Welcome to Downtown LA
DTLA is quintessentially Los Angeles while at once representing everything the city has always railed against. It’s a thriving, tiny metropolis at the center of a massive urban sprawl. DTLA is a compact, dynamo of a neighborhood that offers residents a condensed, urban experience of artsy, trendy, bohemian counterculture wrapped up neatly in a chic package. The energy in DTLA is palpable and there is so much going on that it can be hard to keep up. There is a gritty nature to DTLA that is inspiring and inviting. Real estate opportunities in DTLA are comprised mostly of lofts and condos. There is a healthy mix of refurbished, historic buildings that have been repurposed as modern living spaces, dormant office buildings from a bygone era that now serve as residences and new construction that offers contemporary spaces that seem to artfully fit into the urban landscape.
Insider tip: DTLA has a Flower District. Adorn your loft with fresh flowers weekly…or daily. Pros will show up very early, but you can shop until the late afternoon. If possible, avoid Wednesdays and Fridays. These are the busiest days.
Downtown LA Real Estate Insights
There was a tremendous amount of construction before the crash in 2007 that led to an inflation in prices that were simply unsustainable. Since the recovery, DTLA has seen a slow but steady rebirth. Anything bought in 2008 would seem like a steal compared to where we are now. Nevertheless, prices have gone down over the past year in DTLA. In the past 12 months alone, the median price for a property has gone down by 1% to $525,000 with a median price per square foot sinking to $444, down 10.1% from last year. The reality is that every building is different. We have to analyze the sales in each property individually. If you are looking for a loft or condo in DTLA, let us help you find a great unit in an amazing building!
People and Lifestyle
Over the past decade, the best LA bars, the best LA restaurants and the best LA shops have popped up throughout DTLA. Part of the draw is the incredible walkability of the neighborhoods. Whether you live in the Historic Core, the Arts District, South Park or Little Tokyo, you will have a treasure trove of options by simply walking outside your building. Eat handmade pasta at Bestia. Grab 3, 4, 5 or 6 hand rolls at KazuNori. Head to the now artsy Chinatown for a gallery opening or some Mushu Pork. There is so much to do, see, eat and drink that it’s dizzying! DTLA has morphed into a bastion of gluttonous culture where hedonism seems to rule and nobody is arguing about it. The demographics skew a bit younger and more professional, but residents tend to be working in the financial district or not working at all.