DTLA Wishlist

I conducted an informal poll of downtown residents (i.e. friends and clients), asking them what they'd like to see coming to the neighborhood. Here are the majority of responses:

1. Trader Joes (already happening, FYI)

2. Whole Foods (already happening, FYI)

3. More parks and/or parklets

4. More breakfast options

5. More housing and facilities for Skid Row homeless

6. Independent movie theater (already happening--Alamo Drafthouse)

7. More taxis with taxi ramps

8. Schools

9. Post offices with weekend opening hours

10. More ATMs

SOLD - Huge Banks of Windows in Mills Act Building - Rowan #1105

Beautiful, airy loft at the lovely Rowan Building on bustling Spring Street. The beautiful, spacious restored loft features 2 bedroom and 2 baths, one of the larger floorplans in the building. The west-facing unit features view of the Spring street park and views to the west. Located in the heart of the historic core, the unit is also blessed with original oversized double hung windows, wood floors and an entertainer's kitchen. Features an open plan with a partially walled off bedroom and a second bedroom area that can be used as an office, guest room, etc. The loft is 1260sf and the asking price is now $750k. Parking available in the adjacent building for a fee. The Rowan is a Mills Act designated building which can help save on property taxes.

SOLD - Windows Windows Windows - Barker Block #455

Nearly 40 feet of windows in this lovely, spacious loft facing south in the live/work 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 loft features 1140 sf of space and upgraded finishes throughout and 2 bathrooms, a rarity for this floorplan. Listed at $695,000. Walkable businesses include Bestia, Stumptown Coffee, Wurstkuche, Urban Radish, Zinc, and many. Includes 1 assigned parking space.

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.

2015 Median Prices Expected to Rise 5.8%

According to the California Association of Realtors (C.A.R.), the housing median price is anticipated to increase by 5.8% in 2015. From 2013 to 2014, there was an increase of 11.8%, and DTLA was overall higher than the state average.

Spacious Arts District Industrial Loft with Luxe Touches - Barker Block #333

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. The spacious warehouse loft features more than 1700 sf of space and upgraded finishes and hardware throughout. Huge original wood post and beams, white oak wood floors, 2 bedroom or office areas, open space kitchen and living area. Listed at $1,050,000 for 1720 sf of livable, workable space. Walkable businesses include Bestia, Stumptown Coffee, Wurstkuche, Urban Radish, Zinc, and many. Includes 2 assigned parking spaces.

What's Up With All the Units at Bartlett? - #308, #309, #312, #509, #610, #803, #811

I've been flooded with questions about the Bartlett Lofts located at 215 W. 7th Street. Great building, historic pedigree, amazing central location between the historic core and the Financial & Jewelry Districts, anticipated to become a Mills Act building one day, etc. Basically, lots going for the building, but why so many units on the market?

A few reasons. Sales have picked up at the Bartlett this year, and sold prices have increased, which means that owners are happy to sell for a profit, which is why there are suddenly several units--7 to be exact--on the market right now.

The building has front desk security, beautiful rooftop with amazing 360 views, and a lot of the original historic charm intact. Think high ceilings and large windows. The only drawback is that the building does not have parking. This is a turnoff for some buyers.

Lastly, this is a slow time (Fall/Winter) to sell condos and lofts, meaning things tend to sit on the market for 30-45 days on average.

But as I've mentioned before, deals can be scooped up when the market has slowed down. There's always an upside to real estate, as Warren Buffet used to say.

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.

The Thing About Pricing to Sell...

We're approaching a slow time in downtown. Holidays are near, people are resolving to look again next year, and inventory is low. This also means that properties are sitting on the market longer. And when properties sit, it doesn't look good. Which is when price drops happen. And that gives buyers hope that prices can be dropped even further. Moral of the story if you're putting your place on the market? Know the cycles of real estate, and price accordingly.