, REALTOR®
Corey Chambers is a Realtor® Downtown loft specialist with Keller Williams Los Feliz Double Platinum award-winning Downtown L.A. team with volume over $15 million in 2010
Keller Williams Los Feliz - 1660 Hillhurst Avenue, Los Angeles, CA 90027
LOFT BARGAINS & NEWS - Corey's Blog: http://lofts.blog.com