Same Old Story, and May Sings the Same Old Song

By Eric Richardson
Published: Wednesday, March 12, 2008, at 11:30PM

DOWNTOWN LOS ANGELES — The L.A. Times takes a shot at Downtown in a story just posted, titling it “Downtown not the center of it all”. The story mixes a few anecdotes with a dropped median sales price stat for condos to create its conclusion of “signs that downtown’s residential boom is slowing, if not stalling out altogether.”

What’s telling about the journalism is the set of four photos attached to the piece.

The caption for the first reads:

Real estate broker Stephen May has been showing lofts that have been heavily discounted in the once red-hot downtown market. He says the crash has left him with virtually no business.

Stephen May has been preaching doom and gloom in the Times for years now. If he’s the sort of person the Times is listening to in making their conclusion, no wonder they reached the one they did.

Way back in September of 2006, months before the early 2007 peak the Times quotes for pricing, May was quoted as saying his business had been cut in half by a crappy market.

In downtown Los Angeles, recently one of the hottest Southland condo markets, there is a glut of units, said Stephen May, a veteran broker with Downtown Residential Real Estate. The broker’s sales count through June of this year is half that of the same period last year, he said. Today, seven condo units are listed for every one that sells. Last year, the ratio was 1 to 1.

If May’s business was tanking before the market change even started, why should readers of the Times care what he has to say now?

Just a month before, in August of 2006, May was again quoted in a Times piece on the residential market.

"Downtown has gone into a state of paralysis because prices are starting to come down," said Stephen May, a veteran real estate broker who specializes in the area. The dearth of demand and rising supply prompted May to advise one client seeking to sell her condo unit to list it at just $10,000 more than what she paid a year ago.

One might be tempted to suggest that May just has a poor choice in listings. For a while May was showing primarily the Bartlett Building, a Barry Shy converted project at 7th and Spring.

In today's Times piece he's shown with empty units in Little Tokyo Lofts. While that seems like a great project, one would be hard-pressed to find a Downtown residential development located in a worse immediate neighborhood. That's certainly been a factor in how long those units have been on the market.



Comments

1
bitten by barry writes:

Poor Stephen May... doesn't he know that selling anything connected to Barry Shy is bad for business? C'mon, only the misguided, foolish, or really really brave would fall for something like that! No wonder his business went flat.

Tell him to stick to NON-Barry Shy properties and his business will skyrocket. That's all it takes. Cheers!

# on Mar.12.2008 AT 11:43 PM
2
Scott Mercer writes:

For the L.A. Times, the scene downtown is always not as good as advertised, and overhyped.

For the Downtown News, there's nothing BUT good news about more buildings, restaurants and projects.

Pick your own poison. Whichever worldview fits your own.

# on Mar.13.2008 AT 01:41 AM
3
Ted writes:

Rember that city official who tried to turn down amenities on Main Street because it might block the expansion of Skid Row? There's an element at The Times, as well as the City, that never will understand why anybody would actually want to live Downtown. Things are tough in real estate all over the country, but the naysayers will attribute our slowdown to "rough edges." And why did that guy who likes woodworking, whose wife enjoys gardening, move downtown in the first place?

# on Mar.13.2008 AT 08:45 AM
4
Urban Bruin writes:

What? There is no beach in downtown? How about Claim Jumpers, Forever 21 or the GAP? No? Downtown sucks!

BTW – I’ve been here a few months and just realized there’s no parks in the area nor grass on the sidewalks; mind if my dog takes a crap on the sidewalk?

# on Mar.13.2008 AT 09:42 AM
5
Bartlett Owner writes:

Steven May used to live and own two units in my building, and because of the way he presented himself - I am shocked he EVER sold a unit.

With one unit he owned, he didn't help our comps in our building because he signed a long term lease with a renter, and the contract was binding. Any new owner was forced to take his tenant and that tenant's rent, and therefore in order to sell the property, he sold the unit for $75,000 to $100,000 below property values at the time.

Stephen May lives in his own world - I hope the property values are not affected the same way with his antics at the Little Tokyo Lofts where he lives and owns now.

# on Mar.13.2008 AT 10:04 AM
6
Mr. M writes:

Not to sound like a total a-hole, but there's no chance I would use Stephen May based solely on his appearance. He looks like a greasy car salesman in that photo...

Anyway, Eric, have you sent your documentation of the constant May references by the times to the writer (peter.hong@latimes.com)? I would be interested in reading his response.

# on Mar.13.2008 AT 11:06 AM
7
Mr. M writes:

And if you're looking for more worthless drivel...

http://latimesblogs.latimes.com/laland/2008/03/downtown-blues.html#comments

# on Mar.13.2008 AT 11:28 AM
8
D writes:

as i posted at Angelenic...

as always, the LA Times is very negative about Downtown LA, and LA in general. I wrote the editor a little comment. i think everyone should email with their opinions about the LA Times skewed coverage. dont forget to flame kotkin… http://www.latimes.com/services/site/la-contactus,0,1439615.htmlstory

# on Mar.13.2008 AT 12:50 PM
9
David Kennedy writes:

That the L.A. Times reporter didn't have the good sense to realize Stephan May is odd character and his comments should not be taken at face value (and certainly not be the lead in the story), it undermines his credibility. In the past I've spoken with Mr. May and I quickly realized he is not someone I'd ever do business with. My hunch is the reporter never actually spoke with Mr. May and his comments were fed to him by a stringer doing research.

# on Mar.13.2008 AT 01:21 PM
10
Eriot Spritzer writes:

http://www.downtownlofts.blogspot.com/

# on Mar.13.2008 AT 04:37 PM
11
urbanbruin writes:

The bi-polar coverage of downtown L.A. by the LA TIMES continues with this new addition.

"With luxury lofts, swanky retailers and an intoxicatingly youthful vibe, downtown's industrial district is L.A.'s newest rising star." http://www.latimes.com/classified/realestate/la-me-industrial19apr19,0,144072.story

# on Apr.20.2008 AT 01:04 PM

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