The Beauty of a Loft

The blank slate. The creative flexibility. The live/work aspect. And so much fun to re-imagine.

There's a reason why lots of creative people love the loft space. They're not confined to a finite layout--there are many possibilities to make the space your own without having a space defined for you.

1.

In a traditional house, the layout is what it is. Sure, you can convert the dining room into an office, but then you don't have a dining area. Or maybe you want a larger living space and one less bedroom, but the structural walls won't allow for this without major construction.

A loft gives that flexibility for creative vision. This is why you'll often see lofts become drastically different when they move from owner to owner. It might be 2 bedroom loft in one life, and then an open plan art studio or showroom in the next life.

2.

Then there's the general drama of a loft. The tall ceilings, concrete pillars, barrel ceilings, exposed brick, massive windows. 

3. 

The live/work status of most lofts. You might have an owner use their loft as a photography studio, or design space, or a dual live/work showroom, or just live in it. The flexibility of zoning as "live/work" adds value and a larger audience pool for buyers as well as renters.

4. 

And of course the building itself, which often has an interesting history. Maybe it was converted from a toy factory, department store, or old bank building. 

Rates Up, But Prices Still High?

When rates go up, normally, prices start barreling down. But prices haven't gone down much at all. This is because there's not as much housing available to go around. When you see areas that have some more price softening, you'll see that the areas have more housing inventory. 

One thing is for sure, there are some deals to be had out there as the multiple offers are starting to go away, and price drops have increased and days on the market are also increasing about about 10 days compared to the same time last year.

Some interesting deals right now in DTLA based on Price/SF, rare corner, Mills Act, layout, etc:

Cornell Loft #704 - $465K - L-shaped layout, parking, massive windows, Mills Act

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-374153

Bartlett Loft #1304 - $465K - 14" ceilings, Mills Act, exposed brick, north facing

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-347225

Eckardt #504 - $489K - Parking, soaring ceilings, Mills Act

https://www.themls.com/mlslistingphoto/listing/slideshow/#/23-313901

Eckardt Loft #403 - $475K - Corner orientation parking, Mills Act

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-348103

Rowan Loft #816 - $550K - Rare corner with coveted park views, Mills Act

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-372451

Textile Loft #1002 - $595K - Parking, storage, corner orientation for stunning views, Mills Act

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-373185

EVO #402 - $599K - 2 bathrooms, luxury amenities, parking

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-375881

Eastern Columbia #307 - $810K - Massive 14' ceilings, coveted south facing, EV Charger, Mills Act

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-374437

Eastern Columbia #603 - $900K - Massive double unit, 2250sf, Mills Act, storage unit, parking

https://www.themls.com/mlslistingphoto/listing/slideshow/#/24-372451

While Prices are Flexible, Buyers are Taking Advantage in DTLA

The suburbs are going crazy with multiple offers and way over-bids. A recent 2 bed 2 bath Mt. Washington house went from $995k to a final sale price of $1.485M. The activity in DTLA has been mellow since the middle of 2020, and now it's starting to pick up. Buyers who are still hardcore about walkability and centrality are taking advantage of the lack of bidding wars in an area that is still exciting, and where there's development happening in the background. And the best kept secret: The highest concentration of Mills Act Buildings and residences in all of LA.

Recent Sales in DTLA of unique properties:

Textile Lofts #405 - Cutest light-filled corner unit in the fashion district. Parking, storage unit, and Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-585120

Textile Lofts #404 - Cutest light-filled corner unit in the fashion district. Parking, storage unit, and Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-585120

Flower Street Lofts #312 - Craziest price/sf in South Park. Includes 2 parking spaces. Amazing deal. https://www.themls.com/mlslistingphoto/listing/slideshow/#/AR20193757MR

Rowan Lofts #102 - Sexy 2-story, 2 bath loft with rare outdoor space, one of only a dozen! And Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-610336

Recently in escrow:

Barker Block Lofts #502 - Someone got a deal on 1330sf! https://www.themls.com/mlslistingphoto/listing/slideshow/#/19-524406

Higgins Loft #1001 - Penthouse loft, these are almost never on sale. Private rooftop patio. Mills Act too. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-682076

Available for sale:

1100 Wilshire #1705 & 1706 - Rarely on the market, only 5 of these with a terrace in the entire building! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-622374

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-660640

Douglas Loft #4D - Charming, includes rare underground parking space, Mills Act. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-685716

Molino Loft #113 - Arts District gem with a patio! Nearly 1800sf! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-635760

Eckardt Loft #707 - Top floor unit in a Mills Act Building! https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-677502

Elleven #1006 - Beautifully maintain loft in a top notch LEED certified building in South Park. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-682634

Eastern Columbia Loft #1210 - First time on the market, 4-level penthouse in Mills Act gem. https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-652400

Pan American Loft #509 - First time on the market, rare Mill Act penthouse with private rooftop patio. https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-655240

Bartlett Loft #1402 - Another Mills Act loft with a private rooftop patio!  https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-595482

Eastern Columbia Live/Work Lofts for Rent Right Now!

The first one: Spacious open plan loft with concrete floors and 14-foot ceilings! Two generous built-in closets. Has a balcony too. Faces west for lovely sunsets. 1 parking space included. $3300/mo. Call or text 310-869-2655 for more info.

The second one: Open plan with gleaming concrete floors and southfacing views, and an unusual closed off bonus room that's perfect for a small guest room or office or art studio! Also includes a storage unit in the building. 1 parking space included. $3500/mo. Call or text 310-869-2655 for more info.

Live/Work Lofts in DTLA

Every week I get approached about live/work lofts, especially from artists. The reason is because these artists are getting kicked out of their studios for conversions or having their rents increased by 100%. It's always the same story. And some of these artists aren't having it anymore. They are buying their own spaces in live/work buildings.

The beauty of the live/work situation is that it is multipurpose. The space can often be shared with other artists or entrepreneurs during business hours who are paying you to use part of the space. Think of it like your own coworking space (that you own) or think of it as a duplex, where the other tenant is paying half or more of your mortgage. It's a pretty sweet situation, and best of all, you own the place so you are building equity. This is how you say goodbye to the unstable housing situation and unreasonable rent hikes.