LOS ANGELES | Downtown Project Rundown 3.0 - Page 143

BrandonJXN · #**2841** Posted **Dec 8, 2007, 5:27 AM**

Quote:

Originally Posted by JDRCRASH

^ ^ ^

Dude, the Japanese economic collapse was at a totally different level.
In fact isn't that is what caused the recession here?
You had developers in the 80's and 90's proposing stuff like:

X-Seed 4000
Sky-City 1000
Millenium Tower(I really liked that one; I really thought it was going to be built)

The M.O.T.H.E.R
Try-2004
Aerolopolis

But! All those went down hard when Japanese Real Estate fell apart soon after.

Some cities in the United States other than L.A. seem to propose(and complete) at least 150 skyscrapers even when the economy is currently in a downtown; but maybe this time, finally, after over a century since downtown was first born, WE may actually do it ourselves.

Lord have mercy...

edluva · #**2842** Posted **Dec 8, 2007, 8:34 AM**

Quote:

Originally Posted by ocman

It's not ironic. It's a natural real estate cycle of highs and lows that the nation has to endure every decade. Los Angeles has reputation of making developers spend years jumping through hoops and clearing hurdles of approvals. They waste so much time that it's easier to put projects on hold or abandon them altogether when they have to wait so long that people are no longer buying. It's an issue of timeliness. We love to stall developers until the real estate boom passes and it becomes unfeasible for them to build.

well, highs and lows occur everywhere, but with DTLA, the highs don't manifest. not even with multi-billion dollar public subsidies repeated decade after decade. that's the little difference. because the market for DTLA never truly existed.

ocman · #**2843** Posted **Dec 8, 2007, 10:54 AM**

Quote:

Originally Posted by edluva

well, highs and lows occur everywhere, but with DTLA, the highs don't manifest. not even with multi-billion dollar public subsidies repeated decade after decade. that's the little difference. because the market for DTLA never truly existed.

But I don't think all these developers that never realized their projects just jumped into it with buying land and applying for licenses, and then said "oops, no wants to live here" There had to be a market at one time that urged them into it, even if it was just a market of investors. Only a few years ago, 80-90% of the luxury units of a new DT development would be reserved. When there's a real estate "boom," the idea is to jump on it as quickly as possible before people come to their senses. When the downturn comes, you've sold enough units that it's not your problem to deal with. Real estate is the west coast's version of Wall Street. And we make it so that DTLA developers have a harder time being able to exploit that window of opportunity.

Just-In-Cali · #**2844** Posted **Dec 8, 2007, 6:22 PM**

Most experts in the field have been saying the largest drop in the market as far as home values will be about 20 percent, and that is in the regions where the prices were so inflated that they priced out more than 75 percent of the potential home buyers. (Miami/San Diego/Las Vegas/Inland Empire CA) and so on. Los Angeles did get sky high, but it had been sky high in comparison to many areas long before the housing boom, like New York, San Francisco, Boston and such. Downtown will take a hit, but not a crippling one I believe. People keep forgetting that there are many other factors in what causes people to buy homes. Gas prices, jobs, commutes, amenities all play a part.
And as far as the market never being there...(ahem edluva, my old friend) it has been there, never went away. Ocman is correct in that the permitting process in the city is so complex and convoluted, many projects become stillborn as the markets trend up and down. The number of people that moved into DTLA in the last 4 years is a clue to how there is a craving for that type of urbane living style.
Oh! And congrats to citywatch on that frikken parking structure. Tear the bitch DOWN! BTW, has there been any progress on any of the projects proposed for city west?

k3d · #**2845** Posted **Dec 8, 2007, 7:32 PM**

Quote:

Originally Posted by edluva

well, highs and lows occur everywhere, but with DTLA, the highs don't manifest. not even with multi-billion dollar public subsidies repeated decade after decade. that's the little difference. because the market for DTLA never truly existed.

Just back from a nice long vacation. 3 of my 4 dtla investments purchased in summer 2006 at roughly 850k just closed at 1050, 1090 and 1150. Talk about no market in dtla, I look forward to an upswing.

LAofAnaheim · #**2846** Posted **Dec 8, 2007, 8:28 PM**

With the Ralphs, Nokia, LA Live, etc...I cannot see market values decrease in LA albeit more than 5%. We are in a redevelopment zone, usually those places don't lose much value b/c there's a lot of money invested into the neighborhood. I could see values plummeting in the Inland Empire, immediate suburbs of LA (i.e. Montebello, Glendale, etc..) b/c those are established neighborhoods that will continue with the national trend.

A lot of people want to move to downtown but choose not to b/c it's "expensive". Funny, considering the Chapman, Grand Republic, Rowan, etc.. will be between $300 - $500k, which is cheap for New York standards, but expensive for Los Angeles? Honestly, our prices should be more align with New York and not Phoenix.

You don't hear people saying "oh, i wish i could buy a place in Corona". Nope. That's why the downtown housing market will continue to stay strong b/c there is a DEMAND for downtown housing.

Quixote · #**2847** Posted **Dec 9, 2007, 2:51 AM**

December 8, 2007

From Flickr, by fridayinla

colemonkee · #**2848** Posted **Dec 9, 2007, 7:16 PM**

Is there a render for the Residences @ Bixel?

BrandonJXN · #**2849** Posted **Dec 9, 2007, 7:37 PM**

It used to be called 1110 Ingraham.

And even though it's good that the shitty printing shop is gone, it's beyond me why The Residences will break ground in July. But whatever I guess. I'd rather see a temporary surface lot than any of those whore motels and whore owned printing shops. DOWN TO WHORES!!

colemonkee · #**2850** Posted **Dec 10, 2007, 2:09 AM**

Aha! Confused me with the new name. Perhaps I should update the front page. And I'm not so sure we should be so hard on whores. At least the attractive ones, anyway.

BrandonJXN · #**2851** Posted **Dec 10, 2007, 4:07 AM**

Just as long as I find myself a 25 year manwhore from..say..Los Feliz..then I'll be a happy homo. Just as long as he's clean.

Has anyone been inside the Park Fifth sales center? I'm curious to see if any new behind the scenes info has been released. Same with the Ritz's sales center.

Just-In-Cali · #**2852** Posted **Dec 10, 2007, 5:52 AM**

We love the whores...man or otherwise. If I could get a penthouse in Park Fifth...I'll be anyone's manwhore. With tips of course.
Are the pictures Westsidelife posted show the site from this new development
Threehundred posted? Or is that something else Im looking at. Looks like city west.

edluva · #**2853** Posted **Dec 10, 2007, 6:46 AM**

Quote:

Originally Posted by LAofAnaheim

With the Ralphs, Nokia, LA Live, etc...I cannot see market values decrease in LA albeit more than 5%. We are in a redevelopment zone, usually those places don't lose much value b/c there's a lot of money invested into the neighborhood. I could see values plummeting in the Inland Empire, immediate suburbs of LA (i.e. Montebello, Glendale, etc..) b/c those are established neighborhoods that will continue with the national trend.

A lot of people want to move to downtown but choose not to b/c it's "expensive". Funny, considering the Chapman, Grand Republic, Rowan, etc.. will be between $300 - $500k, which is cheap for New York standards, but expensive for Los Angeles? Honestly, our prices should be more align with New York and not Phoenix.

But this ain't exactly new york, is it?

BrandonJXN · #**2854** Posted **Dec 10, 2007, 7:40 AM**

Quote:

Originally Posted by Just-In-Cali

We love the whores...man or otherwise. If I could get a penthouse in Park Fifth...I'll be anyone's manwhore. With tips of course.
Are the pictures Westsidelife posted show the site from this new development
Threehundred posted? Or is that something else Im looking at. Looks like city west.

The Residences is going to rise on the site Westsidelife posted. Which is in City West.

Quixote · #**2855** Posted **Dec 10, 2007, 8:09 AM**

December 9, 2007

From Flickr, by fridayinla

LAofAnaheim · #**2856** Posted **Dec 10, 2007, 7:25 PM**

Quote:

Originally Posted by edluva

But this ain't exactly new york, is it?

LA ain't exactly a midwestern, southern, southwestern, or northern city as well. We are the 2nd largest market in the United States, and considered an alpha world city, which puts us in line with Chicago, Frankfurt, Hong Kong, Milan, and Singapore. Also, we just a couple of notches below NY, London, Paris, and Tokyo. Yes, I am referring to wikipedia (which can be updated by anybody in the world!), but you can refer to their sources for further comfort. (http://en.wikipedia.org/wiki/Global_city). For fun, check out all the other rankings LA made on the same page.

danparker276 · #**2857** Posted **Dec 10, 2007, 11:07 PM**

prices doubled or tripled between 2002 and 2006. Unless there is inflation prices should only go up 5-10% a year. Prices need to go down to reflect that.

k3d · #**2858** Posted **Dec 10, 2007, 11:12 PM**

Quote:

Originally Posted by danparker276

prices doubled or tripled between 2002 and 2006. Unless there is inflation prices should only go up 5-10% a year. Prices need to go down to reflect that.

I recall a recent post of yours on curbed that you get most of your real estate info from Trulia.com. Do you really think prices in Downtown LA will drop 30%?

Just-In-Cali · #**2859** Posted **Dec 11, 2007, 12:12 AM**

Quote:

Originally Posted by LAofAnaheim

LA ain't exactly a midwestern, southern, southwestern, or northern city as well. We are the 2nd largest market in the United States, and considered an alpha world city, which puts us in line with Chicago, Frankfurt, Hong Kong, Milan, and Singapore. Also, we just a couple of notches below NY, London, Paris, and Tokyo. Yes, I am referring to wikipedia (which can be updated by anybody in the world!), but you can refer to their sources for further comfort. (http://en.wikipedia.org/wiki/Global_city). For fun, check out all the other rankings LA made on the same page.

Thank You LAofAnaheim!
Someone that can get passed the New York complex to realize that this is at least the second most influencial city in the country, and in the top ten global cities, despite what certain people want to believe. Give people a place to be ignorant, like a forum, and they will do so most ignorantly.
P.S.,
Thanks for that ThreeHundred. Is that actually showing construction, or is it something else that is happening at the sight?

danparker276 · #**2860** Posted **Dec 11, 2007, 1:18 AM**

Quote:

Originally Posted by k3d

I recall a recent post of yours on curbed that you get most of your real estate info from Trulia.com. Do you really think prices in Downtown LA will drop 30%?

Prices have already dropped 10%. Probably if you really bargin it down 15%, so 30% is not that far away. I just see some of those 2 bedrooms for 1.2-1.4mil as way overpriced.