Chance to Snatch Up Prime Units in DTLA

While some people are leaving DTLA, there are others who are moving in. Some of the best units in the area are coming out of the woodwork for the first time in years, and savvy buyers are taking advantage. 

Penthouse #506 at Pan American Lofts is in escrow!

Asking: $995k

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-612502

Courtesy of KW Larchmont

Unit #311 at Eastern Columbia Lofts - First time on market in 10 years!

Asking: $1.84

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-597232

Courtesy of Coldwell Banker DTLA

Unit #404 at Eastern Columbia Lofts

Asking: $1.345

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-630320

Courtesy of Campbell Wellman

Unit #119 at Barker Block Lofts - Tri-level loft!

Asking: $1.599

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-560722

Courtesy of The Agency

Penthouse #1207 at El Dorado Lofts - Double level with rooftop patio

Asking: $1.375

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-608070

Courtesy of Coldwell Banker

A Good Time to Buy?

Is this a good time to buy? With lowest ever interest rates and a negotiable environment, it most definitely is. Buyers are dreaming of a 2008-2011 scenario when people owed way more on their property than it was worth and had to sell or lose everything. It's just the opposite situation right now. Homeowners are sitting on equity, so they don't need to sell, and that's why there's such a low inventory of homes right now. Low inventory plus high demand means that prices are staying stable. 

However, there are deals to be had. Look into properties that have been sitting on the market. Or properties that might need some remodeling. This is where you'll get a deal, and some built-in equity. 

Some of the best properties right now in terms of a great buy for the price:

Higgins #207 - $699k

This loft is 1250sf. The layout, however is so great that it feels like it's more like 1500sf. Plus, it has a nearly 150sf private outdoor patio that is in addition to the indoor 1250sf space. Future value for the outdoor space--there are only a few condos in the whole of DTLA with this type of outdoor space. To top it off, the building has the Mills Act status, so you save up to 70% off your property taxes each year. (Coldwell Banker DTLA)  https://reinventingdtla.com/108-w-2nd-%23207

El Dorado Loft #807 - $510k

This loft is 740sf. The loft is super bright, high up in the building, and has a balcony with views of a park. Again, think future value. Great location within blocks to everything. To top it off, the building has the Mills Act status, so you save up to 70% off your property taxes each year. See MLS photos here (KW Larchmont):  https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-605828

Textile Loft #404 - $468k

This loft is 640sf. Corner loft, people. The loft is super bright, comes with a parking and in-building storage space. In the up and coming Fashion District. To top it off, the building has the Mills Act status, so you save up to 70% off your property taxes each year. With interest rates so low, the mortgage on this one will be lower than the rent. See MLS photos here (Coldwell Banker DTLA): https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-585120

SOLD - Immaculate Loft Overlooking Spring St. Park - El Dorado #1106

Charlie Chaplin once lived at the El Dorado. How's that for old Hollywood pedigree? Originally a hotel built in 1914, the building has been beautifully remodeled for discerning residents, and is conveniently located on Gallery Row in the Old Bank District, next door to Spring Street Park. Currently available is an immaculate 1176sf loft with concrete walls, Snaidero cabinetry, Bosch appliances, private balcony, 2 baths. Offered at $679k.

Courtesy of Jeremy McGinnis, Kobeissi

DTLA Properties Under 500k

First-time buyers to DTLA are often wanting to "try out" the area with an investment property first. Here are available condos/lofts under the 500k range. With rental prices averaging about $2.75 and up per square foot, you can have a tenant pay for your property if you've got 25-30% to put down on a 30yr fixed. And this includes prop taxes and HOAs.

Douglas Lofts - 700sf - $465k - (Front desk security, 1 assigned covered parking space)
El Dorado Lofts - 848sf - $478k - (Front desk security)
Mura Condos - 810sf - $499k - (2 assigned parking spaces, storage unit, pool, gym, concierge, BBQ)
1100 Wilshire - 670sf - 499k -  (2 assigned parking spaces, pool, gym, concierge, media room, BBQ)
Market Lofts - 754sf - $469,900 -  (1 assigned parking space, pool, gym, concierge, media room)
Higgins Lofts - 750sf - $430k -  (rooftop deck)
EVO Condos - 750sf - 495k - (1 assigned parking space, pool, gym, lounge, concierge, BBQ)

SOLD - Spring St Historic Pied a Terre Loft - El Dorado #707

Beautiful loft in the historic El Dorado building located in the Historic Core. Once the home of Charlie Chaplin, you can now view Spring Street and Spring Street Park from your private balcony. The south facing loft has been meticulously modernized with sleek hardwood flooring, Snaidero cabinetry in the kitchen, and exposed concrete touches. Walk to the Art Walk, Bar Ama, Springtime in New York, Skingraft, Baco Mercat, Grand Central Market, and many more. Parking is available for an additional fee. This is a Mills Act Building which provides significant property tax savings. 1 beds, 1 bath, 740sf. Offered at $505k.

 Courtesy of Agnes Ferreyra, John Aaroe Group