DTLA - The Only Place That's a Buyer's Market

One thing the shake up of city centers did during COVID was offer unique, first-time-on-market, and sometime bargains for prime properties. A colleague of mine nabbed two properties in the West Village of NYC, and got them for about 25% below pre-COVID prices. A few lucky buyers recently got some of the best units at Eastern Columbia, some that had hit the market for the first time. 

Collectors seem to be buying up unique units that they'd never otherwise see on the market, including rare penthouses that have been significantly upgraded. One person's loss is another one's gain, I guess.

Some of the best units on the market right now:

Eastern Columbia #202
1+1+1pkg - 1150sf - Mills Act Building! - $885k

Coldwell Banker

Elleven #408

2+2+2pkg - 1650sf - Comes with a storage unit! - $1.1M

Compass

Biscuit Lofts #412

1+1+1pkg - Faces the DTLA Skyline! - $1.199M

Douglas Elliman

Eckardt #505

1+1+1pkg - Mills Acts Building! - $545k

Guadalupe Flores

Textile Lofts - #506

1+1+1pkg - 890sf - $635k - Mill Act!

Keller Williams

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

While Prices are Flexible, Buyers are Taking Advantage in DTLA

The suburbs are going crazy with multiple offers and way over-bids. A recent 2 bed 2 bath Mt. Washington house went from $995k to a final sale price of $1.485M. The activity in DTLA has been mellow since the middle of 2020, and now it's starting to pick up. Buyers who are still hardcore about walkability and centrality are taking advantage of the lack of bidding wars in an area that is still exciting, and where there's development happening in the background. And the best kept secret: The highest concentration of Mills Act Buildings and residences in all of LA.

Recent Sales in DTLA of unique properties:

Textile Lofts #405 - Cutest light-filled corner unit in the fashion district. Parking, storage unit, and Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-585120

Textile Lofts #404 - Cutest light-filled corner unit in the fashion district. Parking, storage unit, and Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-585120

Flower Street Lofts #312 - Craziest price/sf in South Park. Includes 2 parking spaces. Amazing deal. https://www.themls.com/mlslistingphoto/listing/slideshow/#/AR20193757MR

Rowan Lofts #102 - Sexy 2-story, 2 bath loft with rare outdoor space, one of only a dozen! And Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-610336

Recently in escrow:

Barker Block Lofts #502 - Someone got a deal on 1330sf! https://www.themls.com/mlslistingphoto/listing/slideshow/#/19-524406

Higgins Loft #1001 - Penthouse loft, these are almost never on sale. Private rooftop patio. Mills Act too. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-682076

Available for sale:

1100 Wilshire #1705 & 1706 - Rarely on the market, only 5 of these with a terrace in the entire building! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-622374

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-660640

Douglas Loft #4D - Charming, includes rare underground parking space, Mills Act. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-685716

Molino Loft #113 - Arts District gem with a patio! Nearly 1800sf! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-635760

Eckardt Loft #707 - Top floor unit in a Mills Act Building! https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-677502

Elleven #1006 - Beautifully maintain loft in a top notch LEED certified building in South Park. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-682634

Eastern Columbia Loft #1210 - First time on the market, 4-level penthouse in Mills Act gem. https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-652400

Pan American Loft #509 - First time on the market, rare Mill Act penthouse with private rooftop patio. https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-655240

Bartlett Loft #1402 - Another Mills Act loft with a private rooftop patio!  https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-595482

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