DTLA is one of L.A.'s Prime Markets

2015 has been a good year for real estate, and very good for downtown.  Check out the numbers for Q3 on condos:

[Neighborhood]  [Avg Sale Price]  [Avg Price Per SF]

DTLA.                         $807,808.                $642!!!
Beverly Hills.            $1,342,739.             $697
Brentwood.               $832,412.                $541
Hollywood.               $1,087,838.             $658
Malibu.                      $939,607.                $595
Mid Wilshire.           $628,684.                $422
Pacific Palisades.     $1,058,011.             $598
Santa Monica.          $1,242,651.             $887
Silverlake.                 $716,657.                $529
Sunset Strip.             $787,375.                $574
Venice.                       $1,468,500.             $739
West Hollywood.     $876,579.                 $629
West L.A.                   $774,557.                $503

Metropolis - The Numbers Are Out

Those of you who are privy to the highly anticipated Metropolis development have been inquiring about pricing, and rightly so. But pricing wasn't available until now. With floorplans and features being solidified as we speak, these are luxury condos are expected to rival the Residences at the Ritz Carlton, but with even more amenities according to inside sources.

Prices for the first phase will begin in the low $500s and go up to around $3MM for the penthouses. Even though there's still time until completion (ETA is 2016!), the interest has been through the roof with hundreds on the waitlist, deposits and all. Waitlisters get first dibs on the floorplan/unit among other perks, and of course the deposit is refundable if you don't move forward. Send me an email if you'd like to get on the waitlist or to find out more about the Metropolis: yuri@sartparker.com.

Inventory Low in Downtown, Driving Prices Up in Nearby Areas

Inventory has been low in downtown for some time now. 2013 was when the momentum picked up from a lull and people started buying again, which has been keeping inventory low, especially in highly desirable buildings. As you can guess, in the less than desirable buildings, things have been sitting longer. Various reason for this, which I can go over with you another time.

But the overall effect is that inventory has remained low in downtown and has thus driven prices up. In fact, a couple of my clients with a budget who've had their hearts set on DTLA have been outbid and are now looking into the surrounding areas, which are incidentally on everyone's radar too. Namely, NELA, which covers Highland Park, Mt. Washington, Montecito Heights and others. While it's a Gold Line ride away from downtown, you can get more square footage for the price in NELA. With downtown prices at over $550/sf on average, NELA is still about about $465/sf on average.