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

SOLD - Post and Beam Warehouse Loft - Barker Block #335

True live/work loft for lease in the Barker Block building with over 1600sf of living space. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The stunning oversized loft features original wood beams, beautiful hardwood floors, and numerous upgrades. Includes one assigned parking space. Listed at $935k. 

SOLD - Back on the market for under 300k! Little Tokyo Loft #407

Little Tokyo Lofts are a wonderful warehouse loft community, which also happens to border skid row. This is the main reason for the lower than average price per sf that this building consistently maintains. Regardless, values have steadily gone up in the building since 2009. The area, like many other areas of downtown, are getting cleaned up. The women's shelter nearby just opened a coffee shop/vintage shop/handcrafted goods shop, and this is only the beginning. Loft #407 which went into escrow fairly quickly, is now back on the market. Price has been lowered to $279k. 610sf of space, huge original casement window with views of mountains to the north and the skyline to the west, 1 assigned gated parking space, and amenities include a courtyard lounge, swimming pool, BBQ, dog run and gym. Plus you're a 5-min walk to Grand Central Market, Grand Park, Little Tokyo.

SOLD - Arts District Loft with Skyline Views - Barker Block #413

True live/work loft for sale in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. This warehouse loft is located on the northern end of Barker Block, and features more than 1300 sf of space and upgraded finishes throughout. Beautiful skyline views of downtown from the oversized windows. Listed at $795,000 for 1310 sf of livable, workable space. Walkable businesses include Bestia, Stumptown Coffee, Wurstkuche, Urban Radish, Zinc, and many. Includes 1 assigned parking space.

Are There Any More DTLA Real Estate Deals Left?

Yes, there are, but the deals are of a different type. When the DTLA market was just starting to pick up again in late 2012, buyers were able to choose from not only standard sales, but short sales and foreclosures. In 2013, the short sales had been mostly snatched up--many by cash buyers and investors. But not all deals are in the form of short sales and foreclosures. These days, the deals to be had are the pocket listings, stale listings and buildings with litigation.

POCKET LISTINGS, often called "secret listings" and "private listings," are those that are not published on the MLS or advertised. Sellers who don't want the world to know they are selling or want their name to be kept private until a sale records is often the reason for these listings. These properties are sold by agents who have a private list of ready and willing buyers, or who have a network of other agents who have ready and willing buyers. The general public will never even know these listings exist. The great thing about pocket listings is that there's usually one bidder, so the chances of your offer getting accepted (or at least countered) is much greater, and without the price inflation which is often the result of multiple offers. More than half of my buyer clients have bought pocket listings, avoiding the multiple offer mess that causes long agonizing waits and oftentimes drives up prices.

STALE LISTINGS are those that have been sitting on the market for more than 90 days. While most DTLA real estate moves quickly, those that have sat for a while because of bad timing, a buyer backing out, or litigation on the building, can be deals in disguise. One of my clients just bought an amazing loft at well under the market rates because the loft had fallen out of escrow due to a lender that couldn't perform. The loft sat for a few more weeks, making it look even less attractive. Upon hearing that this ginormous loft was back on the market, the buyer swooped in and bid 49k below asking and got an accepted offer because the seller was desperate to get into another escrow.

While LITIGATION isn't ideal, the reality is that a LOT of buildings are involved in some form of litigation, oftentimes with the developer. This means that most lenders can't offer a loan for that building due to risk and this tends to drive prices down in a building. While a lawsuit scares most people and lenders away, buyers who can find a lender are getting accepted offers at below market prices. The catch is that you often have to put a higher downpayment in order to get viable financing on the property. The thing is, lawsuits eventually go away, but a good investment can be forever.

Send an email to info@sartparker.com if you'd like to be on the list to receive pocket listings as we get them. 

SOLD - Great Investment on Broadway - Pan American Lofts #410

Exactly one year ago, things were very different on Broadway. These days, good luck if you're looking for condo on Broadway for under 600k. And even better luck to developers if you're in the market for a complete do-over commercial building for under 5MM. However, every now and then good things do come up on one of the most coveted streets in DTLA, like this loft at the Pan American Lofts. The building is located on Broadway just steps from Grand Central Market, Maccheroni Republic, The Edison, Badmaash, Groundwork Coffee, Pitfire Pizza, the LAPD dog run, Grand Central Park, and just blocks from The Ace Hotel and soon-to-be Kinfolk Studios, and Little Tokyo. This unit is a 1 bed, 1 bath with original brick walls and faces west for lots of sunlight during the afternoons. Beatiful Pan American building that was originally built in 1895 and has film pedigree. Parking is not included, but covered parking is available nearby for $100-$150/mo. The price is hard to beat at $399k. 

SOLD - Higgins Building Loft for under $400k - Higgins #705

Rare opportunity to buy in a character-filled Mills Act building in the historic core for under $400k. This quiet, courtyard-facing unit in the Higgins building is on the 7th floor, and features polished concrete floors, stainless steel appliances, and original double hung windows. Coveted L-shaped floorplan and just blocks from Grand Central Market, Walt Disney Concert Hall, Grand Park, the old Bank District. The famed Edison Bar is located in the same building as well as Groundwork Coffee, PitFire Pizza, Badmaash and more. This unit has 1 bath and is 610sf and is offered at $388k.

SOLD - Immaculate Arts District Loft with Patio for Sale - Barker Block #138

True live/work loft for lease located in the coveted original phase of Barker Block--not the new Molino side! Designed by the KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The open-plan loft features luxe finishes and hardware throughout and faces east. Also features a lovely private patio, one of the few in the entire building to have this special feature. Listed at $699kfor 1320sf of livable, workable space. Includes 1 assigned parking space. Walkable establishments include Stumptown Coffee, Handsome Coffee, Zinc Cafe, Urban Radish, Church & State, Little Tokyo, Villains, Little Bear, Daily Dose, Pour Haus, EightyTwo Barcade, Wurstkuche and more.

SOLD - Art Deco Stunner with Balcony for Sale - Eastern Columbia #809

This is spacious west-facing unit in the Art Deco Eastern Columbia building, developed by The Kor Group. The unit features soaring ceilings with tall banks of windows, polished concrete floors and city views. Boasts one of the few balconies in the entire building. 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 $628k with 1100sf of space. This building is also Mills Act approved.

SOLD - Spacious Corner Unit with Sleek Upgrades for Sale - 655 Hope #1104

Gorgeous south-east-facing corner unit with high ceilings at 655 Hope. This home in the financial district boasts two bedrooms, 2 full bathrooms, a stunning corner view of the east and down to South Park. Luxurious upgrades such as a fully customized master closet, motorized blinds, recessed lighting, drapes, and sliding doors for fully enclosed bedrooms. The unit comes with 1 parking space and a storage unit. Front desk security, full gym and a rooftop entertaining deck with BBQ. Located in the Financial District, next to the Metro Red Line, the upcoming Empire Hotel, Whole Foods, Central Library, The Standard Hotel, and down the street from restaurant row. One of the best locations in downtown. Listed at $687,000 for 1140sf of space.

SOLD - Spacious 3 Bedroom View Condo - Sky Lofts #1210

Gorgeous panoramic east-facing loft with high ceilings at the Sky Lofts not yet on the MLS. This home boasts three bedrooms, or can be two bedrooms and a larger living area, and 3 baths.  Easterly views for miles, with the upcoming Whole Foods just a block away. Impressive lobby and lounge with front desk security, and a full gym. Located next to the upcoming Empire Hotel, Whole Foods, and down the street from restaurant row. One of the best locations in the whole of downtown. Comes with two side-by-side parking spaces. Listed at $999,000 for over 1900sf of space.

Courtesy of Ted Trentman, Keller Williams Pasadena

SOLD - Rare Appearance in Arts District for Sale - 940 E. 2nd (aka Barn Lofts) #23

It's been nearly a year since the last property at 940 E. 2nd St came on the market. But now there's a stunning, spacious, 3 bedroom, 2 bath unit available in this coveted building. Converted from a sugar barn, this units in this building have retained a bit of their history with exposed brick walls and reclaimed details. On the market for the first time, this loft has it all. 2 bedrooms, 2.5 baths, and a tri-level layout with vaulted ceilings and plenty of sky lights for a bright and airy interior. There is even a patio off the master bedroom.  The kitchen features stainless appliances and the flooring varies from concrete to oak wood. Comes with 1 assigned parking space. Conveniently located in the Arts District on the border of Little Tokyo, and just steps to Urth Cafe, Wurstkuche, Piehole, Umami, Villians, and more.

SOLD ABOVE ASKING - A Pied a Terre in a Famed Hotel for Sale - El Dorado #410

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 Park and around the corner from the Ace Hotel, Umami, Il Cafe, Figaro, Coles, Spring Street Bar and more. This lovely unit features an open space floorplan with immaculate finishings, Bosch appliances, Snaidero cabinetry, upgraded bathroom and more. 1 bed, 1 bath and approximately 850sf of space. Offered at $449k.

SOLD ABOVE ASKING - Posh Industrial Loft for Sale - Barker Block #125

True live/work loft for lease in the Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The tri-level loft features multiple entryways that open up to spaces that can be used as offices and luxe finishes and hardware throughout. There's a mix of concrete and dark hardwood floors, 2 bedroom or office areas, open space kitchen and living area. Listed at $975k for 2200 sf of livable, workable space. Includes 2 assigned parking spaces.

SOLD - Rare Two Side-by-Side Combined Lofts for Sale - Rowan #705 & #703

Beautiful loft in the historic Old Bank District for lease. This is a rare opportunity to own two lofts in one at the famous Rowan building. Two units are combined into one, and features huge banks of windows that bring in lots of light during the day and city views at night. Includes original exposed brick walls, 14-ft ceilings, and genuine hardwood flooring. Building amenities include a spa, outdoor deck, lounge, and Spring Street Park is just next door. 3 bedrooms, 3 bathrooms, two kitchens, and just under 2000 sf of space. Offered at $1,299.000. Building is Mills Act-approved.  

SOLD - Lovely Pied a Terre with Views for Miles for Sale - EVO #1314

Sleek airy loft in the ultra modern, LEED certified EVO building. Located in the heart of rapidly developing South Park, EVO is just blocks to LA Live, the historic core, and restaurant row. This west-facing unit is located on the 13th floor and features amazing views to the west. Features dark wood floors, huge windows, partitioned galley kitchen with stainless steel appliances, separated bedroom area, and a separate laundry room with ample storage. The building features a rooftop fitness center, amazing infinity pool with outdoor deck area, 24-hour concierge and security and covered in-building parking. 1 bed, 1 bath, 860sf. Offered for $549k

SOLD ABOVE ASKING - Tri-Level Uber Chic Loft with Private Patio for Sale - Barker Block #152

True live/work loft for sale in the coveted Barker Block building. Designed by The KOR Group, the building boasts a lovely rooftop pool and gym--both with views for miles, courtyard areas and an art exhibition tunnel. Plus it's directly across the street from Urth Cafe, perfect for that morning coffee run. The tri-level loft features multiple entryways that open up to spaces that can be used as offices, bedrooms, studios--anything you can imagine. Lovely upgrades such as sliding barn doors, custom cabinetry and hardware, and polished concrete floors. 2 bedrooms, multiple office areas, separate entryways, 2 bathrooms, private patio. Listed at $849k for 2370 sf of livable, workable space.

SOLD ABOVE ASKING - Spacious Industrial Arts District Loft with Balcony for Sale - Toy Factory #419

Gorgeous northeast corner unit with multiple panoramic floor to ceiling windows and 14" ceilings. Stylish live/work loft with an east-facing sizable balcony and polished concrete floors, plus a grand hallway entry perfect for an art wall. The building boasts a rooftop pool and gym--both with views for miles, lower rooftop courtyard and a full gym. Located across the street from Church & State, Daily Dose, Pour Haus, Little Bear, Urban Radish, and just a couple blocks from Bestia and Handsome Coffee. This pristine loft features designer finishes throughout, 20ft ceilings and great natural light from massive windows. Listed at $669k for 2 baths, 2 parking spaces, and1430sf of space.

CANCELLED - Huge Factory Loft for Sale - Molino Lofts #116

Character filled and spacious converted loft in the Molino building. Features exposed brick walls, high ceilings, polished concrete floors, and an open floorplan to create your ideal live-in space. The Molino has a rooftop pool, gated parking, fitness center and terrace. Great location in the Arts District, just a hop away from Little Tokyo and walking distance to Urth Cafe, Church & State, Daily Dose, Little Bear, Pour Haus, Urban Radish, Bestia and more. This ground floor unit has bath, 1670sf of space, and is offered at $698k.

SOLD - Sleek 2-Story in Highrise with Private Patio for Sale - 1100 Wilshire #1707

Gorgeous unit in the amazing 1100 Wilshire live/work building. This north-east facing unit has amazing skyline views, 2 bathrooms, and an upstairs bedroom. Built in 1986, the one-time office building is now known for it's stunning pool and deck, views to the ocean from the southwest units, ample parking for residents and guests, and a 24-hour concierge. Comes with 2 parking spaces. This is a short sale listed at $639k.