Downtown LA, The Boom is Happening and We Couldn't Be Happier

LOS ANGELES - Amzeal -- Los Angeles, CA - Over the course of 2020 and 2021, the real estate market wasn't kind to Downtown Los Angeles.  Sales slowed, leasing slowed and it was not what we saw in other parts of Los Angeles where the residential real estate market was on fire like people have never seen nor expected.  THAT IS ALL CHANGING.

"I'm pretty optimistic but I have to admit, there was a time in December of 2021 where I was getting worried if the DTLA market would come back," said Yvonne Arias, owner and broker of The Property Lab, headquartered at The Ritz-Carlton LA Live since 2012.  Then, in early January 2022, Yvonne started to see the signs of a recovery.

"I saw activity increasing, which it typically does in Q1 of each year, but this was different.  I was getting multiple offers on properties and offers within days of listing, even putting off market properties in escrow, and it felt like the boom of DTLA from five years prior.  It was fantastic and to add, I've never seen Ritz-Carlton inventory this low.  There's virtually nothing for lease, and much less for sale than what is typically seen," said Yvonne.

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Yvonne is also experiencing a lot of activity at The Metropolis Towers just north of The Ritz-Carlton Residences at LA Live.  These are some of the newest luxury condominiums that are available and a gorgeous sprawl of three towers and a hotel.

Another property Yvonne is excited about is in the Museum District -- The Grand by Gehry.  Another mixed use set up with luxury apartments by Related Group, retail, a 305 room Conrad Hotel and a 27,000 square foot amenity deck.  This property is under construction with no firm completion date as of yet.

"I wish there were some condominium offerings at this upcoming Grand by Gehry property as I see a lot of rental apartments being built but not nearly as much for purchase, but I'm sure this will be spectacular" said Yvonne.

In any case, we all look forward to seeing what Frank Gehry has created in this gorgeous museum district of Los Angeles.  If you're not familiar, the area includes The Broad Museum, The MOCA (Museum of Contemporary Art) and of course his Walt Disney Concert Hall.

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Yvonne has been one of the most successful real estate brokers in Downtown Los Angeles and is known for luxury condominium projects in urban parts of Los Angeles, including The W Hollywood Residences.  Check out @ThePropertyLab on Instagram and Twitter and also at www.ThePropertyLabRE.com.