4 October 2014
After so many years of being off everyone’s screen, Los Angeles has suddenly become one of the hottest markets for real estate investment. Roger Vincent’s article of October 4, 2014, in the Los Angeles Times provides some of the latest and most exciting detail about how the “smart money” in New York now sees Los Angeles is a great place to buy real estate. See “Downtown L.A. real estate is drawing N.Y. investors’ interest.”
The transformation of Los Angeles to a “real city” where people live, work, and play has taken decades. The city has lagged behind many other gateway cities and its real property values have languished relative to other major markets. But the renaissance of DTLA is real. See “Hotel Lawyer in Los Angeles: Why does it seem like everyone wants to build or buy a hotel in downtown LA? It’s the “Renaissance of DTLA,” silly!”
And the new dynamics have changed international preferences for real estate investment.
Big changes in the past few years
Noting that downtown Los Angeles (DTLA) was “disdained” by Wall Street for real estate investment until lately, the Times article cites a 23% increase in the dollar volume of real estate purchased by New York-based investors in 2014 compared to 2013. CONTINUE READING →