Panel Is Optimistic About Downtown Real Estate
The Downtown business community gathered at the Central City Association luncheon last Thursday to discuss and predict the direction of the Downtown housing market in 2008. The panel discussion held at the Downtown Marriot was called "The Southern California Housing Market: How Will Downtown Fare Compared to the Region in 2008." Steve Bram, principal and senior director of George Smith Partners said, "Downtown will succeed because so many jobs are here, businesses are moving Downtown, and it's connected to all of the transportation in Los Angeles." Panelist Eugenio J. Aleman, a senior economist for Wells Fargo Bank, added, "The sub-prime crisis had limited effect in Downtown... you weathered the storm."
It's clear to me that LA's continued economic energy and vibrance coupled with the increasing housing density dedicated to Downtown residents are the ingredients to an early recovery. Keep your eye on Downtown and don't be surprised if prices start to steady by the end of 2008.
Views: 787
This blog entry currently has 1 comments posted.
dave
I have my doubts about a recovery in 08 - maybe 09, but this year is still going to be in decline. Does this mean people should refrain from buying a loft in downtow la? Nope, if you are a long term investor, this correction is a non-issue, as long as your horizon is 7 years or more. Think about it people: historic low rates, negotiating leverage, in an up and coming city. Personally, I think the best deals are in the Arts district where the river is. If the park improvements go forward as planned around the river, this is going to be a HOT area 5 years from now. Think LONG term.