Downtown Los Angeles Real Estate Crash

Downtown Los Angeles property market continues downward trajectory as rents fall sharply.

REAL ESTATE NEWS | Blog Video

Urban home prices have been crashing for several years in big city downtown areas, while single family homes in the best, safest suburban neighborhoods have been rising. As many flee the largest cities due to virus panic, lockdown economic damage, and rising violent crime, DTLA investors, landlords and home owners bear the brunt of the depression. $500 to $1,000 discount offers are today common in DTLA rental apartment market, while some of the most beautiful lofts for lease have dropped asking rent prices by several hundred dollars per month. Small lofts in the Historic Core are sitting vacant for months while larger lofts in the Arts District are occupied near full price. The best luxury lofts have seen the lightest reductions in asking rent prices.

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The best luxury lofts see the lightest drops in asking rent prices.

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.

Grand Avenue Project by Frank Gehry Bodes Bright Future for Downtown Los Angeles

Gehry’s greatness has blessed a building and a blog.

A little-known blogger recently called Downtown LA’s newest hotel shopping center mega project a “monolith for a bleak future.” The independent arts journalist said that the immense multi-use high-rise hotel and retail complex has been under development for 16 years, but has yielded “few concrete results”. The blogger got it a bit backwards. While the Frank Gehry designed Grand Avenue Project has been one of the most thoroughly planned and re-planned commercial developments in history, the block-wide sky-high skyscraper has more recently been lauded for its rapid pace of physical construction. Competing mega-projects like OceanWide Plaza have languished in stagnation. | Blog Video

Innovative architect Frank Gehry describes miracles and the future.

The perfect accompaniment to the respectably innovative Gehry-designed Walt Disney Concert Hall across the street, new vibrant center of commerce and community in Downtown LA also complements the Broad Museum and other cultural landmarks that are its neighbors. The bearish blogger who panned the project was writing in the depth of virus panic, on the precipice of a dark winter. In contrast, the timing for The Grand Avenue shall end up much better than one might have expected. By the time the hotel and retail complex is fully launched around 2022, the world will have begun to grow weary of lockdown oppression and economic depression, and world travelers, movers and shakers will have a glimmer of hope, enthusiasm and vigor for greatness. Things may start slow once the deconstructivist development opens for business, but that brings an opportunity to gloat in its future of rags-to-riches growth to glory. If today’s bursting anticipation is any gauge, one of the world’s most renowned architects has touched a dream that shall turn to gold. Watch the fast pace of the actual construction, and see that Frank Gehry has delivered a skyrocketing erection to a once-impotent neighborhood. Gehry’s creative magic has charmed the infant giant. Mere mention of The Grand has caused the Loft Blog readership to instantly triple. While the 2020s crash of big city urban downtown neighborhoods may get worse before it gets better, the timeless treasure of Gehry’s prominent project shall stand tall, proud and prosperous.

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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The Grand symbolizes the onset of sunshine and promise of prosperity.

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.