LOS ANGELES | Downtown Project Rundown 4.0

[gerryberry]

Originally Posted by LA/OCman

Nice, even Soho House is looking at options Downtown....

http://la.eater.com/archives/2013/04/02/sounds_like_soho_house_is_looking_to_open_downtown.php

Hmmm. What about the Variety Arts Center?

Soho house would be amazing for downtown! I know they are looking for a place where they could add a hotel as well.

[blackcat23]

http://www.ladowntownnews.com/news/amid-...32d8156-98be-11e2-82f8-001a4bcf887a.html

Interesting article about the lack of condo projects in Downtown. Although prices and demand are both up, Barry Shy and others say its going to be a few years until they've reached the point where we see start seeing condos instead of rentals.

[202_Cyclist]

Originally Posted by blackcat23

http://www.ladowntownnews.com/news/amid-...32d8156-98be-11e2-82f8-001a4bcf887a.html

Interesting article about the lack of condo projects in Downtown. Although prices and demand are both up, Barry Shy and others say its going to be a few years until they've reached the point where we see start seeing condos instead of rentals.

The same thing is happening in DC. There is a record low amount of new condos coming on the market while the amount of rental units expected to be completed this year is more than double what was available last year.

http://dc.urbanturf.com/articles/blog/9.6_months_new_condo_supply_in_dc_area_hits_record_low/6873

[ConstructDTLA]

Originally Posted by blackcat23

http://www.ladowntownnews.com/news/amid-...32d8156-98be-11e2-82f8-001a4bcf887a.html

Interesting article about the lack of condo projects in Downtown. Although prices and demand are both up, Barry Shy and others say its going to be a few years until they've reached the point where we see start seeing condos instead of rentals.

Very interesting. Though I disagree with their numbers. Last 4 units in Rowan sold at over $500/sqft. Last 4 sales in Douglas were at $500/sqft or more.. South Park is selling well above that price as well.

I was told by someone inside the industry that many of these apartments will be built to condo spec and if the market is right (which it will be), they will be sold instead of rented.

Its just so much easier for developers to get lending on apartments right now vs condos.


Anyways, the condo market downtown is so insane / exciting right now. Anyone who got in over the last few years has already gained an extreme amount of equity. Can't imagine what prices will be like in downtown given the plans for the next 4 years.

[brudy]

Originally Posted by HunterK

Very interesting. Though I disagree with their numbers. Last 4 units in Rowan sold at over $500/sqft. Last 4 sales in Douglas were at $500/sqft or more.. South Park is selling well above that price as well.

I was told by someone inside the industry that many of these apartments will be built to condo spec and if the market is right (which it will be), they will be sold instead of rented.

Its just so much easier for developers to get lending on apartments right now vs condos.


Anyways, the condo market downtown is so insane / exciting right now. Anyone who got in over the last few years has already gained an extreme amount of equity. Can't imagine what prices will be like in downtown given the plans for the next 4 years.

Yeah, their numbers seems low to me as well.

[JDRCRASH]

Originally Posted by blackcat23

http://www.ladowntownnews.com/news/amid-...32d8156-98be-11e2-82f8-001a4bcf887a.html

Interesting article about the lack of condo projects in Downtown. Although prices and demand are both up, Barry Shy and others say its going to be a few years until they've reached the point where we see start seeing condos instead of rentals.

Interesting.

According to the article, the Parcel M tower has been scaled up to 22 stories, not 19:

As the developer of the Grand Avenue project, Related has the rights to build several residential buildings on Bunker Hill. The firm originally envisioned a veritable condo village, but is proceeding with rentals instead. It broke ground on a 22-story luxury apartment tower last year and has plans for a second tower that is also likely to be high-end rentals, though Witte has said it could contain a condo component.

[blackcat23]

Originally Posted by JDRCRASH

Interesting.

According to the article, the Parcel M tower has been scaled up to 22 stories, not 19:

I figured they were counting the levels of parking which will be below the level of Grand Avenue, although not underground.

In other news, I spoke to a construction worker at 888 Olive today. He said he wasn't sure about the exact height, but that each floor was 11-12 feet. That puts the building in the 350-380 foot range

[ConstructDTLA]

Speaking of condos, a Rowan unit (3rd floor, minimal view) just closed at $605/sqft. And another on the same floor is in the process of closing at over $525/sqft.

That downtown news article is completely out to lunch.

[blackcat23]

Originally Posted by HunterK

Speaking of condos, a Rowan unit (3rd floor, minimal view) just closed at $605/sqft. And another on the same floor is in the process of closing at over $525/sqft.

That downtown news article is completely out to lunch.

The 400/sq ft figure represented the median price, meaning that half of the sales went for more than that number while the other half went for less. I haven't seen the numbers that went into generating that figure, but I'd hesitate to throw it out simply because two units in the Rowan sold for more.

I'm curious what the average price for a sale is. Probably skewed higher because of the Ritz Carlton residences.

[WonderlandPark]

This should probably fall under the downtown section, the district 13 bus maintenance facility is U/C drove by it last night. Columns are visible atop the fence. Looked this up online this morning, quite a stunner for a utilitarian facility, it will liven up the area around the Twin Towers Jail, for sure (image from Metro website)

[ConstructDTLA]

Originally Posted by blackcat23

The 400/sq ft figure represented the median price, meaning that half of the sales went for more than that number while the other half went for less. I haven't seen the numbers that went into generating that figure, but I'd hesitate to throw it out simply because two units in the Rowan sold for more.

I'm curious what the average price for a sale is. Probably skewed higher because of the Ritz Carlton residences.

I'm just saying what closed today. I do understand what the word median means. Those Rowan units aren't even the top of the price per square footage for downtown - even excluding Ritz.

[SoCalKid]

Originally Posted by blackcat23

I'm curious what the average price for a sale is. Probably skewed higher because of the Ritz Carlton residences.

Curbed had a post on that exact topic recently.
http://la.curbed.com/archives/2013/03/the_most_and_least_expensive_downtown_lofts_of_2012.php

[LA/OCman]

Originally Posted by HunterK

I'm just saying what closed today. I do understand what the word median means. Those Rowan units aren't even the top of the price per square footage for downtown - even excluding Ritz.

The Rowan opened after the real estate market took a hit so most did not pay high prices for their units. I know that Rowan has smaller units than many other upscale lofts...but they have great quality in a quality building. You will probably always see a higher per square foot average in the Rowan. If you look at the median average in the Eastern Columbia, it is currently lower because it opened at the wrong time. There were a lot of short sales..which really brought the average price per square unit down. In the Eastern, the average is really bouncing back. Most of the short sales are over (for now). Unfortunately much of the construction boom last time occurred right before the financial meltdown.

I hope we see more condo activity. I would anticipate seeing more condo projects next year.

[ConstructDTLA]

Originally Posted by LA/OCman

The Rowan opened after the real estate market took a hit so most did not pay high prices for their units. I know that Rowan has smaller units than many other upscale lofts...but they have great quality in a quality building. You will probably always see a higher per square foot average in the Rowan. If you look at the median average in the Eastern Columbia, it is currently lower because it opened at the wrong time. There were a lot of short sales..which really brought the average price per square unit down. In the Eastern, the average is really bouncing back. Most of the short sales are over (for now). Unfortunately much of the construction boom last time occurred right before the financial meltdown.

I hope we see more condo activity. I would anticipate seeing more condo projects next year.

Another large reason why the prices at Eastern are 'lower' at the moment is because of their ongoing litigation with the parking garage they use.

I would guess that Bartlett (215 W 7th St) is among the lowest quality condo buildings in Downtown (thanks to the wonderful Barry Shy). The last 3 units in there (within the last 40 days) went for $450/sqft, $507/sqft, and $470/sqft. The condo prices are way up even from end of 2012 and have no sign of going down in the foreseeable future.. Crazy!

[Muji]

Some of you might remember Urbano Pizza Bar at 6th and Hope which closed late last year. It looks like construction is mostly complete for its replacement, Sixth Street Tavern. I didn't manage to get any pictures, but imagine a brighter, shinier Spring Street Bar (which uncoincidentally has the same owners).

[JDRCRASH]

So I'm at the laker game tonight. I convinced my friends to park a few blocks away at 12th & Grand... for only $5. They didn't complain about walking the mere three blocks. So we got a little extra bit of exercise, while saving money at the same time!

Anyway, not too much ped traffic in the Evo/Luma/Eleven area. I have to say, though... the neighborhood is MILES from what it used to be since I was last in that particular area about 10 years ago. You can just feel the area is about to EXPLODE.

[LAofAnaheim]

Originally Posted by JDRCRASH

So I'm at the laker game tonight. I convinced my friends to park a few blocks away at 12th & Grand... for only $5. They didn't complain about walking the mere three blocks. So we got a little extra bit of exercise, while saving money at the same time!

You couldn't convince them to Go Metro? The Pico and 7th street/Metro Center stations are closer than 12th/Grand.

[brudy]

Originally Posted by Muji

Some of you might remember Urbano Pizza Bar at 6th and Hope which closed late last year. It looks like construction is mostly complete for its replacement, Sixth Street Tavern. I didn't manage to get any pictures, but imagine a brighter, shinier Spring Street Bar (which uncoincidentally has the same owners).

They also own the King Eddy and CoffeeBar (or whatever it will be called soon), among a bunch of other places downtown. 6th St Tavern is supposed to be open very soon.

[LA/OCman]

Speaking of the Arts District, here are the plans for Alameda Square:

http://archpaper.com/news/articles.asp?id=6580

[JDRCRASH]

Originally Posted by LAofAnaheim

You couldn't convince them to Go Metro? The Pico and 7th street/Metro Center stations are closer than 12th/Grand.

Well... I thought about it, and interestingly enough, we were coming from Lake and Locust streets in Pasadena, RIGHT NEXT to the Gold line.

But I didn't know how they would feel about transferring TWICE both ways, so I didn't bother asking them...

But yeah, so, now I'm kinda regretting it... lol