What’s happening in Downtown Los Angeles real estate? #dtla
What are People Thinking and Doing? Are builders going bust? Loft and condo buyers, sellers, landlords and renters – Here’s what are they are really up to. Historic lofts with property tax benefits continue to dominate Downtown L.A. real estate. Renters are the most active in numbers looking for a place in DTLA. Live-work industrial condos are all the rage as would-be urbanites learn how to distinguish a small loft from a studio apartment. Alta lofts meets many a budget as two large lofts come up for sale, including the lowest price on a sprawling 1,700 sq ft 2-story unit.
The biggest news is the mixed real estate market. The median condo price is down 1.65% while the average loft price is actually higher. Oceanwide Plaza appears to be stalled while most other projects are making great progress.
OCEANWIDE PLAZA NEWS
As we observed the Oceanwide Plaza construction sight today, we could see no construction workers on the property. Also, the cranes were not moving at all from what we could observe. In February, the L.A. Loft Blog reported that the mega-project was stalled, but the developer promised to have construction ramped up and running again within weeks. Five months later, we don’t see any progress. On what should be a productive Friday morning at 10:00 AM, we see nothing… not a single bit of activity at the site. This while neighboring projects proceed at a brisk page. Oceanwide’s expensive cranes sit idle while others in the area can be seen moving right along. A block away, 1133 S Hope St cranes are at work, wizzing and whirring.
While the U.S. property market shows a mixtures of booming and tapering, the Chinese economy is sputtering dramatically, succumbing to a dangerous level of downward pressure. After six months dominated by stagnation, the massive Oceanwide Plaza project might be presenting a rather sizable worry for DTLA real estate. The most likely culprit is China’s poorly covered-up economic doldrums leaking into Oceanwide. A recent scarcity in funds available to Chinese companies behind the project may be worsening as China’s overall economy could be presenting an ocean of anxiety for the developer and backers of the tremendous Plaza project.
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