REAL ESTATE NEWS
Another promising condominium has gone all rental — throwing in the towel on delivering a condo development project with units for sale, in favor of the more proven long term profit of rental income. While construction proceeds at a brisk pace, rental apartment management company Greystar has apparently been hired to manage 1133 S Hope St as a managed community of units for lease. It looks like the builder may have gotten nervous after hearing about other new construction condo towers not achieving projected sales volumes in Downtown Los Angeles recently.
This news comes just days after the LA Loft Blog reported that neighboring construction megaproject OceanWide Plaza has been stopped, and quietly put up for sale. #1133shopest #dtla #condos
Condos generally have a higher level of quality and finish than rentals. Other project that were built to be condos but launched instead as rentals include The Roosevelt Lofts and The Brockman Lofts.
Those who are looking to rent at 1133 S Hope St may contact Greystar for details, while those who want to buy at OceanWide Plaza might need to purchase the entire project for around $1 billion or so. | VIDEO
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
