Investor Deals in DTLA

Some interesting properties on the market with built-in equity. All because interest rates are rising and sellers are getting motivated. Cash buyers will have leverage, but these are properties that even financed buyers can snap up to flip or immediately rent out.

Cornell Lofts #604 - 1+1 - 1000sf - $499K

Mill Act Tax Savings

Courtesy of Jonathan Yuen, Iota

Barker Block #102 - 2+2 - 2660sf - $1.349M

Split level rare live/work space

Courtesy of June Ahn, Coldwell Banker

Eastern Columbia #M7 - 1+1 - 1120sf - $785K

Mill Act Tax Savings

Courtesy of Yuri Huxley, Coldwell Banker

Flower Street Lofts #123 - 1+2 - 1423sf - $757K

Rare split level

Courtesy of Joe Iulucci, Keller Williams

Rowan Loft #813 - 2+2 - 1000sf - $595K

Mill Act Tax Savings

Courtesy of Cindy Lorimer, Corcoran

EMCEE Studios to Take Over Trophy Building in Historic Core

Gamechanging  news for 9th and Broadway:

The stunning Museum Building is getting a new owner. EMCEE Studios based in NY. If there was ever a building to buy, it's this one. Completely one-of-a-kind in scale, location and architecture, it's also situated next door to the historic Art Deco Eastern Columbia Lofts, as well as on the same block as the first DTLA Apple Store in the Tower Theater, Paul Smith, ACNE Studios, Mykita, Gentle Monster, Orpheum and within 3 blocks of Ace Hotel, Hoxton Hotel, Proper Hotel, Whole Foods, CMC, United Artists Theater, Globe Theater, Fashion District, Cooper Design Space, and a slew of other companies and buildings. 

https://about.emceestudios.com/emcee-studio

https://www.glossy.co/fashion/exclusive-creator-platform-emcee-announces-physical-metaverse-hub-in-la/

https://dot.la/emcee-downtown-la-tech-2656677337.html

Interesting Properties for Sale in DTLA Right Now

257 S. Spring #4G

2 bed, 2 bath 1 underground parking space, corner unit

Mills Act Building

Walk to Grand Central Market, The Broad, Little Tokyo, Arts District, Gallery Row, Spring Arcade

Coldwell Banker - Call for pricing (310-869-2655)

1100 Wilshire #2202

2 bed, 2 bath 2 parking spaces, corner unit with 270 degree views

Down the street from Fig & 7th, Staples Center, Restaurant Row

$1.168M

Courtesy of KW Executive - Silvia Cheung

416 S. Spring #810

1 bed, 1 bath 1 parking space, charming former residence of Charlie Chaplin

Mills Act Building

Walk to Grand Central Market, The Broad, Little Tokyo, Arts District, Gallery Row, Spring Arcade

$519K

Figure8Realty - Nicole Kilmer

530 Molino #211

1 bed, 1 bath 2 parking spaces, massive loft over 3000sf

Walk to Soho House, Arts District Shops, Bestia, Bavel, Girl & Goat

$2.1M

Iota Realty - Jonathan Yuen

738 S. Los Angeles St #203

2 bed, 1 bath 1 parking space, massive private patio

Mills Act Building

Walk to Proper and Ace Hotels, Fashion District shops, Flower Market, Whole Foods

$545K

Roxana Godinez, Loftway

1130 S. Flower #102

2 bed, 2 bath 2 parking spaces, Massive patio and split level orientation

Walk to Staples Center, The Bloc, Fashion District, Whole Foods, Financial District

$998K

Lotus - Chi Lieu

DTLA Prices Rising and Days on the Market Decreasing

With COVID-19 getting somewhat contained, the weather as glorious as ever, and the steady flow of transplants to Downtown from places like New York, San Francisco, London and Sweden, prices are either holding steady or going up. 

Just in the past 6 months, there have been high profile building projects nearing completion (Frank Gehry's Grand LA https://www.thegrandla.com/) , some completed (CMC in the Fashion District https://www.californiamarketcenter.com/) and a slew of new businesses opening, and long term leases being signed (Adidas, Forever 21), and EMCEE buying up the Museum Building, which will keep the momentum for the 8th street corridor.

The window for deals in DTLA is finally closing.

California Major Cities to Get Funding for Housing and Development

Newsom wants to allocated $2B towards housing and other development in areas like DTLA, to help move people away from rural fire areas, tackle housing shortages, and climate change.

https://www.latimes.com/california/story/2022-01-13/newsoms-latest-housing-fix-more-californians-living-downtown

Where are the Deals?

Good luck, as there aren't many deals anymore, and even less in the foreseeable future. A good agent will let you in on interesting opportunities such as fixers, tenant-occupied props, and construction next door. The point is, good deals are not as easy to find in real estate as you might think. In a tough buyer's market, you need to ask yourself, do you like the property, and does it make financial sense? The agent should be able to help give you the rest of the picture.

Prices Creeping Up in DTLA

While DTLA was pretty stagnant price-wise since the pandemic began, the end of 2021 showed more turnover and a pickup in sales. 2022 has started off strong for DTLA, with an increase in prices, which is great for sellers. Buyers will have some competition as more people are coming out of the woodwork to buy their first home and or invest in a second property. 

A lot of buyers who had bought their main home are now looking to buy a second property to take advantage of the low interest rates--before they increase even more. With the stock market a little unstable recently, and the increased projection of renters and rental prices, real estate is looking like an excellent hedge compared to other assets. 

Fantastic Deals in DTLA Right Now

Price/sf wise, you can't get better when the surrounding areas are easily over $1000/sf. You can get built-in equity with these prices. Investors, you especially should be looking into these move-in ready places that are beckoning renters!

Elleven #614 - SOUTH PARK
1+1+1pkg - 960SF
$565K or $588/SF
Immaculate 1 bedroom condo with a huge in-unit storage room with laundry. Features east-facing views and overlooks Grand Ave and the South Park Commons Park. LEED Certified Building. 
Coldwell Banker

Flower Street Loft #202 - SOUTH PARK

1+2+2pkg - 1188SF

$639K or $537/SF

Fantastic north-facing, private unit with no neighbors in front. Has 2 parking spaces! Located just a couple blocks from Crypto.com Arena, Whole Foods, The Bloc, Hoxton, Proper, and more.

Douglas Elliman

Cornell Loft #304 - FASHION DISTRICT

1+1+1pkg - 960SF

$525K or $546/SF

Massive windows, concrete flooring and walls for sound insulation, and Mills Act status for up to 70% off property taxes! Steps to Sonoratown, Rossoblu, Cognoscenti, Whole Foods, Holy Basil, Wood Spoon, Lala's, Verve Coffee and more.

Keller Williams

Vero #412 - CITY WEST

3+3+2pkg - 1470SF

$879K or $597/SF

Immaculate and rare 3 bed 3 bath condo with a balcony! Includes 2 parking spaces and stunning amenities. Steps to Fig &7th, Target, Restaurant Row, Financial District, etc.

Wilshire Metro

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

Luxury Condos Are Moving in DTLA

Barker Block #146 - PENDING - $1.599M

Keller Williams

 940 E. 2nd #1 - SOLD - $2.099M

Tempo

Biscuit Loft #712 - SOLD - $2.35M

Coldwell Banker

Eastern Columbia #311 - SOLD - $1.65M

Coldwell Banker

EVO #2301 - PENDING - $2.395M

Douglas Elliman

Luma #1315-1316 - SOLD - $3M

Compass

Ritz-Carlton #30A - SOLD - $1.7M

Keller Williams

Ritz-Carlton #50F - SOLD - $5M

Homesmart