Post-Fires, Prices on Sales and Rentals Going Up

Rentals of single family homes will be most in demand while displaced families need temporary housing until rebuilding or more permanent relocation is done. The problem is that this is the stock of housing that is in shortest supply in LA County. Most rentals are in the form of apartment lease buildings, multi-plex housing, or mom-and pop condo owners. This has caused an increase in prices, but strict price gouging laws are now in place where no landlord can increase a rental price by more than 10%, if it was advertised 1 year prior to the Emergency declaration. Huge fines and imprisonment imply.

Because nearly 7000 housing structures have been destroyed in the fires, there will be thousands of people who will need housing, making the housing shortage worse. Already, prices of sales in non-burn areas are increasing.

One thing is for sure, in the short term, the majority of those displaced will be renting. This is already causing a large number of renters to search in Los Angeles, as well as in other areas including Orange County.

Downtown, which is a non fire hazard zone, has been more attractive to residents looking to move out of fire zones.

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.

Two Chic Historic Rentals on the Market

Eastern Columbia Lofts

1110sf - $3600/mo

Live in one of DTLA's most iconic Art Deco buildings, the Eastern Columbia. This chic southfacing 1110sf live/work loft is one of the few residences in the building with soaring 14-foot ceilings and oversized vintage windows that bring in tons of natural light. The open plan kitchen flows into the bright living area, and a nicely separated bedroom nook has added built-in storage. Concrete floors and exposed ceilings create a true loft living experience. Upgrades include a brand new refrigerator and dishwasher, and additional closets. Designer bath features a huge soaking tub. 1 covered parking space is included! Kelly Wearstler-designed building amenities include a rooftop pool, hot tub, sundeck, plus 24/7 front desk security, gym, drycleaning service, grand lobby lounge and dog run. Located in the Historic Core, you're within blocks from hotspots such as the Ace Hotel, Nomad, Fashion District, Whole Foods, Metro, as Acne, Theory, Mykita, West Elm, upcoming Apple Flagship store & more!

Rowan Lofts

600sf - $2050/mo

Chic character studio at the gorgeous NY-style Rowan Lofts in the heart of the Historic Core. Enjoy the most amazing easterly views from this 9th floor downtown pad that features exposed brick walls, oversized windows, and light hardwood floors. The 600sf unit features an airy open plan layout with tall ceilings that give it a bright and airy feel, and comes with Bosch stainless kitchen appliances, Scavolini kitchen cabinets, and spacious bathroom. There is ample closet space in the bedroom area and a Bosch washer/dryer in the unit. The historic building features amazing details such as restored Carrara marble hallways and amenities such as 24 hour front desk security, outdoor BBQ entertaining area, plunge pools, and an indoor lounge and event space. Within blocks to Whole Foods, Sunday Farmers Market, Grand Central Market, Metro, Pershing Square, Corporation Food Hall, Kazunori, Spring Arcade, Baco Mercat, Continental, Perch, Regent Theater, Blue Bottle and more!

Just Leased - Douglas Lofts #4D at 740sf - Highest Leased Price for Floorplan

Douglas Loft #4D - 740sf + 1 parking

North facing unit with views of City Hall and mountains.

Listed at $2450/mo, which was already just above market rates for the building, this studio ended up getting $2550/mo, the highest price ever paid for a rental for a studio in the building. Rentals are slowing down in general due to an influx of new construction competition, but good units are still going strong.

Landlords in DTLA - Rental Market is Evolving

A while back I had "predicted" that the rental market in downtown will see a softening. This is true. It just took a little observation to come to this conclusion. Tons of new rental-only buildings coming on the market in downtown. So it's only natural that the those of us with rental units are going to have competition. And yes, this is causing the units to sit longer and in some cases, cut prices.

The gist is this: If you are a condo owner in a newer building (meaning not a historic building), then chances are you're going to have to do better to get your place rented. Do some light remodeling and updating. Put in a kitchen island. Freshly paint the walls. Put in nice window treatments. Do something, because the new stock on the market such as Oakwood, 8th and Grand, Windsor, Atelier, G12, etc, are newer and flashier. I know for a fact that just a little tweaking and your condo is just as marketable as any of the new stuff.

Rentals in historic condo buildings (e.g. Rowan, Eastern Columbia, Barker Block, Biscuit Lofts, Toy Factory) are steady, simply because there are so few historic rental buildings in general. What exists is what exists, unless we get some more conversions.

DTLA Pocket Rental Alert: Gorgeous Loft w/ Concrete Floors at Eastern Columbia

Gorgeous 900sf loft for lease at the famed Eastern Columbia building on 9th & Broadway. Beautifully maintained with stainless steel appliances and a Kelly Wearstler designed bathroom. Open plan layout with views to the south. Concrete Floors, 11 foot ceilings, and comes with 1 parking space. Within 3 blocks to Ace Hotel, Whole Foods, Terroni, Peking Tavern, Pattern Bar, Freehand, The Exchange, Cos, CVS, Loit, Verve, IL Cafe, Om Nom, Ralphs, Wood Spoon, New Moon, Tuck, Wild Living and more.

Asking $2800/mo. Available Oct 1, 2017. Call for a details. 310-869-2655

Pocket Listing Alert - Eastern Columbia Rental

 Enclosed 1 Bed, 1 Bath, 1130sf, 
South Facing with Bonus Storage Room for $3500/mo
310-869-2655

Pocket Listing Alert - 2 New Rentals!

Chic Loft at Elleven $2600/mo for 960sf

 

Immaculate loft at the prestigious Elleven building in 

the heart of South Park. Stainless steel appliances, 

separated bedroom area, huge storage closet with 

side by side washer/dryer. Hardwood floors throughout! 

1 assigned parking space included. 

310-869-2655

Million Dollar Views at 1100 Wilshire

$2700/mo for 790sf

Views to the ocean! Beautifully appointed loft with  

frosted glass separation to the bedroom. Bamboo floors,  

2 closets, spacious bathroom, Bosch W/D in the unit.  

Comes with 2 parking spaces in the garage.

310-869-2655

Pocket Lease - Eastern Columbia Loft #510 with Balcony

Presenting the beautiful 1200sf loft in the coveted Eastern Columbia building. The open plan loft gets lots of sunlight through oversized windows, and features a balcony that faces West. The L-shaped loft is ideal for separating out a bedroom area. Nice chef's kitchen with stainless steel Viking appliances, an designer bathroom with tons of storage, and dark polished concrete floors. The building has a rooftop pool, gym, a front desk with security, courtyard and grand lobby. 1 covered, garage parking space is included. Within a 3 block radius you have Whole Foods, Ralphs, Ace Hotel, Terroni, APC, Acne, Oak, Aesop, Stocking Frame, Umami, Wood Spoon, Pattern Bar, United Artists Theater, The Orpheum, Spring Arcade, 1810, Austere, Bnkr, Urban Outfitters, New Moon, Verve Coffee, Il Cafe and more. Asking $3300 per month. Contact yuri@mytownsquare.com to schedule a viewing.