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

Cutest, Brightest, Most Charming Loft at the Douglas Building - Mills Acts too!

Douglas Loft #4D - 1 bed, 1 bath - Historic Core

Charming, super bright and airy north facing loft with hardwood floors, tall ceilings, and oversized windows that show the dramatic City Hall in the backdrop!

• Open plan layout
• Huge banks of windows that let in tons of natural light
• Spacious bathroom
• Poggenpohl kitchen cabinets and Bosch appliances
• Nest controlled central heating and AC
• The unit comes with 1 underground parking space in the building
• Washer and vented dryer in the unit
• Plus, Mills Act for huge property tax savings for homeowners
• Blocks to Grand Central Market, The Broad, Little Tokyo, Blue Bottle, Badmaash, Spring Arcade, Whole Foods, Financial District, Arts District

More Details here: http://www.257spring4d.com/

Offered at $549,000. For a tour, contact 310-869-2655

DTLA To Get a Condo Development That Will Start in the $300s

Not a typo. The newest development to break ground will have units starting in the $300s. Yes, in this market. The condo building is called Perla, and located in the condo-starved Historic Core of DTLA, on the northern end of Broadway. Presales to start at the end of 2018.

There's a catch of course. They will be small by L.A. standards--around the 400-500sf size for the ones priced in the $300s. I think it's one of the smartest moves by a developer to disrupt what's going on in Downtown currently. There is pent up demand for housing that is more affordable, and at these price points, those shut out of the market completely due to prices averaging $700k, will now be able to get something to own instead of blowing money on rent. This is also addressing a growing number of urbanites who just want a home base and require a lot less space.

Neighbors include Grand Central Market, Blue Bottle Cafe, Spring Restaurant, DTLA Vets, Birds & Bees, Klaxons and more.

Warm and Inviting Brooklyn Brownstone Style Loft at the Eastern Columbia

Eastern Columbia #202

Enjoy downtown living at its best in this warm, inviting, and charming loft at the famed Eastern Columbia building. Mills Act also gives home owners up o 70% off property taxes. Acne, IL Cafe, Mykita and Om Nom in the building, as well as Ace Hotel, Whole Foods, APC, Umami, Wood Spoon, Stocking Frame, Cooper Building, etc just a couple blocks away. Asking 799k.

Open House 3/14 between 11am-2pm or call 310-869-2655 for showings. 

What to Look Out for in a High Market in DTLA

Gone are the days of just snatching up lofts because they were there for the taking.  The prices are going up and the inventory is still very low, keeping prices even higher. So many downtown homeowners are here to stay--with so much now at their doorstep, it's become one of the most exciting places to visit and live. The dilemma for most buyers is inventory is low, prices are high, and it's a risk to wait in case the market goes up.

In these times, you need to look out for the following if you're in the market to buy. If you can get 2 or more of the following ticked off, then you're doing well;

1. Units that have upside potential. Rather than buy a completely remodeled place, look for one that needs some rehab. New kitchen or new flooring perhaps. Or bathroom remodels. Even something as minor as new lighting. By you adding 10k-20k, you can add 50k in value.

2. Look for buildings with great amenities. There are a lot of new lease-only buildings on the market with top notch amenities. That is your competition. A building with amenities is going always have some value.

3. Buy in a building that offers parking. Enough said.

4. Buy a unit that has something unique and special, like a great city view, or overlooking the park. Or one that has an extra bedroom nook. Or that has a balcony. It's hard to get it all without spending over 1M, but if you can get into a unit that has one or two special features that other units don't have, it's going to add value.

5. Buy in a building that has good development around it. Meaning retail, office space, grocery stores, parks, hospitals, Metro access, etc.

Super Lofts Available - 2000sf and Larger

600sf is the new 800sf. What I mean is that new units are getting smaller in scale, and the small 800-900sf 1-bedrooms we used to snicker at are now considered large 1-bedrooms. 1000sf is pretty much consider HUGE. Size is becoming a huge commodity, as land and building costs are rising. Back in 2003-2007, developers were a lot more generous, which is why you often get more square footage for your money in buildings that were either built or converted in that period.

Here are some interesting "super lofts" available for sale now:

1100 Wilshire #3702 - 3000SF - 2 Parking Spaces

$5,950,000

Molino Lofts #213 - 4260SF - 5 Parking Spaces

$1,985,000

  

Barker Block Lofts #102 - 2660SF - 2 Parking Spaces

$1,675,000

Barker Block Lofts #144 - 2460SF - 2 Parking Spaces

$1,795,000

TEN50 PH5 - 2268SF - 2 Parking Spaces

$2,600,000

Flower Street Lofts - 2149SF - 2 Parking Spaces

$969,000

Barker Block Lofts #121 - 2040SF - 2 Parking Spaces

$1,200,000

Luma PH105 - 2001SF - 2 Parking Spaces

$1,995,000

Downtown Area Highlight: Arts District

Downtown really is its own world. While prices have gone up around the country in most cities (5.1% from 2015!), DTLA is in my opinion one of the most exciting and resilient places. Even after the crash of 2008, prices have been steadily rebounding and are now well past the 2007 height. More residents are living in the area. New businesses have arrived. And each week seems to bring about another exciting development.

One of the most thriving areas is the Arts District. I highlight the area because it has seen some serious value gains because of the exciting development and the lack of inventory. There are only FIVE loft/condo buildings in the Arts District, which is keeping demand high. In addition, some of the most exciting developments and destinations are happening in the area: SOHO House, Hauser Wirth Schimmel, At Mateo, Oficine  Brera, Bestia, The Row DTLA, and The Garey Lofts, Church & State, Shinola, Grow, Everson Royce Bar, La Kretz Innovator.

Sneak Peek of Upcoming South Park Condo - TEN50

First time since the Ritz Carlton was completed in 2012, new construction condos will be available for sale in downtown Los Angeles. Developed by Trumark Urban and designed by TEN50 is located on Grand and 11th, in the prime area of South Park, just a few blocks from the Historic Core and the Fashion District. Target move-in is November 2015. Contact me to preview the floorplans, amenities and finishes.

Just some of the highlights:
- Infinity edge pool
- Outdoor yoga deck
- Theater/Media room
- Corner Penthouse units
- Boutique style building
- Bertazzoni induction range, Bosch ovens, Liebherr refrigerators
- 24/hour reception
- Parking and storage

 

(Rendering from Photographer of TEN50)

(Rendering from Photographer of TEN50)

(Rendering from Photographer of TEN50)

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

Historic Mills Act Pied a Terre in the $300s

It's still possible to get a historic loft in a wonderful walkable neighborhood in the 300s, in a Mills Act Building. This loft in the lovely Rowan building faces the Spring Street Park and features large double hung windows, exposed brick, Scavolini kitchen, Bosch washer/dryer in the unit, and an open plan layout. The Rowan has a doorman, BBQ patio, hot tubs, and a resident lounge. Walk to  the Farmers Market, Buzz Wine, Bar Ama, Orsa and Winston, Spring for Coffee, The Continental, Spring Street Arcade, Ace Hotel, Terroni, Nickel Diner, Verve Coffee and more. 460sf, 1 parking space with option to lease another. Asking $378k.

Can You Believe, Prices Haven't Risen in 8 Years?

Here's the reality: prices have risen since 2010. A lot. Then why are so many people clamoring to buy homes, often overbidding?

Because we're barely starting to match 2007 prices. So, look at it this way: prices have not gone up in about 8 years. The price people paid in 2007 is actually more than what people are paying now, which is why some people are still holding on until prices rise even more.

Two Side by Side Units for Sale in the Financial District - 655 Hope #1004 & #1005

It's so rare to have two units come on the market that are side by side, especially in a boutique-style building with only 80 units. Combine the units into one super loft. One of the units is a corner unit with southward views down Hope Street and to the east. Each unit features two full bathrooms with luxury finishes, sleek dark hardwood floors, walk in closet, tall ceilings laundry inside, storage unit, 1 covered garage parking space. Building has a front desk security guard, rooftop deck with BBQ, gym, conference room, and is conveniently accessible to the Metro Red Line. Walk to Bottega Louie, The Bloc, Seven Grand, Fig & 7th, The Standard Hotel, Jewelry District and more. Each unit is nearly 1200sf, and each is asking $799k.

 Courtesy of Jin Lee, Stanford Raffles Realty

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

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.

SOLD - Corner Unit at Historic Rowan Lofts #811

Beautiful, restored *corner!* loft in the heart of the historic core and Spring Street bustle. This 8th 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 940sf and the asking price is $649k. The Rowan is a Mills Act designated building.

DTLA Open Houses This Sunday 2/8

South Park
1155 S. Grand Ave #412 - 2-4pm
1155 S. Grand Ave #703 - 1-4pm
1100 Hope St. #510 - 1-4pm
1100 Hope St. #1204 - 1-4pm
645 W. 9th St. #214 - 12-3pm
645 W. 9th St. #208 - 11am-3pm
630 W. 6th St #202 - 12-3pm

Historic Core
416 Spring St #409 - 12-4pm
108 2nd St., #510 - 1-4pm

Arts District
530 S. Hewitt #440 - 1-4pm
510 S. Hewitt #107 - 1-4pm

Little Tokyo
420 S. San Pedro St. #206 - 2-4pm
420 S. San Pedro St. #220 - 1-4pm
420 S. San Pedro St. #529 - 2-4pm
267 S. San Pedro St. #317 - 1-4pm
267 S. San Pedro St. #623 - 1-4pm

City West
1100 Wilshire #2001 - 1-4pm
1100 Wilshire #2702 - 1-4pm
1100 Wilshire #1901 - 2-4pm

Bunker Hill
800 W. 1st St. #2810 - 1-4pm
800 W. 1st St. #2407 - 1-4pm
800 W. 1st St. #1404 - 1-4pm
880 W. 1st St. #319 - 1-4pm

SOLD - Art Deco Icon Meets Modern Luxe - Eastern Columbia Loft #806

South facing unit in the iconic Art Deco Eastern Columbia building, developed by The Kor Group. The unit features beautiful banks of windows, polished concrete floors lots of sunlight. Comes with 1 parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Walkable to Spring Street, Ace Hotel, Umami, Figaro, Alma, Pellicola, Sparkle Factory, Grand Central Market, and more. Listed for $729k with 1120sf of space. This building is also Mills Act approved.

Currently Available DTLA Properties Over 1500sf in Size

The fact is, developers are chopping up units like never before. Many of the upcoming new condos and conversions will be a higher price per sf (and more compact) than things were in 10 years ago. If you own a loft that's 1500sf or more, then hold on to it. As price per sf increases, you'll be sitting pretty. 1500+sf properties available now in DTLA:


Barker Block Loft #335 - 1620sf - $935k

EVO #613 - 1820sf - $1.195MM
EVO #1909 - 2400sf - $1.795MM
EVO #2303 - 3973sf - $3.4MM

Luma #701 - 1628sf - $1.299MM
Luma #402 - 1770sf - $1.175MM

Market Lofts #212 - 1583sf - $875k

Molino Loft #215 - 2657sf - $1.0888MM
Molino Loft #306 - 1810sf - $935k

Ritz Carlton #41B - 1980sf - $2.438955MM
Ritz Carlton #45E - 3170sf - $2.95MM
Ritz Carlton #50E - 2370sf - $3.25MM

Toy Warehouse #6 -  1778sf - $850k

1100 Wilshire #2702 - $1600sf -  $1.195MM

SOLD - Spacious 2 Bed, 2 Bath, 2 Balconies Overlooking Spring St Park - El Dorado Loft #409

Spring Street at it's best--a 2 bedroom, 2 bath loft with 2 private balconies overlooking Spring Street Park as the historic El Dorado building, formerly the home of Charlie Chaplin. Nearly 1400sf, the loft boasts stylish, high quality finishes such as built-in stainless steel Bosch appliances, Snaidero Italian cabinets, granite countertops, added island w/ additional storage, under-cabinet lighting, Franke stainless steel dual-basin kitchen sink, deep soaking tubs, ventless washer/dryer, pre-wired for speakers and surround sound, huge walk-in closet, coat closet and linen closet with built-in shelves. Building is Mills Act approved for significant tax savings. Asking $775k.

Courtesy of Jeremy McGinnis, Kobeissi Properties

SOLD - Art Deco Pedigree, Priceless City Views - Eastern Columbia #1106

The Eastern Columbia building is one of the most adored buildings in downtown. It's located on one of the hottest intersections in DTLA. Within the past year, it has gained neighbors such as The Ace Hotel, Acne, Aesop, Oak, Om Nom, 1810 and more. And this is just the tip of the iceberg, which should translate to even greater upside investment potential in the next 3-5 years The stunning 1930s art deco masterpiece features the iconic clock tower and bluish patina on the exterior, with a beautifully rehabbed interior by The KOR Group. Being one of the few, Mills Act-approved buildings, you'll also save on property taxes. This 11th floor unit features more than 1130sf of space, has a great layout with open floorplan. Faces south for lots of daytime sunlight. Includes 1 parking space. Offered at $799,000.