SPECIAL UPDATE: OceanWide Plaza has resumed construction. Details coming soon.
The L.A. Loft Blog previously reported that the tide may be going out for Oceanwide Plaza. We had received several unconfirmed reports that new luxury condominium high-rise project that recently broke ground is on hold with construction halted. The reports specified at the time that the developer or lender may be having second thoughts about the expected financial results. The developer has not released any details.
This sounds somewhat similar to what we saw just a few months ago when the owner of the Title Guarantee Building decided at the last minute to change their mind and keep renting the units instead of selling them.
The reasons are clear. Downtown apartment owner a making big profits from rentals and the billion dollar investor types predict that the rental dollar signs will continue to soar as many highly mobile urban professionals continue to pour into Downtown Los Angeles to lease homes while they check out the urban renaissance.
The big investors are betting billions that the influx of renters will continue, and that many renters who currently think that renting is cool will soon find themselves forced to keep renting as home prices grow faster than their ability to come up with the required down payment. The average rent in Downtown L.A. is now $2,500 per month.
Meanwhile, new luxury Downtown high-rise condo complex Metropolis construction is proceeding promptly on schedule with 7 cranes building all three phases almost simultaneously. Get Metropolis Los Angeles listings, details and photos at www.LosAngelesMetropolis.com
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