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

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.

An Impressive Eastern Columbia Penthouse Coming on the Market Soon

Johnny Depp may have had 5 penthouse units at the marvelous Eastern Columbia, but there's another coming on the market that is larger, has better views, and more outdoor space. The 4-story Penthouse is over 3000sf, making it the largest one at Eastern Columbia.

Beautifully maintained and situated on the Northwest corner of the building, with its own skylight, it is the best Penthouse ever to hit the market in a historic Mills Act building! Will be asking 3.9MM.

Want Over 1300sf of Space? There are Currently A Few Gems Available.

I keep reiterating that things are getting smaller in DTLA. It's a fact that nearly all the new residential development will have studios and "1-bedrooms" starting around 550sf. That sounds small--because it is. Even the converted historic spaces are getting smaller as land and construction costs are going up, so developers are chopping up the units. Their bottom line is to get as many livable units onto a floor as building codes will allow.

That said, things that are close to 1000sf will become more desirable. An 800sf 1-bedroom is being considered ample now. And anything over 1200+sf is considered spacious. Currently available "oversized" lofts in unique buildings:

Douglas Penthouse #MN

Corner unit, Skylight, rare 2 parking spaces, Mills Act

2100sf, Asking $2.1MM

Little Tokyo Loft #106

End unit, Skylight, 2 parking spaces, Private Outdoor Space, 2 Levels

1800sf, Asking $1.058MM 

Tomahawk Loft #6

Entire Floor Unit (Street to Street), Private Elevator Stop

1640sf, Asking $1.049MM 

Barker Block #443

City Views, Original Rafter Ceilings

1510sf, Asking $995k

Flower Street Lofts #118

2 Levels, 2 Parking Spaces

1420sf, Asking $699k

940 E. 2nd #8

3 Levels, Private Rooftop Deck, Skylight

1330sf, Asking $879k

Two-story Penthouse with Private Rooftop Deck - Higgins Lofts #1004

Rare penthouse pad in DTLA. The top floor loft in the historic Higgins building has a mezzanine that is perfect for an office, guest bedroom or master bedroom as it leads straight up to a private rooftop deck with views of the downtown skyline. There is a skylight that lets in amazing light and 22' tall ceilings. Features 980sf of indoor space, and approx 200sf of outdoor space. Has 1 bathroom. The Higgins Building holds the Mills Act distinction which helps reduce property taxes.

Currently Available Industrial Lofts in DTLA

Simply put, there are usually two kinds of lofts--industrial and architectural. The architectural ones are generally the conversions from former bank buildings, offices (think Rowan Lofts, Douglas Lofts, Eastern Columbia Lofts) that have a lot of beautiful character intact, both inside and out. The industrial ones are often conversions too, but have generally been adapted from factories, warehouses or showrooms (think Biscuit Company Lofts, Toy Factory, Barker Block, Textile Lofts).

Below are industrial lofts currently available for sale in these unique buildings:

FLOWER STREET LOFTS IN SOUTH PARK (Formerly a UPS Shipping Hub)

Penthouse Loft #416 - 1648sf - $800k

Loft #215 - 1260sf - $750k

Loft #117 - 1483sf - $683k

BARKER BLOCK LOFTS IN THE ARTS DISTRICT (Formerly the Barker Brothers Furniture Factory & Warehouse)

Loft #424 - 1070sf - $849k

Historic Lofts for Sale - Biscuit Lofts, Toy Factory Lofts and Textile Lofts

Inventory is super low in DTLA, what's new? About 80 properties for sale in the whole of the downtown. Below are recently available properties in great buildings. Check them out at their open houses on Sunday 3/22. UPDATE: All of the properties below have accepted offers.

2-Story Penthouse Biscuit Loft in the Arts District #714

1 bed, 2 baths, 2 parking, 2031sf, private terrace. 

Asking $419k *Mills Act Building*

PLG Estates

Toy Factory Loft in the Fashion District #603

1 bed, 1 baths, 1 parking, 976sf.

Asking $599k 

 Berkshire Hathaway

Textile Loft in the Fashion District #206

1 bed, 1 baths, 1 parking, 890sf, private terrace. 

Asking $495k *Mills Act Building*

Benjamin Hill

SOLD - Art Deco Jewel with Balcony for Sale - Eastern Columbia #1109

This spacious 11th floor loft at the Art Deco Eastern Columbia building features several banks of enormous windows, polished concrete floors and city views from its own private balcony. Comes with 1 parking space, and building amenities include a 24-hour concierge, gym and fabulous rooftop pool. Walkable to Spring Street, Staples, Restaurant Row, and more. Listed for $688k with 1190sf of space. This building was developed by The KOR Group (Viceroy, Avalon) and is also Mills Act-approved.

Courtesy of Bill Cooper, Loftway

SOLD - Rare Historic Penthouse for Sale - Rowan PH #6

Located in the heart of the Old Bank District and what's become Gallery Row, this Rowan unit has several things going for it--character, location, prime penthouse unit and 2 parking spaces. And it's Mills Act approved. The unit is well appointed with high ceilings, exposed brick and large, expansive windows. And the building will soon have the new Spring Street Park right next door. Walk to Coles, Nickel Diner, Spring Street Bar, Baco Mercat, Varnish. 2 bed and 2 bath, 1010sf of space, offered at $650k.

WITHDRAWN - Penthouse + Entire Rooftop Patio for Sale - El Dorado #1207

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 future park grounds--that usually means upside for investors. Currently available is a stunning penthouse with a huge 180-degree view patio, 3 beds, 2 baths, 2 balconies in addition to the patio, and over 1700sf of space. Offered at $1.3 mil.