[Fern~Fern*]

I need as much advise as possible on Housing Downtown. I know the Real Estate Market in LA county is down like 15% or so from last year. Does this mean to buy a Loft/Condo in Downtown is now or wait to see what happens in the next 6 months. I would really like to buy Downtown but don't want to spend an arm and a leg for a 300 Sq unit plus Association fees. CAn someone please advise????

 

[logan1]

its already expensive to live downtown. I would have done it in 2003. as for timing right now the market has softened up. but the problem is rates have gone up. and are continueing upward trends. so if u wait another 6months your not going to see the same finance deals. as of today. The best time to buy is when your finacially stable and buy what you like. Timing the market is for investors.

 

[Fern~Fern*]

Do you actually think the prices will take a major dip. Or a major bubble burst in the next couple of months. The reason is I see homes on my block still waiting for buyers. I keep seen reduced in a lot of the signs. Is this effect also going to happen Downtown.

 

[logan1]

I dont know where u live . Prices have softened up in southern california especially in central california but its all about location. Downtown is desirable right now and the condo market there hasnt really seen big drops in pricing and we are heading into the summer selling season. although its becoming a buyers market which is good. If anything prices are stabilizing not bursting like a bubble. Right now there is a correction happening in south cali. your not going to get any double digit appreciation rates right now. again it goes back to location. downtown is a good buy even though its pricey . I kinda compare it to NY. a small 1000 foot loft in Manhatten is going for a million. in downtown its half that. only time will tell.

 

[archd1]

Do you actually think the prices will take a major dip. Or a major bubble burst in the next couple of months. The reason is I see homes on my block still waiting for buyers. I keep seen reduced in a lot of the signs. Is this effect also going to happen Downtown.

Yes, prices will fall to more realistic levels in a year or two. Home prices in the LA area are anywhere from 35% to 42% over-valued. Downtown will not be spared, especially with the massive addition of condo units under construction. There might be an over-supply of units once these projects are completed, interets rates are up, nobody's buying and prices will drop accordingly. You are better off renting at ths time...

 

[logan1]

I concur. you probaly want to rent till the summer is over and see what winter prices are. winter time is slower for home sales. on the other hand there s a opinion out there that rich people will buy up the downtown LA condo market. which includes investors,foreigners,empty nesters,east coast people. im with the conservative view. prices will level off. drop more so in specific areas of southern cali.

 

[Fern~Fern*]

That was my original plan to actually buy at the end of the year. Or simply wait for next spring 2007 and hope prices drop. I guess for now I'll stay put and keep checking on the market.