Holy Condo shortage, Batman! There are no new for sale
units coming to market in Downtown Los Angeles for HOW
many years?
While we have all noticed in DTLA the busy construction sites
and cranes galore, it is a well known fact that the construc-
tion lenders tightened their money belts since the crash of
the Real Estate market in ‘08/’09. The loans for “For Sale
or Condo” buildings had become too risky for most lenders
and therefore while 5000 new units are under construction
in DTLA almost 100% are slated to become rental buildings.
The new high rise apartment buildings are modern designed
and include balconies, large windows, tenant amenities and
parking. Shortly thousands of rental units will come available
and our downtown population is expected to rise.
Since there are less Condos available on the resale market
currently this means sellers are making top dollar on their units
and the housing prices continue to rise. Either way you look
at it the resale market is hot and will continue to be so until
our first developer makes the jump to condominiums from
rental construction. According to the California Association of
Realtors, the number of distressed properties or homes under
foreclosure order has dropped from to 16% as of January
2014, compared to 62% back in 2009. CAR President Kevin
Brown says, “The dramatic drop in the share of distressed
sales through the state reflections a market that is full transi-
tioning from the housing downturn.”
timacy. The building will sit atop a 66-foot, above-ground
“podium,” surrounded by a lush, one-acre park with an abun-
dance of trees, walkways, reflecting pool and fire pit. Inside,
embracing an aesthetic of “sensuous modernism,” the lobby
is shaped as an elongated oval, a dramatic 60-foot entryway
that at once reflects the Art Deco influences which permeated
L.A. nearly a century ago. Other common areas include an
amenity deck with pool, cabanas, water features and its own
garden, as well as dedicated auto and bicycle parking.
Metropolis Los Angeles will also help create the “Avenue of
the Angels,” a grand pedestrian walkway envisioned along
Figueroa Street linking its Financial District at the north with its
entertainment district at the south. A foot-friendly thorough-
fare conceived in the spirit of the Gaslight District in San Diego
or the French Quarter in New Orleans, its mix of upscale retail,
restaurants, cafes and other destinations have the potential to
transform it into “the new heart of Los Angeles.”
For more information on the market conditions, to buy or sell
your home , or visit the Metropolis sales office, feel free to call
or email me or simply stop by our office in the heart of the
Historic Core.
Once again, international developers have seen the opportu-
nity in our great city center and Greenland USA, a Shanghai
based company has broken ground on the largest undevel-
oped site in Downtown Los Angeles. Metropolis Los Angeles
is an over $1 billion dollar, mixed-use project that will effec-
tively connect the Financial District and the Entertainment Dis-
trict while adding to the L.A. skyline and the vibrancy of the
downtown scene.
Metropolis Los Angeles is located on Francisco Street, bor-
dered by 8th Street and 9th Street (James M. Wood Blvd.),
only two blocks from Staples Center and LA Live. The master
plan divides the appx. 6.33-acre site, a full city block, into two
phases; Phase I, to complete construction in mid-2016, will
include a luxury condominium tower, hotel tower and retail
space. Greenland USA aims to complete the entire develop-
ment within five years, covering a total area of more than 3.3
million square feet, becoming the largest-mixed-use develop-
ment on the west coast.
The residential tower comprises 308 condos with studio-,
one-, two- and three-bedroom options, featuring bespoke
interiors with warm natural materials, grey wood, light bronze
details and cream-colored walls. Metropolis Los Angeles in-
corporates a host of sustainable elements, eco-friendly and
other technologies including those built into residences that
fulfill modern lifestyle needs and anticipate future advances.
With expansive views of the city, mountains and coastline,
the 38-floor (442-ft.) building is being designed to balance
its imposing presence through a sense of naturalism and in-
Tiffany Gatto
LA LOFTS Realty ®
548 S Spring St #109
Los Angeles, CA 90013
213 626 5433
www.laloftsrealty.com