DTLA Market Update | Q1 2018 Price Change Year to Year
As your local real estate experts, our goal is to provide you insider information about the state of the market and its current trends. Overall, Luxury condo/loft prices in DTLA are holding steady at an average Sold Price of $686/SF and an Average Leased Price of $2.87/SF with minimal Year to Year price changes. We hope my analysis will give you valuable insights on your real estate investment goals. Feel free to reach out to us anytime should you have more questions or need further market info on any buildings.
Typically there is more upside potential to invest in a building at the lower price range. In SouthPark district, the Elleven building has the most upside potential of all luxury highrises, and Flower Street Lofts and Grand Lofts for all Mid-rise buildings in SouthPark and surrounding area.
Areas with little or no new constructions such as the Art District-many buildings continue to enjoy price appreciation due to low inventory. Although there was an influx of inventory from New Luxury high-rises from Metropolis and Ten50, Lower priced buildings such as EVO still had a moderate price increase of 3%, and higher priced buildings such as the Ritz had a price correction of 6%.
The demands for leasing in DTLA remain strong even with the influx of inventory from many new apartment buildings. Rental prices are holding at average leased Price/SF of $2.87 with minimal price changes in most buildings. This is a good indication of strong demands for Downtown LA. A strong leasing market will translate into a strong selling market in the long run.
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