To Buyers: What Not to Do in a Sellers' Market

Some sad situations that buyers get themselves in today's seller's market: Bidding 10% below asking on a well priced loft at the Eastern Columbia building? Good luck with that. Asking  the seller to patch up a couple of nail holes on the wall and repaint the place when the property is a short sale? Laughable. Waiting until the last minute to get a preapproval on a loft at Barker Block? Silly. Know the market, know the buildings, know how to navigate and work the process, or get an agent who does, otherwise you just might lose out on the property.

SOLD - Stunning Views for Miles, Huge Private Balcony - EVO #810

This beautiful loft has stunning views towards the west of twinkling lights, LA Live, and downtown. The loft has an open floorplan with a sleek galley kitchen and bar/counter that's great for entertaining, huge floor to ceiling windows that open out to the balcony, a separated bedroom area, oversized bathroom, and even an ample sized laundry and storage room. Located in the beautiful LEED Certified EVO building, amenities include an infinity pool with views from the pool deck, rooftop gym, rooftop lounge, BBQ deck, doorman, front desk concierge, in building parking and more. Located in the heart of South Park where you can walk to The Bloc, Staples Center Fig & 7th, LA Live, Ralphs, Ace Hotel, FIDM and more. Asking $629k. Email me to schedule a viewing.

Courtesy of Yuri Huxley, Town Square Real Estate

L.A. Rents Will Continue to Rise in 2015 and 2016

Unless you are renting for a ridiculously priced, nicely maintained property in a great location that is under rent control, it's not easy to be a renter these days. From Venice to Mid City to Highland Park and Downtown, rents have been steadily increasing and are expected to keep rising in 2015, and up to 8.2% by 2016, according to the USC Casden Multifamily Forecast.


This tells us that it's good to be a landlord. And downtown has no rent control on most of its buildings, which makes it even more appealing. Explains why so many people have investment properties in DTLA--the renters are essentially paying for their landlord's mortgage.

DTLA props under 300k...

Back in 2012, and even the early part of 2013, you were still able to find several lofts for under $300k. Sure they were small, mostly in buildings without parking or amenities, but they were out there. Present day, there are just 2. One is in a building with lending issues, and the other is TINY and borders skid row. You'll have to venture to the surrounding areas or up your budget. It seems that $400k is the new $300k. Next year, prices are expected to continue to rise.

SOLD - Immaculate Loft Overlooking Spring St. Park - El Dorado #1106

Charlie Chaplin once lived at the El Dorado. How's that for old Hollywood pedigree? Originally a hotel built in 1914, the building has been beautifully remodeled for discerning residents, and is conveniently located on Gallery Row in the Old Bank District, next door to Spring Street Park. Currently available is an immaculate 1176sf loft with concrete walls, Snaidero cabinetry, Bosch appliances, private balcony, 2 baths. Offered at $679k.

Courtesy of Jeremy McGinnis, Kobeissi

SOLD - Beautiful South-Facing Loft - Eastern Columbia #1005

This is a spacious south facing unit in the Art Deco Eastern Columbia building, developed by The Kor Group. The unit features beautiful banks of windows, polished concrete floors lots of sunlight from the east. Comes with 1 parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Walkable to Spring Street, Ace Hotel, Umami, Figaro, Alma, Pellicola, Sparkle Factory, Grand Central Market, and more. Listed for $699k with 1120sf of space. This building is also Mills Act approved.

CANCELLED - Massive Corner Industrial Loft - Molino Lofts #215

True live/work loft for sale in the Molino Lofts building. Designed by The KOR Group, the building boasts a rooftop pool, gym, sundeck, and parking. The stunning corner loft features more than 2600sf of space. Hardwood floors throughout and the best part is a private balcony overlooking the 4th Street bridge. Comes with 1 assigned parking space. Asking $1,088,000.

SOLD - Post and Beam Warehouse Loft - Barker Block #335

True live/work loft for lease in the Barker Block building with over 1600sf of living space. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning oversized loft features original wood beams, beautiful hardwood floors, and numerous upgrades. Includes one assigned parking space. Listed at $935k. 

SOLD - Upgraded Industrial Loft in Arts District - Barker Block #242

True live/work loft in the Barker Block building with an unusual wide floorplan featuring 1090sf of living space and appliances by Miele. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. Walk to Arts District Flea, Little Tokyo, Wurstkuche, Piehole, SciARC, Bestia, Church & State, Daily Dose, and more The stunning loft has 1 bathroom1 and 1 assigned parking space. Listed at $649,000. 

SOLD - Penthouse Loft with Sunset Views to the West - Barker Block #505

True live/work penthouse loft in the Barker Block building with views of beautiful sunsets. This west facing loft features 1310 sf of living space, making it one of the more spacious lofts in the building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning loft has beautiful polished concrete floors, 1 bathroom1 and 1 assigned parking spaces. Listed at $799,000. 

Pros & Cons of Buying During the Holidays

Do I wait til 2015 or do I take the plunge now? Some pros and cons to buying at this time of year. Surprisingly, it's mostly pros.

PROS

• Less competition with other buyers because many will wait until next year
• Interest rates are slated to increase in 2015
• Close before December 31, and get awesome tax breaks in time for 2014 taxes
• Spot things you might not otherwise see such as leaks due to rain
• Get deals on properties that have been sitting on the market
• Sellers can get desperate if they want to close before the end of the year

CONS

• Less inventory than say, spring or summer
• Properties may not initially look as good if the weather is drab or raining

SOLD - Immaculate Open Plan Industrial Loft - Barker Block #246

True live/work loft for lease in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition breezeway. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The open floorplan loft features a mix of concrete walls, dark hardwood floors exposed wood beams, open space kitchen and living area. Listed at $565k for 980 sf of livable, workable space. Includes 1 assigned parking space. Walk to Stumptown, Urth, Zinc, Blue Bottle, Wurstkuche, Little Tokyo, Pie Hole, Bestia, Church & State, Little Bear and more.

DTLA Properties Under 500k

First-time buyers to DTLA are often wanting to "try out" the area with an investment property first. Here are available condos/lofts under the 500k range. With rental prices averaging about $2.75 and up per square foot, you can have a tenant pay for your property if you've got 25-30% to put down on a 30yr fixed. And this includes prop taxes and HOAs.

Douglas Lofts - 700sf - $465k - (Front desk security, 1 assigned covered parking space)
El Dorado Lofts - 848sf - $478k - (Front desk security)
Mura Condos - 810sf - $499k - (2 assigned parking spaces, storage unit, pool, gym, concierge, BBQ)
1100 Wilshire - 670sf - 499k -  (2 assigned parking spaces, pool, gym, concierge, media room, BBQ)
Market Lofts - 754sf - $469,900 -  (1 assigned parking space, pool, gym, concierge, media room)
Higgins Lofts - 750sf - $430k -  (rooftop deck)
EVO Condos - 750sf - 495k - (1 assigned parking space, pool, gym, lounge, concierge, BBQ)

2015 Housing Forecast

According to Freddie Mac economists, the following projections in housing for 2015

1. Mortgage rates: Interest rates will likely be on the rise next year. By next year, Freddie projects mortgage rates to average 4.6 percent and inch up to 5 percent by the end of the year.
2. Home prices: Continued house-price appreciation and rising mortgage rates will dampen affordability for home buyers. Historically speaking, that's moving from 'very high' levels of affordability to 'high' levels of affordability.
3. Housing starts: Homebuilding is expected to ramp up in the new year, projected to rise by 20 percent from this year. That will likely help total home sales to climb by about 5 percent, reaching the best sales pace in eight years.
4. Single-family originations: Mortgage originations of single-family homes will likely slip by an additional 8 percent, which can be attributed to a steep drop in refinancing volume. Refinancings are expected to make up only 23 percent of originations in 2015; they had been making up more than half in recent years.
5. Multi-family mortgage originations: Mortgage originations for the multi-family sector have surged about 60 percent between 2011 and 2014. Increases are expected to continue in 2015, projected to rise about 14 percent.

Where Are the Grocery Stores in Downtown?

A common question from those who aren't familiar with DTLA. Here are just some of the grocery stores and food purveyors to choose from, nearly all within walking distance of each other.

1. Ralphs
2. Urban Radish (Locally grown veggies)
3. Om Nom Organics
4. Two Bits (Yummy cheeses!)
5. Instacart (They deliver from Whole Foods, Fresh & Easy, Super King, Ralphs!)
6. Belcampo Meats
7. DTLA Cheese at Grand Central Market
8. Woori Market
9. Marukai
10. Old Bank District Market
11. Jason's (Sodas, snacks)
12. Joe's Downtown Market
13. Nijiya Market
14. John & Pat's Promenade Market
15. Smart & Final
16. La Casa Verde at Grand Central Market
17. Sun's Produce at Grand Central Market
18. Torres Produce at Grand Central Market
19. Historic Core Farmers Market (Sundays 9am-2pm)
20. Arts District Farmers Market (Thursdays 5-9pm)
21. Buzz (Nice wine selection)

SOLD - Back on the market for under 300k! Little Tokyo Loft #407

Little Tokyo Lofts are a wonderful warehouse loft community, which also happens to border skid row. This is the main reason for the lower than average price per sf that this building consistently maintains. Regardless, values have steadily gone up in the building since 2009. The area, like many other areas of downtown, are getting cleaned up. The women's shelter nearby just opened a coffee shop/vintage shop/handcrafted goods shop, and this is only the beginning. Loft #407 which went into escrow fairly quickly, is now back on the market. Price has been lowered to $279k. 610sf of space, huge original casement window with views of mountains to the north and the skyline to the west, 1 assigned gated parking space, and amenities include a courtyard lounge, swimming pool, BBQ, dog run and gym. Plus you're a 5-min walk to Grand Central Market, Grand Park, Little Tokyo.

SOLD - Spring St Historic Pied a Terre Loft - El Dorado #707

Beautiful loft in the historic El Dorado building located in the Historic Core. Once the home of Charlie Chaplin, you can now view Spring Street and Spring Street Park from your private balcony. The south facing loft has been meticulously modernized with sleek hardwood flooring, Snaidero cabinetry in the kitchen, and exposed concrete touches. Walk to the Art Walk, Bar Ama, Springtime in New York, Skingraft, Baco Mercat, Grand Central Market, and many more. Parking is available for an additional fee. This is a Mills Act Building which provides significant property tax savings. 1 beds, 1 bath, 740sf. Offered at $505k.

 Courtesy of Agnes Ferreyra, John Aaroe Group

Go Ahead, Raise the Rent

Landlords out there, you know that many of the buildings in DTLA are free of rent control, right? Just wanted to make sure. Buildings that were converted into condominiums are not subject to rent control laws. This is one of the reasons why those who are looking to buy an investment property love downtown. For in-depth information on rent control: http://lahd.lacity.org/lahdinternet/rentstabilization/tabid/247/default.aspx

DTLA Has a Long Way to Go

This sounds unlike what I normally say. But I mean it in the best way. When I started buying properties in DTLA a few years ago, there was only a fraction of the development and places to go...there's more than triple of that now, with lots more in the pipeline. In my opinion, downtown is only about 15% at its potential. Buying now is getting in early. Just ask someone from San Francisco or NYC why they're buying here instead of in Brooklyn or The Mission.

DTLA Wishlist

I conducted an informal poll of downtown residents (i.e. friends and clients), asking them what they'd like to see coming to the neighborhood. Here are the majority of responses:

1. Trader Joes (already happening, FYI)

2. Whole Foods (already happening, FYI)

3. More parks and/or parklets

4. More breakfast options

5. More housing and facilities for Skid Row homeless

6. Independent movie theater (already happening--Alamo Drafthouse)

7. More taxis with taxi ramps

8. Schools

9. Post offices with weekend opening hours

10. More ATMs

SOLD - Huge Banks of Windows in Mills Act Building - Rowan #1105

Beautiful, airy loft at the lovely Rowan Building on bustling Spring Street. The beautiful, spacious restored loft features 2 bedroom and 2 baths, one of the larger floorplans in the building. The west-facing unit features view of the Spring street park and views to the west. Located in the heart of the historic core, the unit is also blessed with original oversized double hung windows, wood floors and an entertainer's kitchen. Features an open plan with a partially walled off bedroom and a second bedroom area that can be used as an office, guest room, etc. The loft is 1260sf and the asking price is now $750k. Parking available in the adjacent building for a fee. The Rowan is a Mills Act designated building which can help save on property taxes.

SOLD - Windows Windows Windows - Barker Block #455

Nearly 40 feet of windows in this lovely, spacious loft facing south in the live/work Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. This loft features 1140 sf of space and upgraded finishes throughout and 2 bathrooms, a rarity for this floorplan. Listed at $695,000. Walkable businesses include Bestia, Stumptown Coffee, Wurstkuche, Urban Radish, Zinc, and many. Includes 1 assigned parking space.

SOLD - Arts District Loft with Skyline Views - Barker Block #413

True live/work loft for sale in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. This warehouse loft is located on the northern end of Barker Block, and features more than 1300 sf of space and upgraded finishes throughout. Beautiful skyline views of downtown from the oversized windows. Listed at $795,000 for 1310 sf of livable, workable space. Walkable businesses include Bestia, Stumptown Coffee, Wurstkuche, Urban Radish, Zinc, and many. Includes 1 assigned parking space.

2015 Median Prices Expected to Rise 5.8%

According to the California Association of Realtors (C.A.R.), the housing median price is anticipated to increase by 5.8% in 2015. From 2013 to 2014, there was an increase of 11.8%, and DTLA was overall higher than the state average.

Spacious Arts District Industrial Loft with Luxe Touches - Barker Block #333

True live/work loft for sale in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The spacious warehouse loft features more than 1700 sf of space and upgraded finishes and hardware throughout. Huge original wood post and beams, white oak wood floors, 2 bedroom or office areas, open space kitchen and living area. Listed at $1,050,000 for 1720 sf of livable, workable space. Walkable businesses include Bestia, Stumptown Coffee, Wurstkuche, Urban Radish, Zinc, and many. Includes 2 assigned parking spaces.

What's Up With All the Units at Bartlett? - #308, #309, #312, #509, #610, #803, #811

I've been flooded with questions about the Bartlett Lofts located at 215 W. 7th Street. Great building, historic pedigree, amazing central location between the historic core and the Financial & Jewelry Districts, anticipated to become a Mills Act building one day, etc. Basically, lots going for the building, but why so many units on the market?

A few reasons. Sales have picked up at the Bartlett this year, and sold prices have increased, which means that owners are happy to sell for a profit, which is why there are suddenly several units--7 to be exact--on the market right now.

The building has front desk security, beautiful rooftop with amazing 360 views, and a lot of the original historic charm intact. Think high ceilings and large windows. The only drawback is that the building does not have parking. This is a turnoff for some buyers.

Lastly, this is a slow time (Fall/Winter) to sell condos and lofts, meaning things tend to sit on the market for 30-45 days on average.

But as I've mentioned before, deals can be scooped up when the market has slowed down. There's always an upside to real estate, as Warren Buffet used to say.

Metropolis - The Numbers Are Out

Those of you who are privy to the highly anticipated Metropolis development have been inquiring about pricing, and rightly so. But pricing wasn't available until now. With floorplans and features being solidified as we speak, these are luxury condos are expected to rival the Residences at the Ritz Carlton, but with even more amenities according to inside sources.

Prices for the first phase will begin in the low $500s and go up to around $3MM for the penthouses. Even though there's still time until completion (ETA is 2016!), the interest has been through the roof with hundreds on the waitlist, deposits and all. Waitlisters get first dibs on the floorplan/unit among other perks, and of course the deposit is refundable if you don't move forward. Send me an email if you'd like to get on the waitlist or to find out more about the Metropolis: yuri@sartparker.com.

Inventory Low in Downtown, Driving Prices Up in Nearby Areas

Inventory has been low in downtown for some time now. 2013 was when the momentum picked up from a lull and people started buying again, which has been keeping inventory low, especially in highly desirable buildings. As you can guess, in the less than desirable buildings, things have been sitting longer. Various reason for this, which I can go over with you another time.

But the overall effect is that inventory has remained low in downtown and has thus driven prices up. In fact, a couple of my clients with a budget who've had their hearts set on DTLA have been outbid and are now looking into the surrounding areas, which are incidentally on everyone's radar too. Namely, NELA, which covers Highland Park, Mt. Washington, Montecito Heights and others. While it's a Gold Line ride away from downtown, you can get more square footage for the price in NELA. With downtown prices at over $550/sf on average, NELA is still about about $465/sf on average.

The Thing About Pricing to Sell...

We're approaching a slow time in downtown. Holidays are near, people are resolving to look again next year, and inventory is low. This also means that properties are sitting on the market longer. And when properties sit, it doesn't look good. Which is when price drops happen. And that gives buyers hope that prices can be dropped even further. Moral of the story if you're putting your place on the market? Know the cycles of real estate, and price accordingly.

Why Prices Are Keeping Steady in Downtown

For those of you who've been keeping up with the happenings in downtown, you'll know that the market has been hot. While some units are selling about 1-3% below asking, many are selling for at or over asking. This is because the development in downtown has been nonstop since the crash in 2008. Savvy investors are transforming the neighborhood and residents and visitors are coming by the droves. This is just a glimpse of what's to come to DTLA in the next couple of years, and this isn't including all of the wonderful new eateries, cafes and boutiques that are opening literally every week:

1. Whole Foods

2. Complete transformation of The Bloc shopping center

3. Empire Hotel

4. Case Hotel

5. Trader Joes

6. Broad Museum

7. One Santa Fe Arts Theater and Shopping Complex

8. 1st & Broadway Park

9. Wilshire Grand

10. Metropolis

11. Alamo Draft House Theater

12. Freehand Hotel

Median Price from Sep 2013 vs Sept 2014

Stats are out: The median home price in California was $428,290 back in September 2013. The median home price in September 2014 was $460,940. That's a 7.6 percent increase. And need I say again that interest rates are at an unprecedented low?

Mortgage Rates Dropped to Below 4%

For the first time since June 2013, 30-year mortgage rates are at the lowest. 3.92%. Now is the time to borrow.

SOLD - Beautiful Artist Loft in Esteemed Mills Act Building - Biscuit Lofts #305

The jewel of the Arts District is Biscuit Company Lofts. This unique loft features 1112 square feet of open plan space. Stainless, modern kitchen, 16 foot ceilings, original windows and brick details are just some of the features in this historic loft. Once the famed Nabisco building, it also has the coveted Mills Act distinction and amenities include a fitness center, lap pool with outdoor deck area, 24-hour concierge and security. Walkable to Urban Radish local grocer, Church and State bistro, Pour Haus wine bar, Daily Dose coffee, Stumptown Coffee, Blue Bottle Coffee, Bestia, Little Bear, Urth Cafe, Bread Lounge and more. 1 bed, 1 bath, 1112sf. No parking included. Offered at $679k.

SOLD - Spacious Arts District Top Floor Loft - Molino Lofts #306

True live/work loft for sale in the Molino Lofts building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym, a sun deck, gym and gated parking. The stunning top floor loft features more than 1800sf of space and vaulted ceilings where the highest point is about 22' tall. Amazing space with wood beams, hard wood floors, fire escape balcony, and an open, airy layout. Comes with 1 assigned parking space. Asking $935,000.

SOLD - Industrial Warehouse Loft with Views - Toy Factory #620

Amazing spacious loft with high ceilings and polished concrete floors in the heart of the Arts District. This stylish live/work loft features endless upgrades that include custom-built room dividers, lighting, custom-built closet and more. Expansive southerly views from the oversized windows. The unit also features 1 in-building parking space. The building boasts a rooftop pool and spa--both with views for miles, lower rooftop courtyard and a full gym, as well as front desk security. Located across the street from Church & State, Daily Dose, Pour Haus, Little Bear, Urban Radish, and just a couple blocks from Bestia and Handsome Coffee, Urth Cafe. This pristine loft is listed at $598k for 1039sf of space. Has 1 bath.

For DTLA Homeowners Considering Selling: What Are Buyers Looking For?

Despite low inventory, buyers expect a lot for their money. If you're considering selling your place, the asking price should take these buyer requests into consideration. In my experience working in downtown, these are the things buyers are looking for, in order of importance. If you're planning on buying a condo, then these things should also be taken into consideration as they may impact the price when you re-sell the place.

1. Lots of natural light
2. Higher floor in the building
3. Views of the skyline, city lights, and/or mountains
4. Parking included (whether assigned or deeded)
5. Walkable and safe
6. Low HOA dues
7. Outdoor amenities such as a pool, deck or garden, or gym
8. Private outdoor space such as a patio or balcony
9. Front desk security/doorman/package service
10. In-unit washer & dryer

Call or email me for a free opinion of value. yuri@sartparker.com or 310-869-2655.

SOLD - Light-Filled Corner Loft - Rowan #518

Beautiful, airy corner loft at the lovely Rowan Building on bustling Spring Street. Beautiful, spacious restored loft in the heart of the historic core boasts lovely city views through its original oversized windows, wood floors and an entertainer's kitchen. Features an open plan with a partially walled off bedroom. The loft is 720sf and the asking price is $470k. Parking available in the adjacent building for a fee. The Rowan is a Mills Act designated building.

SOLD - North Facing Industrial Loft with Pool, Gym & Doorman - Toy Factory #413

Gorgeous loft with 11" ceilings, walls and floors of concrete in the heart of the Arts District. This live/work loft has original warehouse bones and huge windows that face north and towards the downtown skyline. The loft is spacious at over 1200sf. The building boasts a rooftop deck and pool, open air lounge deck, gym, doorman, and in-building parking. Located across the street from Church & State, Daily Dose, Pour Haus, Little Bear, Urban Radish, and just a couple blocks from Bestia and Blue Bottle Coffee, Urth Cafe, Zinc, Stumptown, Bread Lounge and more. Asking $625k for 1239sf of space. Has 1 bath and 1 covered, in-building parking space.

New Yorkers Investing in DTLA

$4.4 billion. That's the number of dollars New York investors spent on buying up real estate in our humble downtown since 2012. While DTLA has seen tons of change in recent years, it still has so much potential for growth that savvy investors are snatching up properties while they're still affordable. Investment since 2012 is up 23%.

According to Greg Vilkin of Related Cos., "Firms from New York show up and say, wow, I see the potential I saw in Hell's Kitchen a decade ago. I watched TriBeCa, and the High Line, and I see what's going to happen." Either get in while it's still early or pay the price once everything hits peak.

WITHDRAWN - Massive Industrial Live/Work Loft in Arts District - Molino Loft #217

True live/work loft for lease in the Molino building. Designed by The KOR Group, the building boasts a lovely rooftop pool, sundeck, gym, and in-building parking. The stunning oversized loft features nearly 3000sf of space, immaculate wood floors, upgraded appliances, built-in closets, separated rooms, and 1 assigned parking space. 2190sf of space. Asking $1,200,000. Low HOAs at only $574/mo. 

Courtesy of Ted Trentman, Realty Source

Rents in So Cal Going Up and Up

According to USC's Lusk Center, rents in So Cal will steadily climb for the next two years. Expected rises will be around 8%--this is usually means metro areas of LA, the OC and San Diego will go up even higher than 8%. If you're in a rent control area, you can either stay put or buy an investment. If you're planning on renting, get locked in now before things go up. If you're planning on renting out your home, you're in luck!

SOLD - Historic Corner Loft with Brick Details - Rowan #601

The Rowan Building is a classic Beaux-Arts architectural gem. True old-Hollywood styling with original brick and terracotta, and original Italian Carrara marble floors throughout common areas. This loft features a custom built storage and wall unit, Italian Scavolini kitchen, Miele subzero style refrigerator, Miele dishwasher, Toto finished bathroom, and oversized mahogany framed windows offering natural light & cityscape views. Best of all, this is a Mills Act building for significant property tax savings. Amenities include lounge room, garden, BBQ & spa. Walking distance to Gallery Row, Metro Red line, Grand Central Market, Bar Ama, Kazunori, Spring for Coffee, The Must, etc. 720sf of space, parking available in adjacent building. Asking $490k.

CANCELED - Investment at Eastern Columbia - Eastern Columbia #203

The Eastern Columbia building is one of the most adored buildings in downtown. It's located on one of the hottest intersections in DTLA. Within the past year, it has gained neighbors such as The Ace Hotel, Acne, Aesop, Oak, Om Nom, 1810 and more. And this is just the tip of the iceberg, which should translate to even greater upside investment potential. The stunning 1930s art deco masterpiece features the iconic clock tower and bluish patina on the exterior, with a beautifully rehabbed interior by The KOR Group. Being one of the few, Mills Act-approved buildings, you'll also save on property taxes. This 2nd floor unit has 940 sf of space, has a great L-shaped layout and faces east and looks onto Broadway. Includes 1 parking space. Priced to sell quickly at $499,900.

Borrowing While It's Cheap

Record lows for mortgage rates--AGAIN. Just over 4% for a 30-year fixed rate. It's so cheap to borrow money--and with rents soaring in Los Angeles, prices expected to climb even further, it's a wonder why you'd want to rent at all. On top of that, property values have steadily risen since 2009. Remember, real estate over time always makes money in desirable metropolitan areas.

Walking in LA: DTLA is the Most Walkable Neighborhood

In so many ways, DTLA is changing the way we view Los Angeles. Sprawl isn't the only way of life. Nor is it all about getting in the car to grab a cup of coffee or to pick up groceries. And it doesn't have to be about commuting 25 miles each way to get to work. According to Walkscore.com, DTLA has a 93% walkscore, 99% transit score, and 69% bike score (and getting better all the time). This is pretty unusual for Los Angeles, but it shows that you CAN walk in L.A.

10-Minute walk to/from:

SOUTH PARK to: Expo Line, Red Line, Ralphs, The Bloc, Staples Center, LA Live, Figueroa Hotel, Restaurant Row

HISTORIC CORE to: Red Line, Pershing Square, Restaurant Row, Jewelry District, Ace Hotel, Grand Central Market

CITY HALL to: Grand Central Market, Little Tokyo, Gold Line, Bunker Hill, Grand Park

ARTS DISTRICT: Little Tokyo, Gold Line, Woori Market, Urth Cafe, Wurstkuche, Pie Hole, Umami, Grand Park

The Rush to Buy - 2 Reasons in DTLA

Pickings are slim in DTLA these days. The inventory hovers around 90 condos available for sale at any given time. And a small portion of that is senior citizen housing, so the number is actually less than 90. With such low supply, it's no wonder prices are as high as ever. This low inventory (fueled by tons of investors from NYC, SF, overseas) is one of the reasons buyers are snapping up the prime units (higher floor, corner unit, views, doorman, pool, patio, etc.). The second reason is rent control. Most buildings in DTLA (in fact nearly all) are not subject to rent control laws, meaning landlords can increase rents upon every lease renewal. Why do you think so many people have investments here?

SOLD OVER ASKING - Spacious Split Level Loft with Private Patio - Barker Block #126

True live/work corner loft in the Barker Block building with 2350sf of living space, making it one of the most spacious lofts in the building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning oversized loft features a unique split level floorplan and a private patio. Has original wood beams, beautiful hardwood floors, 2 bathrooms and 2 assigned parking spaces. Listed at $1.179MM. 

Buyer Confidence is Back

Despite it being a typically slow time of year, condo purchases haven't stopped. In fact, a significant percentage of lofts are now selling for asking price or higher. Of course there are properties that sell for below asking, but these tend to be properties that have funky layouts, dated kitchens and bathrooms, existing tenants, a terrible view, etc. Even then, they rarely go for too far below asking. Overall, home seekers and investors are feeling more confident about purchasing, and in downtown in particular. With interest rates still at historic lows and ever increasing rent prices, it's essentially more practical to buy, especially since your downpayment serves as instant equity. Something to think about.

Average Price Per SF of Condos/Coops in Major Areas

Average price/sf in Manhattan: $1363

Average price/sf in SF (City): $1262

Average price/sf in Santa Monica: $840

Average price/sf in Beverly Hills: $690

Average price/sf in DTLA: $546

Net Worth of Homeowners vs. Renters

According to a study by the Federal Reserve Survey of Consumer Finances, all other things being equal, "median homeowners had nearly $200,000 in net worth as compared to $5000 for renters."

Sidebar: Yes, we know that many homeowners were under water on their mortgage when the bubble burst in 2009. However, many of these same homeowners that held on for 4 years (yes, until 2013) saw their homes go right back to where they bought at the "height."

A successful landlord once said to me: "Paying a mortgage is like paying rent, except that you own the property and you can sell it for a profit once it appreciates, which it always does over time." 

The point is, whether you buy at the height or the bottom, if you hold on to property long enough, chances are, your home will have equity because over time, property values always go up. It's really that simple. I don't know anyone who hasn't thought to themselves, "I wish I had bought back then."

Sidebar: While buying property is one of the oldest, tried and true ways to wealth, you should do it smartly. This means putting 10-20% or more down--which I always advise my buyer clients. This helps provide instant equity.

Spacious Top Floor Loft with Vaulted Ceilings - Molino Lofts #306

Spacious, oversized unit at Molino Lofts. Original brick walls, vaulted ceilings over 14" in a true open plan loft layout. True live/work loft on the top floor designed by the KOR Group, the building boasts a lovely rooftop pool with views for miles, lounge deck and parking. Around the corner from Urth Cafe, Blue Bottle, Zinc, Wurstkuche, Urban Radish, Church & State. Loft is a particularly large floorplan with exposed beams, and more. Listed at $975k for 1810 sf of livable, workable space.

SOLD - Corner Warehouse Loft with Balcony - Toy Factory #519

Amazing spacious loft with 14" ceilings and polished concrete floors in the heart of the Arts District. This stylish live/work loft features endless upgrades that include custom-built room dividers , gourmet kitchen, custom-built closet and more. The unit also features a private balcony and 2 parking spaces. The building boasts a rooftop pool and gym--both with views for miles, lower rooftop courtyard and a full gym. Located across the street from Church & State, Daily Dose, Pour Haus, Little Bear, Urban Radish, and just a couple blocks from Bestia and Handsome Coffee. This pristine loft is listed at $819k for 1438sf of space. Has 1 bath.

10 Things About the Current State of Real Estate in DTLA

While this post is dedicated to DTLA, much of it applies to the overall Los Angeles housing market. 10 things to note:

1. Hard to believe that in 1984, average 30-year fixed mortgage rates were over 14%. Rates have since steadily declined, making it much cheaper to borrow money. While 2012 had some real historic lows (3.35!), 2014 is proving to still be super low at about 4.2% YTD.

2. For some buildings in DTLA, the prices have now reached above the height of 2007. Many of those who were under water are now able to sell, but these homeowners are optimistic and are waiting for prices to increase further before selling. With all the new walkable development happening, many homeowners who once had thoughts of selling are now asking themselves, why leave?

3. According to The MLS, the average rent in DTLA for a 1 bedroom was about $2100 in 2009. Average rent price in DTLA in 2014 was $2300 for a 1 bedroom. Higher than the average rent increases plus no rent control is why those who want to have cashflow-positive investments (including me) are buying in DTLA.

4.According to Downtown News, more than 5000 residential units are being built in DTLA in the next 5 years. Of them, less than 10% will be condos. The rest will be rentals. You can bet the demand for condos will continue to be very high in the coming years. And this means higher prices for condos.

5. According to the DCBID, currently there are more than 52,000 residents in DTLA, up 15% from 2011.

6. According to the DCBID, the average income of a DTLA household is $98,700/year. And you wonder why properties are getting really expensive--people with high incomes are buying and renting here.

7. There are more than 20 coffee shops now within a 1-mile radius from the center of DTLA. And most have opened doors in the past 2 years. We all know what that means.

8. The average price per sf in downtown in 2011 was approximately $347/sf. In 2014, it's $546/sf.

9. DTLA has the largest network of the public transportation in all of LA, thanks to the Union Station. The regional connector and the Streetcar will further enhance the accessibility and revitalization.

10. Clean tech incubator labs will soon be inhabiting a reused warehouse in the Arts District. The hope is that DTLA will be the future center of clean technology.

SOLD FOR DOUBLE THE ASKING - Unusual Opp for a Raw 1800sf Loft for $179k - Little Tokyo Lofts #106

This type of opportunity is rare in this market. This 1800sf mutlilevel loft is asking $179,000. The catch is that it's pretty raw. Forget about the drywall--I'm talking about plumbing, ducting work, and most likely electrical and potentially some foundation work. Inspections will tell. But at this price, this is a dream project for an architect's or anyone with a vision and some cash to make it happen. This will likely go over the asking price. Open house Wednesday 8/27 from 11-2pm.

Courtesy of Rhett Winchell of Kennedy Wilson

UPDATE: 40% RESERVED - Getting In Early on a New Development - Metropolis

Look around downtown and see if you can count the number of new construction sites. There's a lot. Among all the development, there are about 5000 residential units to come on the market in the next 2-5 years. Among them, only a fraction (not even 10%!) will be condos/lofts that you can purchase. The rest are slated to be rentals. Because of this low inventory of condo housing, developments such as the new phase of Barker Block and Beacon Lofts sold out within a couple of months. And despite the steady increase in value of condos in downtown since the crash, many homeowners aren't selling because they see this as just the beginning of where DTLA should be.

This is why it's so important to get in early on new developments. You not only have first dibs on the choice units in a building, but can often have the pick of the litter on upgrades, parking spaces and even get financing incentives. The latest project underway is Metropolis, which is a luxury highrise condo/hotel/retail complex that will change the skyline of downtown. Units will range from 510sf studios to 2600sf split level Penthouses. Pricing TBD. Early registration is key, so email me if you'd like to get on the list for advance information. Some renderings below, and the site where grading is well in the works.

DTLA EVENT ALERT - Grand Central Market + KCRW "Good Food's Night Out"

If you haven't been to GCM lately, you REALLY need to stop by. In the past 6 months the beloved market has experienced a rush of new eateries, from Eggslut to McConnells Ice Cream, and now you can partake in a tasting event this Friday, August 22 from 7-10pm. KCRW's Evan Kleinman will be hosting and you can sample select special goodies from Wexler's Deli, Olio Wood Fire Pizzeria, Sticky Rice Thai Food, Horse Thief BBQ, DTLA Cheese and Valerie. Of course you'll have all the other food stalls to wander to as well. RSVP on Facebook here!

SOLD AT ASKING - Art Deco Corner Unit for Sale - Eastern Columbia #404

Newly available is spacious 1610sf Southeast facing unit in the Art Deco Eastern Columbia building, developed by The Kor Group. The unit features plenty of huge windows, polished concrete floors and views of Broadway. Comes with 1 assigned parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Walkable to Spring Street, Ace Hotel, Umami, Figaro, Alma, Pellicola, Sparkle Factory, Grand Central Market, and more. Priced to sell at an amazing price of $795k for 1610sf of space. This building is also Mills Act approved.

 Courtesy of Sharon Kobold, Weichert Realtors

SOLD - Huge Live/Work Corner Warehouse Loft - Barker Block #256

True live/work corner loft in the Barker Block building with 1660sf of living space. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning oversized loft features original wood beams, beautiful hardwood floors, and fantastic Southwest views, 2 bathrooms and 2 assigned parking spaces. Listed at $968k. 

SOLD - Live/Work Pied a Terre in Arts District - Barker Block #554

True live/work loft for lease in the Barker Block building with 740sf of living space. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The open plan loft features original wood beams, beautiful hardwood floors, and easterly views for miles. Includes one assigned parking space. Listed at $554k. 

Where Are All the Artists Moving To?

This is a question that has been posed to me by several of my long-term investor clients. The once affordable Arts District now has properties that often sell for close to $1MM. You can hardly find a 1-bedroom 850sf studio for under $500k. Aside from perhaps the 9th & Broadway intersection, the Arts District has seen some of the quickest and most significant changes since the revitalization of DTLA as a whole. So where are the resident artists who can no longer afford the huge loft spaces moving to? Many are moving to Lincoln Heights, where you can still get random warehouse spaces for a fraction of what you'd pay just a few miles south. The Brewery, the largest arts colony in the world, is another exclusive compound for many artists. Another area that is being eyed is the pocket between the Arts District and the City of Vernon, where it's mostly warehouse structures, but no-man's land after 6pm. It's an interesting time to be witnessing the spread of what has begun in DTLA, and realizing that soon DTLA may become the center of it all, as it once was back in the day.

SOLD - 1300 sf Live Work Warehouse Loft - Barker Block #341

True live/work loft for lease in the Barker Block building with 1300sf of living space. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning oversized loft features original wood beams, beautiful hardwood floors, and fantastic westward views of the downtown skyline. Includes one assigned parking space. Listed at $668k.

SOLD - Industrial Penthouse Loft in the Heart of South Park - Flower Street Lofts #408

True live/work loft for lease in the legendary Flower Street Lofts building. Once a UPS shipping hub, the building boasts lush foliage and shaded areas that make it feel like you're in an oasis in the middle of the city. This stunning penthouse features skyline views, extra tall 14" ceilings and an open and airy layout with the bedroom in a separate nook. The spans almost 1400sf and comes with 2 covered  and assigned side-by-side parking spaces. Walk to Restaurant Row, the new Whole Foods, Ralphs, Staples Center, Historic Core, Central Library and more. Listed at $625k. 

 Courtesy of Anh Tran, Keller Williams Larchmont

Are There Any More DTLA Real Estate Deals Left?

Yes, there are, but the deals are of a different type. When the DTLA market was just starting to pick up again in late 2012, buyers were able to choose from not only standard sales, but short sales and foreclosures. In 2013, the short sales had been mostly snatched up--many by cash buyers and investors. But not all deals are in the form of short sales and foreclosures. These days, the deals to be had are the pocket listings, stale listings and buildings with litigation.

POCKET LISTINGS, often called "secret listings" and "private listings," are those that are not published on the MLS or advertised. Sellers who don't want the world to know they are selling or want their name to be kept private until a sale records is often the reason for these listings. These properties are sold by agents who have a private list of ready and willing buyers, or who have a network of other agents who have ready and willing buyers. The general public will never even know these listings exist. The great thing about pocket listings is that there's usually one bidder, so the chances of your offer getting accepted (or at least countered) is much greater, and without the price inflation which is often the result of multiple offers. More than half of my buyer clients have bought pocket listings, avoiding the multiple offer mess that causes long agonizing waits and oftentimes drives up prices.

STALE LISTINGS are those that have been sitting on the market for more than 90 days. While most DTLA real estate moves quickly, those that have sat for a while because of bad timing, a buyer backing out, or litigation on the building, can be deals in disguise. One of my clients just bought an amazing loft at well under the market rates because the loft had fallen out of escrow due to a lender that couldn't perform. The loft sat for a few more weeks, making it look even less attractive. Upon hearing that this ginormous loft was back on the market, the buyer swooped in and bid 49k below asking and got an accepted offer because the seller was desperate to get into another escrow.

While LITIGATION isn't ideal, the reality is that a LOT of buildings are involved in some form of litigation, oftentimes with the developer. This means that most lenders can't offer a loan for that building due to risk and this tends to drive prices down in a building. While a lawsuit scares most people and lenders away, buyers who can find a lender are getting accepted offers at below market prices. The catch is that you often have to put a higher downpayment in order to get viable financing on the property. The thing is, lawsuits eventually go away, but a good investment can be forever.

Send an email to info@sartparker.com if you'd like to be on the list to receive pocket listings as we get them. 

SOLD - Spacious Industrial Loft for Sale - Barker Block #108

True live/work loft for lease in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning oversized loft features more than 2100sf of space on two levels, immaculate polished concrete floors, and 2 covered  and assigned side-by-side parking spaces. Listed at $1,050,000.

SOLD - Corner Loft with Stunning Views - Rowan #1002

Corner lofts generally command higher prices and faster rents. New corner loft at the lovely Rowan Building on bustling Spring Street. Beautiful, spacious restored loft in the heart of the historic core boasts lovely city views through its original oversized windows, dark wood floors and an entertainer's kitchen. Features an open plan and great L-shaped layout. The loft is 729sf and the asking price is $499k. Parking available in the adjacent building for a fee. The Rowan is a Mills Act designated building.

SOLD - Rare Chance to Own at 940 E. 2nd - Unit #28

Lofts at 940 E. 2nd are very hard to come by because they rarely go on sale. Now there's a stunning, spacious, 3 bedroom, 2 bath unit available in this coveted building. Converted from a sugar barn, the units in this building have retained some of their history with exposed brick walls and reclaimed details. On the market for the first time, this loft has it all. 2 bedrooms, 2.5 baths, and a tri-level layout with vaulted ceilings and plenty of sky lights for a bright and airy interior. There is even a patio on the first floor and a balcony off the master bedroom.  The kitchen features stainless appliances and the flooring varies from concrete to oak wood. Comes with 2 assigned parking spaces. Conveniently located in the Arts District on the border of Little Tokyo, and just steps to Urth Cafe, Wurstkuche, Piehole, Umami, Villians, Church & State and more. 1280 sf, asking $834,900.

SOLD - Great Investment on Broadway - Pan American Lofts #410

Exactly one year ago, things were very different on Broadway. These days, good luck if you're looking for condo on Broadway for under 600k. And even better luck to developers if you're in the market for a complete do-over commercial building for under 5MM. However, every now and then good things do come up on one of the most coveted streets in DTLA, like this loft at the Pan American Lofts. The building is located on Broadway just steps from Grand Central Market, Maccheroni Republic, The Edison, Badmaash, Groundwork Coffee, Pitfire Pizza, the LAPD dog run, Grand Central Park, and just blocks from The Ace Hotel and soon-to-be Kinfolk Studios, and Little Tokyo. This unit is a 1 bed, 1 bath with original brick walls and faces west for lots of sunlight during the afternoons. Beatiful Pan American building that was originally built in 1895 and has film pedigree. Parking is not included, but covered parking is available nearby for $100-$150/mo. The price is hard to beat at $399k. 

SOLD - Spacious + Patio Arts District Loft For Sale - Barker Block #255

True live/work loft for sale in the Barker Block building. Developed by the KOR Group (Viceroy Hotel, Eastern Columbia), the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The airy loft features original wood beams and ceilings, luxe finishes and hardware throughout. There's a mix of concrete and dark hardwood floors, open space kitchen and living area. Best of all, it has its own private patio. Listed at $649k for 1150 sf of livable, workable space. Includes 1 assigned parking spaces.

DTLA Real Estate Climate as of June 2014

Lots of buyers who've decided they want to buy in DTLA are asking me key questions before they take the leap. As a homeowner and investor in downtown myself, here are my answers to these questions:

"Am I buying at the height?" 
Understandable question since prices have been steadily climbing to near-2007-peak prices--and in some super-desirable buildings (think Eastern Columbia, Biscuit Company Lofts, Barker Block)--beyond peak prices. I always tell my clients the same thing: "This isn't the height." What's so sublimely different now than what happened back in the crash of 2009 is the inventory is super low in DTLA. Supply and demand always affect prices, and there is a great demand for condo and loft housing right now yet the pickings are slim. Buildings that were once slated to be condos (e.g. The Chapman, The Roosevelt, Apex, etc.) became rental-only buildings because of the crash--and the owners of these buildings are happy to just rake in the continuously increasing rents. Most of the new developments such as One Santa Fe in the Arts District, 8th & Hope near South Park, and Ava in Little Tokyo for example, are all rentals. It's no wonder the newest phase of Barker Block is nearly sold out with only 7 units left as of today.

"Is there a bubble that will burst?"
Two reasons the climate is different from that of the 2007-2009. First, the loose lending practices that dominated the height of the market are now gone. It's been a lot more difficult for buyers to get qualified for a loan and many lenders are requiring a larger down, the upside being that this has helped buyers have instant equity as soon as they've purchased. While this means some buyers who have little savings for a downpayment or bad credit might experience hurdle and blocks, those who can qualify for a loan will be buying  what they can actually afford, and this should help prevent short sales and foreclosures. Secondly, the the investment happening in DTLA right now is from businesses, NOT just homebuyers and residential developers. Back in the bubble days, a bunch of buyers/investors scrambled to buy a condo due to speculation, but business investment was pretty much non-existent (Except for good old Ralphs and Cedd Moses' bars such as Seven Grand and The Golden Gopher). Now, there are more developments and new businesses that have and will create jobs, such as The Bloc, Clean Technology Incubator, Gensler Architects, One Santa Fe, The Ace Hotel, The JW Marriott, The Residence Inn, the upcoming Case Hotel, Arts District "Mall", Urban Radish, 7th & Fig. And this is just the tip of the iceberg.

"Is all this building around DTLA going to affect my purchase?"
Depends on what you're buying to do. If you're planning on living in your home, then you've got it made. Enjoy the rise in values as DTLA continues to revitalize. If you're buying to invest and rent out, this gets more tricky because in the near future, beginning this Fall, there will be an influx of new rental-only buildings. (Think Ava Little Tokyo, Olive & 9th, 8the & Hope, Avant, One Santa Fe). You'll have competition with these new developments that will attract tenants who want the newest place to live. That said, some condo buildings will always be in demand by renters because of their uniqueness and location, such as The Residences at The Ritz Carlton, Barker Block, Molino Lofts, Biscuit Lofts, Eastern Columbia, The Rowan, to name a few.

SOLD AT ASKING - Corner Unit on Broadway - Pan American Lofts #304

Sweet corner unit with original details intact in the old Pan American building, originally the Irvine Byrne building that was built in 1895. Beautiful exposed brick, 12' tall ceilings and views of Broadway and 3rd Street. Even has a balcony! Located blocks to The Edison, Groundwork Coffee, Little Tokyo, 2nd St. dog park, Grand Park, Grand Central Market, and steps to Gallery Row. This open plan loft features 970sf of space and includes 1 parking space. Asking $550k.

SOLD - Mills Act Pied a Terre - Douglas Lofts 4B

Sweet pied a terre in a historic building with Mills Act designation.  Converted from an 1898 office building, the 50-unit Douglas building is known for its original character details such as exposed brick, original wood floors and tile throughout. Located blocks to The Edison, Groundwork Coffee, Little Tokyo, 2nd St. dog park, Grand Park, and steps to Gallery Row, this pristine loft features 700sf of space. Asking $475k. Email me to schedule a viewing.

Quick and Dirty Rundown of Downtown Retail & Restaurants

Lots of stuff going on in DTLA--but that's pretty much the same story since, what, 2006? Before the crash, there was activity. After the crash, the activity slowed down, but it never stopped. DTLA believers like Adam Fleischman (Umami and Choco Chicken), Cedd Moses (Coles, Golden Gopher, Clifton's), the late Alex Calderwood (Rudy's Barbershop, Ace Hotel), and Tyler Wells (soon to be "merged" Handsome Coffee) forged on. The big difference between the pre-crash era and now? In addition to places to live, more businesses have been opening in the area than ever before, and businesses are the key to attracting jobs, visitors, and residents. DTLA is finally in a healthy place. Just in the past few months we've welcomed Eighty Two Barcade, Oak, Aesop, Stumptown Coffee, Tanner Goods, H&M, Zara, Sea Salt, Warby Parker, Alma, and Blacktop Coffee. Watch out for: Whole Foods.

SOLD - Higgins Building Loft for under $400k - Higgins #705

Rare opportunity to buy in a character-filled Mills Act building in the historic core for under $400k. This quiet, courtyard-facing unit in the Higgins building is on the 7th floor, and features polished concrete floors, stainless steel appliances, and original double hung windows. Coveted L-shaped floorplan and just blocks from Grand Central Market, Walt Disney Concert Hall, Grand Park, the old Bank District. The famed Edison Bar is located in the same building as well as Groundwork Coffee, PitFire Pizza, Badmaash and more. This unit has 1 bath and is 610sf and is offered at $388k.

SOLD - Immaculate Arts District Loft with Patio for Sale - Barker Block #138

True live/work loft for lease located in the coveted original phase of Barker Block--not the new Molino side! Designed by the KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The open-plan loft features luxe finishes and hardware throughout and faces east. Also features a lovely private patio, one of the few in the entire building to have this special feature. Listed at $699kfor 1320sf of livable, workable space. Includes 1 assigned parking space. Walkable establishments include Stumptown Coffee, Handsome Coffee, Zinc Cafe, Urban Radish, Church & State, Little Tokyo, Villains, Little Bear, Daily Dose, Pour Haus, EightyTwo Barcade, Wurstkuche and more.

SOLD ABOVE ASKING - Beautiful West-Facing Mills Act Loft - Biscuit Company Lofts #413

The jewel of the Arts District is Biscuit Company Lofts. This unique loft features 1070 square feet of open plan space. Stainless, modern kitchen, original windows and brick details are just some of the features in this historic loft. Once the famed Nabisco building, it also has the coveted Mills Act distinction and amenities include a fitness center, lap pool with outdoor deck area, 24-hour concierge and security. Walkable businesses include Urban Radish local grocer, Church and State bistro, Pour Haus wine bar, Daily Dose coffee, Handsome Coffee, Little Bear, Urth Cafe, Bread Lounge and more. 1 bed, 1 bath, 1070sf. No parking included. Offered at $649k.

SOLD - Industrial Loft with Unobstructed City Views - Barker Block #431

True live/work loft for lease located in the coveted earlier phase of Barker Block building--not the new Molino side! Designed by the KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The open-plan loft features luxe finishes and hardware throughout and faces east for lots of morning light. Also features a 160sf private patio, one of the few in the entire building to have this special feature. Listed at $750k for 1120sf of livable, workable space. Includes 1 assigned parking space.

SOLD - Beautiful Brick + Wood Interior for Sale - Douglas 4D

Converted from an 1898 office building, the 50-unit Douglas building is known for its original character details such as exposed brick, original wood floors and tile throughout. Located blocks to The Edison, Little Tokyo, 2nd St. dog park, and steps to Gallery Row, this pristine loft features 1 bed, 1 bath, 1 parking space, and 740sf of space. Asking $485k.

SOLD - Lovely Historic Loft for Sale - Rowan #1013

Beautiful, spacious restored loft in the heart of the historic core and Spring Street bustle. This 10th floor loft in the historic Rowan building boasts lovely westward city views through its original oversized windows, hard wood floors, original brick walls, and separated bedroom area. There are two bathrooms in the unit. The loft is 860sf and the asking price is $499k. Two parking spaces are available in the adjacent building for a fee. The Rowan is a Mills Act designated building.

LEASED - 2-Story Live/Work Space in the Arts District - Toy Warehouse #5

More than 2500sf of usable space in this beautiful, historic, character live/work loft in a former Toy Warehouse in the heart of the Arts District, with a stone's throw from Little Tokyo. The unique two-story loft features exposed wood beams, brick, gorgeous hardwood floors throughout, oversized bathrooms, huge open spaces that is a dream for those with a vision for the blank canvas. Walking distance to Urth Cafe, Handsome Coffee, Wurstkuche, Piehole, Umami, Villians Tavern, and more. Offered at $5499/mo.

SOLD - Art Deco Stunner with Balcony for Sale - Eastern Columbia #809

This is spacious west-facing unit in the Art Deco Eastern Columbia building, developed by The Kor Group. The unit features soaring ceilings with tall banks of windows, polished concrete floors and city views. Boasts one of the few balconies in the entire building. Comes with 1 parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Walkable to Spring Street, Ace Hotel, Umami, Figaro, Alma, Pellicola, Sparkle Factory, Grand Central Market, and more. Listed for $628k with 1100sf of space. This building is also Mills Act approved.

SOLD ABOVE ASKING - Industrial Loft with Unobstructed City Views - Barker Block #317

True live/work loft for lease located in the coveted earlier phase of Barker Block building. Developed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The open-plan loft features luxe finishes and hardware throughout and unobstructed views westward of the downtown skyline. There is a park being developed just below. Listed at $549k for 950sf of livable, workable space. Includes 1 assigned parking space.

SOLD - Spacious Corner Unit with Sleek Upgrades for Sale - 655 Hope #1104

Gorgeous south-east-facing corner unit with high ceilings at 655 Hope. This home in the financial district boasts two bedrooms, 2 full bathrooms, a stunning corner view of the east and down to South Park. Luxurious upgrades such as a fully customized master closet, motorized blinds, recessed lighting, drapes, and sliding doors for fully enclosed bedrooms. The unit comes with 1 parking space and a storage unit. Front desk security, full gym and a rooftop entertaining deck with BBQ. Located in the Financial District, next to the Metro Red Line, the upcoming Empire Hotel, Whole Foods, Central Library, The Standard Hotel, and down the street from restaurant row. One of the best locations in downtown. Listed at $687,000 for 1140sf of space.

SOLD - Spacious 3 Bedroom View Condo - Sky Lofts #1210

Gorgeous panoramic east-facing loft with high ceilings at the Sky Lofts not yet on the MLS. This home boasts three bedrooms, or can be two bedrooms and a larger living area, and 3 baths.  Easterly views for miles, with the upcoming Whole Foods just a block away. Impressive lobby and lounge with front desk security, and a full gym. Located next to the upcoming Empire Hotel, Whole Foods, and down the street from restaurant row. One of the best locations in the whole of downtown. Comes with two side-by-side parking spaces. Listed at $999,000 for over 1900sf of space.

Courtesy of Ted Trentman, Keller Williams Pasadena

SOLD - Rare Appearance in Arts District for Sale - 940 E. 2nd (aka Barn Lofts) #23

It's been nearly a year since the last property at 940 E. 2nd St came on the market. But now there's a stunning, spacious, 3 bedroom, 2 bath unit available in this coveted building. Converted from a sugar barn, this units in this building have retained a bit of their history with exposed brick walls and reclaimed details. On the market for the first time, this loft has it all. 2 bedrooms, 2.5 baths, and a tri-level layout with vaulted ceilings and plenty of sky lights for a bright and airy interior. There is even a patio off the master bedroom.  The kitchen features stainless appliances and the flooring varies from concrete to oak wood. Comes with 1 assigned parking space. Conveniently located in the Arts District on the border of Little Tokyo, and just steps to Urth Cafe, Wurstkuche, Piehole, Umami, Villians, and more.

SOLD - Arts District Warehouse Loft for Sale - Toy Factory #418

Gorgeous north-facing loft with soaring ceilings in the heart of the Arts District. This live/work loft is a true warehouse conversion featuring hardwood floors and stainless steel appliances. The building boasts a rooftop pool and gym--both with views for miles, lower rooftop courtyard and a full gym. Located across the street from Church & State, Daily Dose, Pour Haus, Little Bear, Urban Radish, and just a couple blocks from Bestia, Stumptown, Bread Lounge, Handsome Coffee, Factory Kitchen, etc. This pristine loft features designer finishes throughout, and great natural light from massive windows. Listed at $699k for 1467sf of space. Has 1 bath and 1 parking space.

LEASED - Spacious Mezzanine Level Loft in Art Deco Jewel - Eastern Columbia #M11

This is spacious unit in the Art Deco Eastern Columbia building located in the Theater District. Developed by The KOR Group, this unit features large banks of windows, polished concrete floors and a custom-separated master bedroom and two beautiful bathrooms. Comes with 1 parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Steps to the Ace Hotel, Il Cafe, Umami, Acne, Tanner Goods, Figaro Cafe, Sparkle Factory, Ama, Spring Street, and more. $3400/mo for 1830sf of space. This building is also Mills Act approved and is zoned for Live/Work.

SOLD ABOVE ASKING - A Pied a Terre in a Famed Hotel for Sale - El Dorado #410

Charlie Chaplin once lived at the El Dorado. How's that for old Hollywood pedigree? Originally a hotel built in 1914, the building has been beautifully remodeled for discerning residents, and is conveniently located on Gallery Row in the Old Bank District, next door to Spring Park and around the corner from the Ace Hotel, Umami, Il Cafe, Figaro, Coles, Spring Street Bar and more. This lovely unit features an open space floorplan with immaculate finishings, Bosch appliances, Snaidero cabinetry, upgraded bathroom and more. 1 bed, 1 bath and approximately 850sf of space. Offered at $449k.

SOLD - Pied a Terre for Sale - Rowan #404

Beautiful pied a terre loft in the historic Old Bank District in the Rowan Building. This unique loft is small but the L-shape make it feel larger. Huge banks of windows bring in lots of light during the day and city views at night. Includes original exposed brick walls, and hardwood flooring. Building amenities include a spa, outdoor deck, lounge, and Spring Street Park is just next door. 470sf, and 1 parking space is included. Offered at $349k. This building has Mills Act status. 

LEASED - Lovely City View Penthouse Corner Loft - Rowan #1201

Stunning and airy loft in the historic Rowan building located in the Old Bank District. This west facing unit has high ceilings, original exposed brick walls, and maple flooring. Has gorgeous views of the skyline, and the park below. Huge banks of windows wrap around the entire two sides of this corner unit. Building amenities include a spa, outdoor lounge, and Spring Street Park is just next door. 1 bed, 1 bath, 720sf., and optional parking spaces. Offered at $2500/mo.

SOLD - Views, Luxury, Unmatched Amenities - Ritz Carlton #34H

The Ritz. Glitzy, glamorous, and high profile. But the location in downtown is perhaps one of the most coveted because of the unobstructed views. Designed by Gensler Architects, this immaculate west-view suite boasts 2 beds, 3 baths, and 1770 sf of space. The views of Hollywood to the ocean are stunning both during the day and night. Walk to everything downtown has to offer, and invest in future value with upcoming Metropolis, Fig Central and more. The building has a 24-hour concierge and valet parking, saltwater pool, gym, daily breakfast, media room, wine storage, sky lounge, full service spa and salon and more. Offered at $1,777,777.

 Courtesy of Yuri Huxley, Keller Williams

SOLD - Beautifully Upgraded Warehouse Space for Sale - Toy Factory #311

Gorgeous loft with 14" ceilings, walls of concrete and hardwood floors in the heart of the Arts District. This stylish live/work loft features endless upgrades that include custom-built room enclosures, gourmet kitchen, upgraded bathroom, custom-built closet and more. The unit also features a spacious private patio and 3 parking spaces. The building boasts a rooftop pool and gym--both with views for miles, lower rooftop courtyard and a full gym. Located across the street from Church & State, Daily Dose, Pour Haus, Little Bear, Urban Radish, and just a couple blocks from Bestia and Handsome Coffee. This pristine loft is listed at $949k for 2104sf of space. Has 1 bath.

SOLD - Chic Brick Corner Loft with Balconies for Sale - Rowan #211

Beautiful loft in the historic Rowan building located in the Old Bank District. This corner loft has a unique U-Shaped layout, original exposed brick walls, 15' foot high ceilings, and hardwood flooring. Best of all, the unit is one of the few in the entire building with not just one but two balconies. Building amenities include a spa, outdoor lounge, and Spring Street Park is just next door. This is a Mills Act Building which provides significant property tax savings. 1 beds, 1 bath, 850sf., and optional parking spaces. Offered at $460k.

SOLD - Beaux Arts Historic Corner Loft for Sale - Higgins Building #813

Beautiful Beaux-Arts buildings with the coveted Mills Act status. This corner unit features original details such as concrete flooring and tile mosaics. Spacious, coveted L-shaped floorplan with huge banks of windows on two walls that offer gorgeous city views. Great location in the historic core, just blocks from Grand Central Market, Walt Disney Concert Hall, Grand Park, and the old Bank District. The famed Edison Bar is located in the same building as well as Groundwork Coffee, PitFire Pizza, Badmaash and more. This unit has 1 bath and 1050sf of space, and is offered at $508k.

SOLD - Huge Warehouse Loft for Sale - Molino Lofts #218

Spacious loft in the Molino building. Features a mix of exposed brick, wood and sheet rock walls, high ceilings, hardwood floors, and an open floorplan to create your ideal live/work space. This giant space is approximately 3720sf, which is unheard of in most buildings. The Molino has a rooftop pool, gated parking, fitness center and terrace. Great location in the Arts District, just a hop away from Little Tokyo and walking distance to Urth Cafe, Church & State, Daily Dose, Little Bear, Pour Haus, Urban Radish, Bestia and more. Open space floorplan with 1 bathroom. Offered at $1.25mil.

Courtesy of Christiano Sampaio, Loftway

SOLD - Charmingly Remodeled Pied a Terre for Sale - Higgins #810

Beautiful Beaux-Arts buildings with the coveted Mills Act status. This quiet, courtyard-facing unit features original details such as concrete flooring and tile mosaics around the perimeter. Spacious, coveted U-shaped floorplan with a beautifully remodeled chef's kitchen. Great location in the historic core, just blocks from Grand Central Market, Walt Disney Concert Hall, Grand Park, and the old Bank District. The famed Edison Bar is located in the same building as well as Groundwork Coffee, PitFire Pizza, Badmaash and more. This unit has 1 bath and 730sf of space, and is offered at $419k.

SOLD ABOVE ASKING - Artists' Multi-level Live/Work for Sale - Barker Block, #248

True live/work loft for lease in the Barker Block building. Designed by the KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The loft is a particularly large 1 bedroom floorplan and features a mix of concrete and dark hardwood floors and beams, gourmet kitchen and designer finishes in the bathroom. Listed at $459k for 977 sf of livable, workable space.

SOLD ABOVE ASKING - Posh Industrial Loft for Sale - Barker Block #125

True live/work loft for lease in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The tri-level loft features multiple entryways that open up to spaces that can be used as offices and luxe finishes and hardware throughout. There's a mix of concrete and dark hardwood floors, 2 bedroom or office areas, open space kitchen and living area. Listed at $975k for 2200 sf of livable, workable space. Includes 2 assigned parking spaces.

SOLD - Glamorous 2-Story Studio Loft for Sale - 655 Hope #608

Beautiful immaculate loft in the heart of the financial district. This 655 Hope loft features two levels, each level with a separate entryway from the main hallway. Italian dark wood flooring, stunning bathroom details and fixtures, and extra-high ceilings. The building boasts a rooftop helipad and BBQ deck with views of Los Angeles for miles, front desk security, and a full fitness center. Steps to the Red Line Metro, The Bloc shopping mall, Bottega Louie, Grand Central Library, Mas Malo, Mo Chica, Library Bar, The Standard and more. 820sf, 1 bed, 1 bath, 1 parking space. Priced to sell at $397k.

Courtesy of Ted Trentman, Keller Williams Pasadena