Our neighborhood, DTLA, has been on virtual lockdown for more than 40 days and we can feel the real estate market slow down in a big way. Having some time to analyze the real estate market since the start of Safer at Home mandates, when comparing it to the same period last year using MLS statistics, the info is telling us DTLA condo sellers haven’t quite given up yet.
Hopefully, you and your family are staying safe and feeling healthy. We’ve never seen anything like this before and our future seems a little uncertain at the moment. Watching the news and hearing stories from close friends and family across the country and around the globe there are a few things that come to mind.

Safety – Safety for our loved ones, our BHHS DTLA team, our extended family in the DTLA community and people around the world. We realize that people still need to trade real estate even in crisis and if there is something that we can do to assist you in safer showings or smart marketing for your listing please reach out. We are sanitizing each property we show before clients enter and again once the clients leave to ensure we are taking a proactive approach to safety when essential inspections are required.

Mitigating any risk or losses – If you’ve watched the news over the past few weeks there is a lot of confusion in the global financial markets and our local neighborhoods. In my experience, there are two types of people in times of crisis: those people who are panicking and freaking out OR people like us who keep reaching out and looking to help. We must continue to be that “rock” that our loved ones need in times like these. In politics they say, “as California goes, so goes the country”, and our recovery from Covid-19 will be no exception because we will recover from this.

Getting ready to get back to normal – Unlike the 2008 financial crisis, our economy is steadily underwritten and stimulus packages have been immediately implemented. Unlike the 9/11 tragedy, we are not at war with any foreign enemy. This is a global health issue that has acted as a detour for the entire economy no doubt but it is just that, an unplanned detour.

Between March 14th and April 13th 2019 there were 29 successful closings of DTLA condos with only 7 sellers pulling their property off the market and failing to sell because of overpricing, poor marketing or the inability to show prospective buyers the unit.

During the same period in 2020, during Covid-19/SIP, we have had 32 closings in 2020 which is a 10% increase year over year but we also show a massive 300%+ increase of properties coming off the market during the same period. Most of the 23 properties that came off the market during this period in 2020 have been not been canceled listings but listings placed on “Hold Do Not Show” status in the MLS. This tells us that these DTLA condo sellers haven’t given up on trading the property, they are just waiting like everybody else for the economy to reopen to forge ahead with their plans.

Although, normal business has paused for many due to Covid-19 and Shelter In Place (SIP), demand was at an all-time high before the crisis. Take this time to get your business ready for the massive rush of consumers heading your way once the economy is re-opened. We are Angelinos who move forward and persevere.

If you are ready to plan your next real estate move in DTLA or the surrounding Los Angeles area please contact Vic Quiroz, Vic Quiroz, GRI, Managing Partner – Realtor & Broker Associate at 213-245-1440 to schedule a free virtual consultation at your convenience. http://www.BuySellLoveLA.com

CalBRE# 01717752

DTLA real estate market update

Now Might Be The Time To Invest In Real Estate—If You’re A Cash Buyer

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Services California Properties

The midst of a pandemic might not seem like the best time to invest in anything. In fact, for many, this is a time to take whatever money they can find and to stuff it under the mattress.

Some specialists, however, see opportunity were others see threat. One of those is Clint Coons, a founding partner of Anderson Law Group, an arm of Anderson Legal, Business & Tax Advisors. The company has offices in Washington, Nevada, Wyoming and Utah; Coons is currently the manager of Anderson’s office in Tacoma, Washington.  Read more here.

Visit www.victor4homes.com and www.BuySellLoveLA.com

Los Angeles issues ‘safer-at-home’ order. Here’s what it means.

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Services California Properties

Los Angeles County is ordering nonessential businesses to close to the public and for residents to stop gathering outside of the home as it hustles to stop the community spread of the novel coronavirus.

The order, which initially applied to nonessential retailers and to gatherings of 10 or more people, was strengthened on Saturday. Under the revised order, businesses deemed nonessential can continue operating, but employees must telecommute. Read more here.

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How to get around LA safely during the coronavirus outbreak

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Services California Properties

Amid an outbreak of novel coronavirus, large public gatherings have been called off. Thousands of people are working from home. But whether traveling to work or stocking up on groceries, most Angelenos still need to get around the city.

That can be challenging at a time when public health officials are advising people to stay at least six feet apart from one another to limit the spread of the virus.

Following that guidance makes using public transportation particularly difficult. Barbara Ferrer, director of the Los Angeles County Department of Public Health, yesterday cautioned those feeling ill to avoid trains and buses altogether. For those who aren’t sick, Ferrer advised washing hands before and after each ride. Read more here.

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Here’s what $529K buys around LA

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Servies California Properties

Here’s an appealing Spanish-style abode with three bedrooms and one bathroom in 1,124 square feet. The interiors are updated but still possess some 1920s details, including coved ceilings and arched entryways. The dwelling has a formal dining room and mud room and is sited on a 5,006-square-foot lot, leaving room for a backyard and detached two-car garage. It’s located less one mile from the soon-to-open Crenshaw Line train station at Slauson Avenue and 60th Street, and is listed at $529,000. Read more here.

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Mortgage Rates Have Hit Historic Lows. Here’s How to Decide If You Should Refinance

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Services California Properties

Fears of the coronavirus may be roiling the stock market. But for many American homeowners there’s a silver-lining: Mortgage rates have fallen to near-record lows.

The average rate for a 30-year fixed-rate mortgage was 3.19% for Tuesday, according to Mortgage News Daily. That was just a hair above the record low 3.13% that the trade publication, which has tracked daily rates since 2009, reported for Monday. Read more here.

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5 Places Where Buying a Home Is Actually Cheaper than Renting

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Services California Properties

Want to get stop renting and become a first time home buyer? Making the leap is never easy, but housing data suggest the math may be shifting in your favor.

That’s largely because falling interest rates have pushed down mortgage rates, making the month-to-month costs of owning a home cheaper than monthly rents in many parts of the country, especially in rural areas where home prices are not as high. Read more here.

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Take a look inside America’s most expensive home

Victor-Quiroz-Real-Estate-Agent-Berkshire-Hathaway-Home-Services-California-Properties

‘Home is where the heart is’; that adage is passé. For a lucky someone with $500 million, home is going to be where the 20 bedrooms, multiple swimming pools, salon, nightclub and more is. This is a Bel-Air super pad, that was seven years in the making and could be America’s most expensive home to hit the market for a cool half a billion dollars. Called ‘The One’ and developed by former film producer Nile Niami, this sprawling 100,000sq ft house has a number of offerings like a nightclub with its own V.I.P room, 20 bedrooms including a 5,500sq ft master suite, a 45-seat IMAX movie theater and neighbors like world-favorite Jennifer Aniston and technology guru Elon Musk. It’s understood the owner and his friends would have many cars for which the mansion also has a garage with space for 30 cars. Read more here

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Side-by-Side Bird Streets Mansions Sell for Record $70+ Million

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Services California Properties

Although it’s been whispered about since late last year, two separate sources say that a widely rumored and record-breaking Hollywood Hills real estate transaction will officially close today. Two side-by-side, shockingly expensive new homes on Robin Drive in the Bird Streets neighborhood — one of them last listed at $52 million, the other at $42.5 million — are being sold together, in a single eye-popping deal, to the same billionaire buyer. Read more here.

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LA home prices plateaued in 2019—but they could keep climbing in 2020

Los Angeles home prices soared over the last decade, but in 2019 the market finally cooled off a bit, according to data from real estate data tracker Property Shark.

Victor Quiroz Real Estate Agent Berkshire Hathaway Home Services California Properties

The median sale price in Los Angeles County inched from $632,500 to $638,000 during the year, rising less than a full percentage point. In the city of Los Angeles, prices climbed only a little more sharply. The yearly median price in 2018 was $802,500; In 2019, it was $817,000—a 1.81 percent bump. Read more here.

Visit www.victor4homes.com and www.BuySellLoveLA.com