Tag: real estate market

REAL ESTATE NEWS (Los Angeles, CA) — There’s no better way to see the market and understand the value of lofts than learning exactly what was purchased in recent months. Here’s a list of amazing urban properties freshly snapped up in the latest urban condo LA transactions.

A Deep Dive into Mills Act Lofts Recently Sold in Los Angeles

The urban fabric of Los Angeles is a rich tapestry of history and modernity. Among its many threads are the beloved Mills Act Lofts, a testament to the city’s commitment to preserving its architectural heritage while making space for contemporary living. The Mills Act, a legislation in California, offers property owners significant tax breaks for rehabilitating and preserving their historic properties. And in the heart of Los Angeles, the lofts under this act have been in high demand.

The recent sales of Mills Act properties in Los Angeles provide a fascinating glimpse into the state of the urban condo market. These transactions illuminate not only the appeal of these properties but also their value in today’s real estate landscape. Let’s dive into the data.

Market Overview

Between July 15, 2023, and August 14, 2023, several Mills Act properties were snapped up in the Los Angeles region, showcasing a variety of styles, sizes, and price points. Notably:

• The selling prices (SP) for these properties ranged from $525,000 to a whopping $2,277,000.
• The list prices (LP) per square foot varied from $526.82 to a stunning $1,188.71, highlighting the diverse offerings and potential returns on investment.
• Almost all properties offered a single bathroom, with a few upscale ones boasting three baths.
• Despite their urban location, many of these properties also presented significant square footage, with some even extending beyond 2000 sq ft.

Property Highlights

Let’s delve into some of the standout properties:

849 S Broadway #101: Sold for $525,000, this property was initially listed for $549,000. With an LP of $616.85 per square foot, it covers an area of 890 sq ft. This property’s location and size make it a prime example of the affordability and value one can find in LA’s urban center.

Discovering the Gem: The Recently Sold Unit at Eastern Columbia Lofts, Downtown L.A.

Nestled in the heart of Downtown Los Angeles lies a property rich with history, aesthetic charm, and modern comforts: 849 S Broadway #101. Recently sold, this unique residence stands as a testament to the fusion of historical grandeur with contemporary luxury.

The Unit: A Modern Marvel within a Historic Framework

849 S Broadway #101 isn’t just any residence—it’s a journey through time. Sporting an expansive 890 sqft area, the spacious loft layout accentuates 12-foot ceilings and a walled-off bedroom that boasts two spacious walk-in closets. The kitchen—a modern chef’s dream—comes equipped with stone countertops, top-tier cabinets, and stainless appliances. The most stunning feature of this unit is its large private gated patio, a rarity in the bustling heart of the city.

But the real treasure lies in the details. Imagine living in a residence where luxury meets history. A building that is not only a comfortable abode but also a recognized historic monument. The property benefits from the MILLS ACT contract, which generously cuts down the annual property tax for its lucky owners by up to 50-70%. Now, that’s luxury with benefits!

A New Chapter in a Storied Tale

849 S Broadway #101 is not just a residence; it’s a piece of Los Angeles’s rich tapestry. As its new owners embark on their journey, they become a part of the enduring legacy of the Eastern Columbia Building—a story that beautifully interweaves the past, present, and future.

For those inspired by this tale, remember, the Eastern Columbia Lofts still have more stories to tell. With units regularly up for sale or lease, perhaps the next chapter could be yours.

Eastern Columbia Building: Art Deco Meets Modern Living

The Eastern Columbia Building itself is a 13-story art deco marvel. Originally established in 1930, its turquoise terra cotta and gold leaf exterior is an enduring symbol of opulence from a bygone era. It represents the zenith of the Art Deco era’s zig zag moderne style. The building’s exterior, adorned with sunburst patterns, geometric shapes, and neon-emblazoned clock tower, screams grandeur.

Inside, each of the 147 loft condominiums reflects a harmonious blend of the building’s original character and modern design aesthetics. Thanks to the creative genius of internationally acclaimed Kelly Wearstler Interior Design and the adept architectural conversion by Killefer Flammang Architects, residents experience the best of both worlds.

From the rooftop leisure terrace, which features a fitness center, sun deck, pool, and spa, to the meticulously landscaped ground level courtyard, every corner of the Eastern Columbia Building breathes sophistication. #easterncolumbialofts #easterncolumbia #easterncolumbiabuilding #lofts #dtla #849sbroadway

855 S Serrano Ave #23A: A more upscale option, this property spans a vast 2610 sq ft, making it one of the largest in this list. It sold for $1,290,000 and has three baths, emphasizing the luxury it offers in the heart of LA.

6221 Del Valle Dr: Listed for $2,400,000 and selling at $2,277,000, this loft represents the higher end of the Mills Act market. With a list price of $1,188.71 per sq ft, it boasts 2019 sq ft of space and three baths.

RECENTLY SOLD MILLS ACT PROPERTIES | REQUEST MORE INFORMATION

What Does This Mean for Potential Buyers?

For those looking to invest in a piece of LA’s architectural history and tap into the benefits of the Mills Act:

• Diverse Pricing: There’s a range of price points, meaning both first-time buyers and luxury seekers have options.
• Value for Money: With many properties offering significant square footage, buyers are not only investing in history but also getting spacious urban living.
• Tax Benefits: Beyond the intrinsic value of these properties, the Mills Act offers substantial tax breaks, making them an attractive proposition for investors.

The Neighborhood: An Eclectic Fusion of Past and Present

Located in the Historic Core of Downtown L.A., the Eastern Columbia Lofts are surrounded by a neighborhood that is as rich in history as the building itself. The streets echo tales of a vibrant past, with the lofty Victorian, Beaux Arts, and Art Deco buildings standing tall as symbols of urban history and culture.

Residents are spoilt for choice with a myriad of modern amenities just blocks away—be it art galleries, luxury hotels, or the bustling Fashion District. With establishments like the Apple Flagship Store, Whole Foods, and Crypto.com Area just a stone’s throw away, there’s never a dull moment.

The recent sales of Mills Act lofts in Los Angeles underline the enduring appeal of these properties. Blending the charm of yesteryears with the conveniences of modern urban living, they represent a unique investment opportunity in LA’s bustling real estate market. Whether you’re a history aficionado, a savvy investor, or someone seeking a distinctive urban dwelling, the Mills Act properties offer something for everyone. As the city continues to evolve, these lofts stand as a testament to its rich architectural tapestry.

Special thanks to the Corey Chambers Team, whose dedication ensures that such historic properties find their rightful owners, and whose philanthropic spirit ensures a brighter future for the children at the Children’s Hospital Los Angeles.

Find out how much your neighbor’s loft sold for. Get a free list of recently sold condos or houses Downtown or any neighborhood. You’re also receive a list of currently active nearby properties. Fill out the online form:

  

  

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 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 on the publish date, but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.