Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-19-2010, 05:23 PM
 
3 posts, read 9,843 times
Reputation: 10

Advertisements

Hi guys,

I just started working in Downtown and I'm commuting in from Long Beach. I'm considering buying a loft over here, there are some decent looking ones in the $150,000-$200,000 range, which pans out to less than $300/SF (seems good for a high rise... if not let me know broker!). So here's what I would like to know:

1. Positives and negatives of downtown - culture, traffic, parking, costs of living, etc.
2. Is all of this publicity about development projects really what it's cracking up to be? i.e. Broadway Street revitalization, Grand Avenue Park plan, etc.
3. What do you think about the property values? Have they bottomed out? I know this is probably a stupid question... but what's your opinion?
4. Lastly, what's the commute like to Century City?

Thanks for the info everyone!
Reply With Quote Quick reply to this message

 
Old 08-19-2010, 05:45 PM
 
Location: South Bay
7,226 posts, read 22,132,456 times
Reputation: 3626
some people think downtown has hit a sweet spot right now:

Stalled gentrification makes for a more authentic downtown L.A., critic says | L.A. NOW | Los Angeles Times
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 05:47 PM
 
Location: Pasadena
7,411 posts, read 10,341,247 times
Reputation: 1802
Quote:
Originally Posted by cw31088 View Post
Hi guys,

I just started working in Downtown and I'm commuting in from Long Beach. I'm considering buying a loft over here, there are some decent looking ones in the $150,000-$200,000 range, which pans out to less than $300/SF (seems good for a high rise... if not let me know broker!). So here's what I would like to know:

1. Positives and negatives of downtown - culture, traffic, parking, costs of living, etc.
2. Is all of this publicity about development projects really what it's cracking up to be? i.e. Broadway Street revitalization, Grand Avenue Park plan, etc.
3. What do you think about the property values? Have they bottomed out? I know this is probably a stupid question... but what's your opinion?
4. Lastly, what's the commute like to Century City?

Thanks for the info everyone!
Real estate brokers strongly advise people to buy while the market is at its lowest in more than a decade but getting a bank loan isn't easy. Downtown is like all of the nation, in a bit of a turn down with people afraid to make big purchases. But the transition that started downtown several years ago will continue since centralized living is the future. With all the trains, LA Live, Disney-Music Center, restaurants-clubs, condos, etc living downtown is a good investment especially if you commute from as far away as Long Beach. You might want to read the Downtown News since it is one of the best weekly on development in downtown Los Angeles:
http://www.ladowntownnews.com/
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 05:55 PM
 
Location: West LA
2,318 posts, read 7,824,089 times
Reputation: 1125
I can't tell what the future may hold, but there certainly have been major improvements made to the Old Financial District since I moved to LA 4 years ago. The Art Walk is thriving... new restaurants, shops, and galleries are continuing to open... and more and more of the old buildings are being renovated. The Grand Ave Park is currently under construction, so I wouldn't worry about that getting completed. It's also going to be suplemented by the new Broad Museum on Grand. Certainly would be hard for me to see the momentum that downtown currently has being lost.

That being said, I still think it takes some what of a pioneering type to live downtown. Make sure you ask about HOAs and parking fees (if you have a car)... as these can substantially increase the monthly payment.
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 06:39 PM
 
72 posts, read 236,333 times
Reputation: 33
Why is downtown Los Angeles so barren, as opposed to the downtown's of every other city in the world?

I personally think it's a good deal since you can get the "downtown" lifestyle far cheaper in LA than any other major city. In other cities downtown is where prices skyrocket.
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 06:48 PM
 
2,131 posts, read 4,900,902 times
Reputation: 1002
I think this is a great time to move downtown. It's changed drastically since the 70's and I think the best is yet to come.

I'd move there if I could afford it.
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 08:25 PM
 
4,537 posts, read 10,596,187 times
Reputation: 4068
I wouldn't buy personally. Some of those cheap units are very hard sells due to:

1.) Small size.
2.) Very high HOA's.
3.) Unappealing unadvertized negatives such as pet owners in the building failing to clean up messes, loud people, located on a floor with largely subsidized low income tennants, etc.
4.) Poor parking situation.
5.) Overall cost is higher than renting by quite a bit. This results in a difficult re-sell and difficulty in renting it out for the mortgage amount.

That said, I'm intending on moving there soon. There are nice enough places as low as $1200 a month for studios or one bedrooms...lower than that if you are willing to consider the Bunker Hill places......and for a bit more you move into a place the size of a small condo at 850-1100sq feet and can choose the area you want to live...more gritty along Spring and Main, closer to the Financial District around 7th street, or closer to LA Live.

But if you are asking if its a good investment....at this price point I do not believe so. Maybe if you intend to live there 10 years. The current rental market in downtown LA is about a 25-35% discount over where it was just 2-3 years ago.
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 10:00 PM
 
Location: Los Angeles, CA
787 posts, read 1,937,933 times
Reputation: 379
Quote:
Originally Posted by cw31088 View Post
Hi guys,

I just started working in Downtown and I'm commuting in from Long Beach. I'm considering buying a loft over here, there are some decent looking ones in the $150,000-$200,000 range, which pans out to less than $300/SF (seems good for a high rise... if not let me know broker!). So here's what I would like to know:

1. Positives and negatives of downtown - culture, traffic, parking, costs of living, etc.

2. Is all of this publicity about development projects really what it's cracking up to be? i.e. Broadway Street revitalization, Grand Avenue Park plan, etc.

3. What do you think about the property values? Have they bottomed out? I know this is probably a stupid question... but what's your opinion?

4. Lastly, what's the commute like to Century City?

Thanks for the info everyone!
Downtown has already boomed (in population that is) with the population TRIPLING from 2000 to 2008 to roughly 40,000 residents.

My direct response to your list is here:

2. Grand Ave/Civic Park is for REAL...as it has actually broke ground. Also, the Broad Museum LOOKS like it has a VERY GOOD chance of being built downtown. Broadway Revitalization is MUCH more speculative. If the economy can find some legs, Broadway has a decent shot at turning around but I'd give it 3 to 5 years.

3. Property Values: Not a stupid question at all. Of course, nobody really KNOWS for sure. Here's a link with some historic condo prices for downtown:
http://www.downtownla.com/pdfs/about...ual-Report.pdf

Scroll to section on housing and you'll see Downtown Condo Prices from 2000 to 2009. I would CAUTION you to interpret the early years of the data with a grain of salt (2000 to 2003 or so) because there was a VERY limited inventory of condos at that time. The last 5 years saw an explosion of new and newly rehabbed units.

I'd suggest you interview a few brokers with downtown expertise and get their take on the market. Obviously, you'll need to draw your own conclusion but that is a starting place. You MIGHT consider just living downtown for a year before you buy.

4. Commute from Downtown LA to Century City: I do this commute now and in the summer it's about 30 to 35 minutes. Fall/Winter/Spring about 40 minutes or so.

I agree with the other poster regarding parking. If you buy a place...be aware of the value of a "Deeded" parking space. MOST of the older historic buildings will NOT include a "Deeded" parking space. You would own your residential unit but "lease" the parking space. Ideally, you'd find a building that would include a deeded parking spot in your purchase (if you decide to buy).

Positives for Downtown: Read the article posted by BRinSM for the mostly good stuff. Plenty of culture, new bars, restaurants, artwalk every month, etc. Even with the slump in the economy, the downtown population is increasing and the area is seeing improvements.

Negatives for Downtown: Noise, largest concentration of homeless in the nation on Skid Row, need MORE green space and parks, more amenities, etc. The Civic/Grand Ave park will help but it's somewhat removed from where MOST downtown residents live. Downtown needs more "pocket" parks like the one they have FUNDED and WILL BUILD on Spring Street near 4th (to open in 2012).
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 10:08 PM
 
Location: Pasadena
7,411 posts, read 10,341,247 times
Reputation: 1802
According to an article in the Downtown News I linked, the Broad Museum is essentially a shoo in since the county board of supervisors approved it and the last committee vote is soon; most members of the committee have favorable opinions. I suppose it will take a few yrs to construct; it will be a nice addition to Grand Street.
Reply With Quote Quick reply to this message
 
Old 08-19-2010, 10:43 PM
 
Location: Here&There
2,209 posts, read 4,212,945 times
Reputation: 2438
Great, more bland contemporary "art" in L.A. Why not just make the donations towards MOCA? Seems dubious to expand LACMA's already somewhat bland collection. Uh, hello, they need to move those Rodin sculptures in more of a prime spot and not stick them in the back corner of one of their buildings. Also why not acquire more renown works so that you can compete with NYC's Metropolitan Museum of Art instead of featuring so called 'contemporary' art that most were deemed meaningful by some biased critic. I mean, just look at the Whitney or NY's somewhat New Museum (aka Bower Museum) which I'm not going to get into, it's just a joke of a museum. /rant :\
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top