Tag: upscale

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OceanWide Plaza Downtown Los Angeles Resumes While Metropolis Rises Steadily

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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.

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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

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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DOWNTOWN GOES UPSCALE – MODERN LOFTS AND CONDOS SURPASS HOUSES IN VALUE

Downtown Los Angeles is officially transitioning this year into a luxury neighborhood as the average condo list price hits $800,000.

luxury-luxvt-robbThe world is still learning about the true nature of Downtown L.A. real estate. During the 1920’s and 30’s, Downtown was a bustling bastion of commerce, arts and entertainment, with bountiful department store and countless theaters.  From 1960 to 1990, the previously functioning Downtown fell into disrepair and decrepitude. With deindustrialization and declining population, abandoned buildings, high local unemployment, crime and huge homeless population, Downtown became a largely inhospitable city landscape. The wealthy and middle class moved away and largely stayed away.

Downtown has transformed. With the installation of the Metro rail system, adaptive re-use ordinance and other measures to promote transportation and enterprise, by 2005, Downtown L.A. had turned the corner, and was seeing rapid growth and improvement.  Ten years later, after $15 billion in new private investment and public infrastructure, the area succeeded in metamorphosing into an exciting upscale neighborhood with a new, modern moniker of DTLA. Downtown is booming, first with historic and industrial loft conversion condominiums, and now with new pricey high-rise condos taking the lead in new listings for sale.

Downtown Los Angeles Real Estate Sales Data

Average Listing Price (last 12 months)

AVERAGE LIST PRICE IN JUNE

Single Family Homes $426,182 Condos/Townhomes $792,837 Multi-family Homes $534,018

Today, the only new construction sites in Downtown are luxury high-rise condominium now for sale at the new residential tower under construction called Metropolis.  The new buildings are designed to rival and surpass South Park’s Ritz-Carlton Residences, but with less hotel interference, and lower HOA dues. Also planned for the near future are two other new luxury highrise condominium projects on Grand Avenue, as well as Hope Street.

luxury-property-presentAs Downtown transitions to an upscale luxury market, more and more homes are marketed as luxury properties. The once ordinary loft, a plain box with four walls, is now marketed as a very rare and special piece of prime real estate.  Once outdated condos built in the 60’s or 80’s are now renovated, modernized and sold as luxury properties with premium views. The average condo in Downtown is now property advertised with slick presentations in the Wall Street Journal and Robb Report.

Get the best deal by seeing what’s not on the internet. Get upscale lofts pocket listings free.  Fill out my online form.

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Copyright © 2015 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 necessarily associated with the home owner’s association, seller 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.