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LOS ANGELES MARKET REPORT: HOME SALES IN THE COVID19 ECONOMY

Los Angeles. Day 56 of California’s Stay-In-Place order.

Home sales, by no means business ”as usual,” are getting done and escrows closing.

Changes in health and safety protocols when interacting with the consumer changes daily. April 28 was a first sign of re-opening residential real estate and the vital reconnecting with consumers face to face at a safe social distance, with the Mayor of Los Angeles public announcement that showings of home could take place with mindful, strict protocols.

On technology: The rapid development of virtual showings and open houses are becoming more widely used as a first introduction to a home or income property. Is this a window to the future or a layer to the home buying experience? The real challenge is creating the emotional “home connection.” The current technology and execution seem to be paralleling on-line dating.

Over the year and well into the “stay in place” COVID19 economy, the key one-year home sales numbers in the Los Angeles Metro Area for the one year to period, month of April (2019 v. 2020):

 

2019 Total Units Sold           Total Sales Volume                        Average Sale Price/List Price

672                              $1,213,445,000                                   97%

2020 Total Units Sold (% )   Total Sales Volume (%)                 Average Sale Price/List Price

342 (down -49%)       $700,427,000 (down -42%)             93%

2020 Current Listings For April, 2020 (as of 4/30/2020)

   Active   (Homes)           Accepted Offer (Under Contract)     Pending (to Close Escrow)        

1,748                                       253                                                         331

To our global neighbors, together let’s stay safe and committed to our collective health, to reopening businesses, restoring paths of prosperity and let’s lead and move forward on to a strong global economy

 

Source: The MLS published active and closed sales as of 4/30/2020

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TOP TRENDING LA AREAS IN 2020

Where the best buys can be found in greater Los Angeles
Los Angeles is always on the move. Neighborhoods and unique cultural experiences root themselves with regular frequency. 2019 and 2020 have, and will continue to deliver on the key infrastructure and anchor investments to support the growth and global interests and demands of the Los Angeles Lifestyle. In this list of “top” areas, many adjacent neighborhoods will benefit, as well.
INGLEWOOD: Case in point. No one area will continue to flourish as will Inglewood, for business, residential real estate and tourism like Inglewood,. A destination for new transit lines and commerce, is the start of the “Buy Inglewood” conversation. It is soon to be transformed into LA’s newest Sports and Entertainment hub with the So-Fi Stadium complex and Forum. Travelers coming through one of the world;s busiest and newly renovated airports, LAX, Inglewood is a good first stop to experience the LA lifestyle.
DOWNTOWN LOS ANGELES: The pace of new condo developments, apartments, the LA River/Arts District, shopping and restaurants is almost dizzying. Supply and demand cycles have a great impact on the appreciation and stabilizing of home prices; and purchases tend to be time sensitive. Still however, Downtown LA provides a great value buy as the metropolitan city center., At the end of this latest development boom, values will most likely reflect solid appreciation. and the quintessential vibrant Los Angeles will be best experienced here in DTLA.
PACIFIC PALISADES: A future destination and one of the city’s best coastal living areas, this neighborhood right now is a buy-in. Destined to be one of the most expensive areas by price per square foot, this European and Italian inspired community will continue to resonate to the elite global Buyer. Consider values have been “softening” over the past two quarters, the window of opportunity is now,.
ATWATER VILLAGE/MOUNT WASHINGTON: The cultural heart of this city resides in these neighborhoods. Gentrification here gives way to rediscovery: Artists and families are finding a place where existing bohemian cultures and new generations can co-exist and enrich each other’s lives and experiences.. These areas are transportation hubs to the DTLA city center and the re-vitalized communities to the north and east.
EAST LOS ANGELES: Just to the east of the LA River and Boyle Heights are residential tightly knit neighborhoods that make of east Los Angeles. These are areas that reflect the diversity potential of Los Angeles. Investment in buying and living here will deliver rewards both culturally and financially.
For more residential real estate information and relocation to Los Angeles, contact Michael Hiatt, Broker Associate, Sotheby’s International Realty, at: michael@michaelhiatthomes.com. or visit the Hiatt Homes Group website at www.hiatthomes.us.
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BY NIGHT AND BY DAY, LA The Big City of “Little” Towns

Los Angeles is a city of many smaller cities and independent incorporated areas, and home to over 200 ethnicities: Making Los Angeles a truly global city.
The many cultures represented here and throughout Los Angeles, in fact, have their own cultural hubs in the “little” defined neighborhoods that are a magnet to locals, tourists and foreigners visiting, transitioning and relocating to metropolitan Los Angeles, and providing for an unparalleled world of cultural experiences almost anywhere one may venture in Los Angeles. here.
Spend a day wandering through the shops, markets and restaurants of Thai Town, Little Armenia, Little Ethiopia, Little Tokyo, Filipino Town, The Garden District of Little Osaka, and adjacent to the heart of downtown Los Angeles, China Town; Downtown and Monterey Park, Korea Town, home of the second largest Korean community outside of Seoul, and the many Latin cultural centers including Olivera Street, the celebrated heart of our Mexican heritage.
Stroll, discover and enjoy the LA vibe.
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