Downtown Downturn
Real estate broker Stephen May has been showing lofts that have been heavily discounted in the once red-hot downtown market. He says the crash has left him with virtually no business. (Liz O. Baylen / Los Angeles Times)
The median sales price for homes sold downtown, almost all of which are condos, fell to $497,360 for the fourth quarter last year, 16% below the 2007 peak, according to DataQuick. Left, real estate broker Stephen May shows a unit dressed to sell at Little Tokyo Lofts, where he lives and works in downtown Los Angeles. (Liz O. Baylen / Los Angeles Times)
Some real estate analysts say developers overestimated downtown’s appeal as a place to live. Developers counter that steadily worsening traffic will increase demand for housing downtown among people who work there. Left, real estate broker Stephen May shows an empty unit at Little Tokyo Lofts. (Liz O. Baylen / Los Angeles Times)
The wide-open layouts and spare look of lofts, with concrete floors and exposed pipes, have been popular with buyers. Left, real estate broker Stephen May shows another empty unit at Little Tokyo Lofts. (Liz O. Baylen / Los Angeles Times)
