DTLA - The Only Place That's a Buyer's Market

One thing the shake up of city centers did during COVID was offer unique, first-time-on-market, and sometime bargains for prime properties. A colleague of mine nabbed two properties in the West Village of NYC, and got them for about 25% below pre-COVID prices. A few lucky buyers recently got some of the best units at Eastern Columbia, some that had hit the market for the first time. 

Collectors seem to be buying up unique units that they'd never otherwise see on the market, including rare penthouses that have been significantly upgraded. One person's loss is another one's gain, I guess.

Some of the best units on the market right now:

Eastern Columbia #202
1+1+1pkg - 1150sf - Mills Act Building! - $885k

Coldwell Banker

Elleven #408

2+2+2pkg - 1650sf - Comes with a storage unit! - $1.1M

Compass

Biscuit Lofts #412

1+1+1pkg - Faces the DTLA Skyline! - $1.199M

Douglas Elliman

Eckardt #505

1+1+1pkg - Mills Acts Building! - $545k

Guadalupe Flores

Textile Lofts - #506

1+1+1pkg - 890sf - $635k - Mill Act!

Keller Williams

DTLA - Sellers Must Woo with Prices or Interiors

While "suburban" homes are all the rage, more dense city areas are still lagging behind in activity and prices. In DTLA, prices are starting to catch up as Los Angeles opens up, the weather is always great, and it's now sinking in for buyers that DTLA is one of the few if not only places where you can avoid bidding wars. 

But to be serious about selling, you need to either price it right or just below the market, or really spruce up the place. There's a lot of competition around, and the best units are selling. 

Recently sold for top prices: 

1234 Wilshire #304 - Vero Condos 

https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-714874 

746 S. Los Angeles St #910 - Cornell at Santee Village https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-694530 

257 S. Spring St #4D - Douglas Lofts 

https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-685716 

1155 S. Grand #1708 - EVO Condos https://www.themls.com/mlslistingphoto/listing/slideshow/#/PW21003076MR 

530 Hewitt #323 - Barker Block Lofts 

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-669754 

253 S. Broadway #301 - Pan American Lofts https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-706744 

253 S. Broadway #509 - Pan American Lofts https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-655240 

108 W. 2nd St #413 - Higgins Lofts 

https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-678028 

416 S. Spring St #1207 - El Dorado Lofts https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-608070 

Currently Active Prime Units: 

1850 Industrial #712 - Biscuit Company Lofts https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-672070 

849 S. Broadway #1210 - Eastern Columbia Lofts https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-652400 

849 S. Broadway #311 - Eastern Columbia Lofts https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-680284 

1111 S. Grand #103 - Elleven Condos https://www.themls.com/mlslistingphoto/listing/slideshow/#/WS21097822MR 

1100 Wilshire #1705 

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

1100 Wilshire #1706 

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-622374 

1855 Industrial #418 - Toy Factory Lofts https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-696298 

1111 S. Grand Ave #406 - Elleven Condos https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-710154 

629 Traction #507 - MURA Condos https://www.themls.com/mlslistingphoto/listing/slideshow/#/PW21065305MR 

315 E. 8th St #906 - Textile Lofts 

https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-690300

Prime Units and Penthouses Available in DTLA

I mentioned in an earlier post, that in a market with low inventory, it's really hard not to settle. But settling is for short term holds. For a longer term hold on the property, it's best to snag a property that will still be desirable in any market.

Below are available condos that are desirable even in down markets, and why.

940 E. 2nd St #38 - $1.759M

Formerly "Barn Lofts"

WHY: Arts District location, historic pedigree, over 2300sf of space on multilevels, 

rare townhouse style home with parking included.

849 S Broadway

WHY: Historic core location bordering South Park and Fashion District, unique 

Mills Act building with unparalleled amenities for a historic building, attached parking.

#M1 - $1.13M

#202 - $799k

#206 - $799k

#512 - $1.358M

#1210 - $3.98M

PH#1 - $2.385M

PH#2 - $2.475M

PH#4 - $1.799M

1111 S. Grand Ave PH#6 - $1.375

WHY: Central within South Park, larger than average size lofts because it was one of the first ground-up developments in SouthPark, LEED certified building, 

nearby just about everything in DTLA, full amenities.

1850 Industrial #710 - $1.875M

Biscuit Company Lofts

WHY: Uber hot Arts District South, Mills Act building with historic pedigree, 

amenities and in-building parking.

Great DTLA Historic Lofts on the Market Now - All with Mills Act Designations

What's so great about having property in a Mills Act building? Savings on property taxes. As you know, property taxes in Los Angeles are high. The Mills Act designation helps offset some of this tax burden. This could end up saving you thousands per year in taxes. The Mills Act only applies to select historic buildings.

Eckardt Building

Former warehouse in the Fashion District

Penthouse #1201

1760sf, 3 bed, 2 bath

Private patio, split level, Mills Act

$1.399MM

El Dorado Building

Former Historic Stowell Hotel

#305

1090sf, 2 bed, 2 bath

2 balconies, Mills Act

$749K

Eckardt Building

Former warehouse in the Fashion District

#203

880sf, 2 bed, 1 bath

Private patio, Mills Act

$519,995 

Rowan Building

Former office building in the Historic Core

#617

830sf, 1 bed, 1 bath

Mills Act

$588K

Eckardt Building

Former warehouse in the Fashion District

#208

810sf, 1 bed, 1 bath

Skyline views, Mills Act

$429K

Biscuit Co. Lofts

Former warehouse in the Arts District

#402

617sf, 1 bed, 1 bath

Skyline views, Mills Act

$535K

 

Eastern Columbia Lofts

Former department store in the Arts District

#410, 1200sf, $749k

#707, 1130sf, $749k

#202, 1150sf, $749k

#1009, 1190sf, $899k

Mills Act

More Activity in the Arts District - Barker Block & Biscuit Lofts

DTLA Arts District has become one of the most valuable areas in which to invest. Prices have been steadily rising, and it's no wonder with developments of theaters, galleries, shops, restaurants, GROW market, upcoming SOHO House, Garey Lofts, @Mateo, revitalization of the Coca Cola Building, etc.

Three new lofts available for sale:

Barker Block #542 - 1110sf - 849k

Russell Roney, KW

Barker Block #424 - 1070sf - 750k

Ted Trentman, Realty Source

Biscuit Lofts #114 - 980sf - $748k

Gil Saraf, KW

Activity in the Arts District - Biscuit Lofts and Molino Lofts

The Arts District of DTLA has been hot for a while now. Prices climbing every year, more residents moving to the area, and lots of retail and businesses locating there. Compared to other warehouse districts in NY SF, Austin, Shoreditch in London, it's still a very sparse area. And those who are getting in early are able to snag oversized spaces and units in Mills Act buildings. See below.

Molino Lofts #118
This super loft is currently being used as an office. It is a live/work building and a wonderful investment in a hot area. 2560sf, with original brick walls, updated kitchen, 3 enclosed offices, 2 bathrooms, 1 assigned parking space. Steps from Urth Cafe, Little Tokyo, Zinc, The Springs, Blue Bottle. There is a rooftop pool, gym, sundeck. Asking $1.199MM


Biscuit Co. Lofts #402
This loft in the historic and Mills Act designated building would make for a wonderful pied a terre in the Arts District. 617sf, with original brick wall details, updated stainless kitchen and 1 assigned parking space. There is a lap pool, gym, 24 hour front desk security. Steps from Church & State, Daily Dose, Stumptown Coffee, Bestia, Little Bear, Pour Haus, Zinc, The Springs. Asking $545k.

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 

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.