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.
For the Record
Los Angeles Times Sunday May 31, 1987 Home Edition Real Estate Part 8 Page 2 Column 3 Real Estate Desk 2 inches; 39 words Type of Material: Correction
Apartment and industrial property sales in Los Angeles County declined 59% during the first quarter of this year compared to the same period last year, not 141% as stated in a May 24 story. The error was due to incorrect calculations by the source, the Hanes Co., Woodland Hills.
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.
Commercial office building sales also dropped, from 58 to 22 in Los Angeles County, and 25 to 15 in San Diego County.
Hanes said the decline in sales was not unexpected but few investment real estate authorities expected the drop to be so dramatic. He attributed it to the high rate of activity in December, prompted by the desire of investors and property owners to dispose of their property before the new tax laws went into effect Jan. 1, and a wait-and-see attitude now about the new laws' effects.