Rising Prices in South Park

Just last year, South Park prices were hovering around $580-$640/sf. This year, a 1 bedroom condo at EVO sold for one the highest prices in EVO history at $714/sf. Luma and Elleven prices, along with Grand Lofts and Flower Street Lofts have increased in value. And the prices haven't slowed down largely due to the amazing transformation happening in the immediate neighborhood.

Just to name a few game-changing projects that are underway:

1. Metropolis luxury condos on Franscisco Street
2. Fig Central Condos and Roberto Cavalli Hotel on Figueroa & 11th
3. Ten50 Condos on Grand & 11th
4. Whole Foods Market on 8th & Grand
5. Fig South condos and retail on Figueroa & 12th

DTLA Open Houses This Sunday 4/5

South Park
1111 S. Grand #510 - 1-4pm
1111 S. Grand #708 - 2-5pm

City West
1234 Wilshire Bl. #511 - 2-4pm

Arts District

530 S. Hewitt #450 - 11-2pm

Little Tokyo
420 S. San Pedro #515 - 2-4pm

Historic Lofts for Sale - Biscuit Lofts, Toy Factory Lofts and Textile Lofts

Inventory is super low in DTLA, what's new? About 80 properties for sale in the whole of the downtown. Below are recently available properties in great buildings. Check them out at their open houses on Sunday 3/22. UPDATE: All of the properties below have accepted offers.

2-Story Penthouse Biscuit Loft in the Arts District #714

1 bed, 2 baths, 2 parking, 2031sf, private terrace. 

Asking $419k *Mills Act Building*

PLG Estates

Toy Factory Loft in the Fashion District #603

1 bed, 1 baths, 1 parking, 976sf.

Asking $599k 

 Berkshire Hathaway

Textile Loft in the Fashion District #206

1 bed, 1 baths, 1 parking, 890sf, private terrace. 

Asking $495k *Mills Act Building*

Benjamin Hill

DTLA Lofts Selling Quickly

Two lofts I mentioned previously, Textile #505 and Biscuit #608 are now in escrow. The reasons these went pretty quickly: They are priced really well, Biscuit & Textile are Mills Act buildings, and are located in very hot pockets of downtown.

Great Opportunities Under $500k from Historic Core to Arts District

Textile Loft in the Fashion District - 1 bed, 1 bath, 670sf

Asking $419k *Mills Act Building*

Biscuit Co Loft in the Arts District - 1 bed, 1 bath, 630sf

Asking $498k *Mills Act Building*

Pan American Loft in the Historic Core - 1 bed, 1 bath, 1040sf

Asking $485k 

Number of Renters Continue to Rise

According to a new report by New York University’s Furman Center, there has been an increase in renters around the country. "For many, slow income growth and a lack of savings are the reason for renting over buying even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country. 'As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,' Ingrid Gould Ellen, the Furman Center’s faculty director."

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpufv

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

SOLD - Corner Unit at Historic Rowan Lofts #811

Beautiful, restored *corner!* loft in the heart of the historic core and Spring Street bustle. This 8th floor loft in the historic Rowan building boasts original oversized windows, hard wood floors, original brick walls, and separated bedroom area. 1 bathroom and access to 1 parking space. The loft is 940sf and the asking price is $649k. The Rowan is a Mills Act designated building.

DTLA Open Houses This Sunday 2/8

South Park
1155 S. Grand Ave #412 - 2-4pm
1155 S. Grand Ave #703 - 1-4pm
1100 Hope St. #510 - 1-4pm
1100 Hope St. #1204 - 1-4pm
645 W. 9th St. #214 - 12-3pm
645 W. 9th St. #208 - 11am-3pm
630 W. 6th St #202 - 12-3pm

Historic Core
416 Spring St #409 - 12-4pm
108 2nd St., #510 - 1-4pm

Arts District
530 S. Hewitt #440 - 1-4pm
510 S. Hewitt #107 - 1-4pm

Little Tokyo
420 S. San Pedro St. #206 - 2-4pm
420 S. San Pedro St. #220 - 1-4pm
420 S. San Pedro St. #529 - 2-4pm
267 S. San Pedro St. #317 - 1-4pm
267 S. San Pedro St. #623 - 1-4pm

City West
1100 Wilshire #2001 - 1-4pm
1100 Wilshire #2702 - 1-4pm
1100 Wilshire #1901 - 2-4pm

Bunker Hill
800 W. 1st St. #2810 - 1-4pm
800 W. 1st St. #2407 - 1-4pm
800 W. 1st St. #1404 - 1-4pm
880 W. 1st St. #319 - 1-4pm

California Housing Forecast for 2015

Good news for homeowners: according to a study by the California Association of Realtors, the annual median price for 2014 rose 9.8 percent year over year and will further increase by 7.1 percent in 2015.

SOLD - Art Deco Icon Meets Modern Luxe - Eastern Columbia Loft #806

South facing unit in the iconic Art Deco Eastern Columbia building, developed by The Kor Group. The unit features beautiful banks of windows, polished concrete floors lots of sunlight. 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 $729k with 1120sf of space. This building is also Mills Act approved.