Rent Prices in DTLA in the Newest Buildings

According to Downtown News, rent prices are higher than ever in DTLA. Not surprising since it's become a destination as well as a neighborhood with an ever-growing list of amenities. And most of all, the ability to walk and bike everywhere within minutes. This lifestyle is new for LA, and it's become one of the most desirable things about DTLA, and a lot of people agree. The demand for housing in downtown has become so great that rent prices, as well as condo prices, have increased dramatically in the past few years. And there are no signs of slowing down.

A snapshot of rent prices in these newly constructed buildings, according to Downtown News:

The Emerson
800sf - Approx $3,295 a month. That’s $4.12sf.
Corner two-bedrooms averaging 1,175sft are $4,995 a month, or $4.25sf.

Ava Little Tokyo 
625sf, for $2,510, or $4.02sf.
A two-bedroom unit with 964sf was offered for $2,798, or $2.90sf.

One Santa Fe
$2,010 for 526sf, or $3.82sf.
Two bedrooms start at $2,635 for 899sf, or $2.93sf.

Hanover South Park
709sf for $2,335, or $3.29sf.
Two-bedroom units with 1,050sf were listed at $3,330, or $3.17sf.

Avant
694sf for $2,162, or $3.11sf.
A $2,957 two-bedroom had 1,045sf, for an average of $2.83sf.

Rents in condo buildings in DTLA:

Higgins Building
$2200 for 750sf, or $2.95/sf

1100 Wilshire
$2500 for 750sf, or $3.33sf

Eastern Columbia
$2900 for 1120sf, or $2.59sf

Mura
$2800 for $1240sf or $2.26/sf

Flower Street Lofts
$3000 for $1420sf or $2.11sf

Elleven
$2400 for 970sf or $2.47/sf

Barker Block
$2500 for 890sf or $2.81sf
$4900 for 2630sf or $1.86sf

One-of-a-Kind Loft Compound by DTLA & Cornfield Park - 1411 N. Broadway

Beautifully reimagined space in a former auto factory. The original bones of the building still intact, the space has undergone a transformation that will impress. 4000sf of renovated living space is matched by a flow into the outdoor private oasis, complete with rain shower and bath. This is a rare opportunity to own a converted residence that is in essence a private compound within a bike ride to the center of DTLA and across the road from Cornfield Park. Minutes to Highland Park, Frogtown, Atwater, Echo Park, Elysian Valley, Brewery, etc.  2 bedroom areas with bonus mezzanine loft, 2 full baths, 2 additional half baths plus outdoor bathing retreat. 2 Parking spaces within courtyard grounds. Total lot is nearly 7000sf. Asking $2.495MM.

Historic Corner Loft for Sale - Rowan Loft #1016

Beautiful, restored *corner!* loft in the heart of the historic core and Spring Street bustle with views of the park and Spring St. This 10th 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 720sf and the asking price is $515k. The Rowan is a Mills Act designated building.

Art Deco Stunner with Balcony - Eastern Columbia #710

West facing unit in the iconic Art Deco Eastern Columbia building, known as the jewel of DTLA and developed by The Kor Group. The unit features beautiful banks of windows, polished concrete floors and lots of sunlight. Best of all, your own private balcony with plenty of sunlight and sunset views. Comes with 1 parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Walkable to Spring Street, Ace Hotel, Acne, Wood Spoon, Oak, Umami, Alma, Pellicola, Sparkle Factory, Grand Central Market, and more. Listed for $739k with 1200sf of space. This building is also Mills Act approved.

Buying is Cheaper Than Renting in LA & SF

According to a recent study by C.A.R., "San Francisco and Los Angeles are two of the least affordable rental markets." DTLA is a prime example where a studio easily rents for $2000/mo and 1 bedrooms average around $2500/mo. If you're able to save for a $15% downpayment, then you might consider buying instead of renting because of the benefits of the year-over-year equity value increases and mortgage interest write-offs. Ask your accountant what makes sense and maybe 2015 will be the year to buy...

Historic Lofts for Sale with Good Resale Potential

It's one thing to get a deal on a property; it's also another thing to make sure the property has good resale value for when you decide to one day sell. Size, orientation and location are things that are often uncompromisable when it comes to resale.

Some interesting props below with good resale potential:

Toy Factory Loft in the Arts District #515

1428sf

Asking $819k

Stamie Karakasidis, Rodeo Realty

  Barker Block Lofts in the Arts District #450

1120sf

Asking $649k

Neil McDermott, Hilton & Hyland

Rowan Lofts in the Historic Core #712

2 beds, 2 baths 998sf

Asking $649k *Mills Act Building*

Anh Tran, KW

Rowan Lofts in the Historic Core #915

1 bed, 1 baths 820sf

Asking $620k *Mills Act Building*

Agnes Ferreyra, JAG

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.