DTLA Condo Market Jumps in Q2

Carol Schatz is the president and CEO of the DCBID.

The Downtown Los Angeles condo market experienced a jump in the second quarter. During the quarter, condo sales increasing 381% year-over-year and pricing increasing 23%, according to the most recent DCBID report. There were 423 condo sales with an average sale price of $828 per square foot.

Carol Schatz, president and CEO of the Downtown Central Business Improvement District, isn’t surprised that the condo product has been absorbed so quickly and there has been an increase in pricing. “People are realizing that there are huge changes taking place in Downtown Los Angeles, and that all began with residential,” she tells GlobeSt.com. “Residential is still the biggest market segment of growth that we see. We have seen increases in rental rates and a lowering of the vacancy rates.”