Downtown Los Angeles is officially transitioning this year into a luxury neighborhood as the average condo list price hits $800,000.
The world is still learning about the true nature of Downtown L.A. real estate. During the 1920’s and 30’s, Downtown was a bustling bastion of commerce, arts and entertainment, with bountiful department store and countless theaters. From 1960 to 1990, the previously functioning Downtown fell into disrepair and decrepitude. With deindustrialization and declining population, abandoned buildings, high local unemployment, crime and huge homeless population, Downtown became a largely inhospitable city landscape. The wealthy and middle class moved away and largely stayed away.
Downtown has transformed. With the installation of the Metro rail system, adaptive re-use ordinance and other measures to promote transportation and enterprise, by 2005, Downtown L.A. had turned the corner, and was seeing rapid growth and improvement. Ten years later, after $15 billion in new private investment and public infrastructure, the area succeeded in metamorphosing into an exciting upscale neighborhood with a new, modern moniker of DTLA. Downtown is booming, first with historic and industrial loft conversion condominiums, and now with new pricey high-rise condos taking the lead in new listings for sale.
Today, the only new construction sites in Downtown are luxury high-rise condominium now for sale at the new residential tower under construction called Metropolis. The new buildings are designed to rival and surpass South Park’s Ritz-Carlton Residences, but with less hotel interference, and lower HOA dues. Also planned for the near future are two other new luxury highrise condominium projects on Grand Avenue, as well as Hope Street.
As Downtown transitions to an upscale luxury market, more and more homes are marketed as luxury properties. The once ordinary loft, a plain box with four walls, is now marketed as a very rare and special piece of prime real estate. Once outdated condos built in the 60’s or 80’s are now renovated, modernized and sold as luxury properties with premium views. The average condo in Downtown is now property advertised with slick presentations in the Wall Street Journal and Robb Report.
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