Real Estate News Downtown Los Angeles and Nearby Communities
The new condos on the LA River are now more than 50% sold. #lariver #newhomes
There are 3 units remaining under $500,000 and 2 of those are facing the river near Downtown Los Angeles. Get on the New Homes Interest List or see how to compare new home purchase to resale at www.NewHomesLA.com.
The two new condo units priced at around $499,000 are expected to be sold quickly, likely within the next week or two. Over 50% sold means that the project is a success and the buyer can use nearly any lender because the home loan mortgage companies now recognize that the development is not likely to fail, and there is little or risk involved now that the condos have achieved triumphant progress.
Across the river, the other new development, single family homes and duplex houses on the north side of the Los Angeles River have sold out the first phase. The model home is now for sale, and the newest phase is expected to start selling sparkling newly built houses in the next few months with prices starting in the high $600,000s.
In addition to the relatively small number of traditional new condos and houses, the bulk of new homes in the area are the thousands of new construction high-rise condominium units for sale in the tower buildings that are popping up in Downtown’s newer South Park district.
The L.A. Loft Blog recently reported that some of the highrise buildings are uniquely positioned, while others are at risk as they may represent a potential glut due to the large number of cookie-cutter new-highrise developments with large numbers of units that the builders will need to try to sell in order to be profitable. Some modern condo owners such as those at nearby Evo, Luma and Elleven buildings have already started to panic, causing a softening of South Park modern loft prices, due to the coming throngs of brand new condo units for sale in the South Park district neighborhood of Downtown Los Angeles.
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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.