New Homes Downtown Los Angeles – Metropolis and OceanWide Plaza in Oceans of Trouble?

Corey Chambers SoCal Home Real Estate Newsletter August 2019

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TODAY’S NEWS  —  Construction delays in Los Angeles are common and expected, but the delays are usually only days or weeks at a time, often stemming from the City of Los Angeles big bureaucracy and red tape. This delay is different.  For these two projects, China’s slide into money woes may lead to months, perhaps years of sluggish progress.  #oceanwide

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In an earlier L.A. Loft Blog post, we reported on the delays of the mammoth OceanWide Plaza condominium / hotel / shopping center project that appear to me more serious, and likely rooted in China’s overall economic downturn and resulting monetary problems for associated developers and builders.

Another new luxury tower is also affected: Further along in construction (with three of the four buildings already completed), the super-luxury Metropolis condo complex is also part of the same or similar lawsuit.  The U.S. economy is part of the problem.  Recently, the Metropolis developer has been holding the line, even reversing its planned price hikes, due to the cooling real estate market of Los Angeles.  #metropolis #construction #delay #lawsuit

Los Angeles real estate news websites TheRealDeal.com and ConstructionDive.com report that Webcor sues Greenland for millions in alleged unpaid fees.  In the suit, San Francisco-based Webcor says China-controlled company Greenland is in breach of contract for $9.8 million.

Major construction firm Webcor filed its claim in the form of a mechanic’s lien.  If Webcor is successful, then OceanWide will not be able to complete and sell it’s units without Webcor getting paid first. Check out Vernon Martin’s article with more details about OceanWide Plaza’s troubles:

Financial Trouble at Oceanwide Plaza and the Effect of Chinese Capital Controls on Certain North American Real Estate Markets

For today’s newhomes buyers, the good news is that there’s no need to take chances. Those who are considering purchasing one of these newer high-rise condos may reduce the risk by taking advantage of a Satisfaction Guarantee like the “Love Your Home” guarantee to ensure that they will be happy with their investment for years to come.  Details available at www.LoveYourHomeGuarantee.com.

Get a free list of luxury tower condos and other new homes under construction in Downtown Los Angeles.  Fill out the online form:

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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.

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Downtown Los Angeles 2 Bedroom 2 Bath with Panoramic Views

We’re getting ready to put a nice Bunker Hill Tower 2-bedroom on the MLS and major real estate websites, but wanted to let L.A. Loft Blog readers know about it first. Check out the dramatic views of the Downtown skyscrapers!
Property details and photos:  #dtla #2-bedroom #highrise
Panoramic views 2 bedroom, 2 bathroom corner unit 1,172 sq ft. Superbly renovated luxury condominium unit with custom finishes in the esteemed Bunker Hill Tower building. Floor-to-ceiling windows bring dramatic city views of Downtown Los Angeles skyline to Hollywood sign and Griffith Observatory. Updated wood flooring, modernized kitchen, stainless steel appliances, kitchen island, beautifully updated bathrooms, white granite countertops, master bath has glass shower door. 2 deeded covered parking. Building has gated guest parking, 24-hour security front desk concierge, 2 tennis courts, 2 fitness centers, resort style heated pool, hot tub spa, mens and women saunas, barbecue picnic area, rec rooms. Includes utilities: electricity, A/C, heat, water, cable TV, Internet. Walk to Disney Concert Hall, Center Theater Group, Civic Center, Broad Museum, Financial District, Grand Park, Restaurants, Metro Station.  Call Corey 213-880-9910.
Get a free list of high-rise condos with views, also get luxury lofts and upscale homes. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

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.