Apartment and industrial property sales in Los Angeles County dropped 141% during the first quarter of this year compared to the same period in 1986, according to H. Bruce Hanes, president of the Woodland Hills-based investment real estate firm bearing his name.
Hanes' company tracks the sale of each investment property that sells for more than $1 million in Orange and Los Angeles counties.
During the first quarter of this year the number of apartment house transactions in Los Angeles County fell from 136 to 56, with dollar value dropping from $168.3 million to $53.7 million. In San Diego County, apartment building sales dropped from 19 during the same period last year to seven this year, with values falling from $28.5 million to $19.4 million.
The number of industrial sales in Los Angeles County dropped from 48 to 20 or, in terms of dollar value, from $93.3 million to $27.5 million. In Orange County, the number of industrial sales fell from 20 to seven.