Do many young white professionals live in downtown LA? (Los Angeles: lofts, safer)
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Thanks for the replies. But are some of the properties I'm seeing on Redfin not legit or not worthy of consideration? How about this one in particular...
obviously sale is pending but it looks like a beautiful 1-bedroom in a desireable building/location for $330k. Admittedly a little higher than my current price range, but certainly do-able if I was willing to stretch a little.
There also seem to be at least 8 or 9 other comparable units (many cheaper) but perhaps those are in the "Barry Shy" type buildings that you mentioned?
I know next to nothing about the L.A. market so I will look into the rental properties you recommended.
Admittedly that building is nicer than mine, but when you factor in the HOA, PITA, etc, you are looking at nearly double the going rent. My building is just up the street.
My rent is $1550. Includes parking, water, trash, gas, golds gym membership. 853 sq ft. Modern kitchen/bathroom. Take out the gym membership and comparable rent is around $1500 I'd guess.
With 20% down($66,000), you are looking at around a 1600/mo mortgage + 600/mo HOA + PITA. So maybe 2600-2700/mo.
If you go 3.5% down, the numbers get worse, but I'm not sure 3.5 % down is possible.
Many of the cheaper places are Barry Shy owned and banks won't lend on some/all of them. Which is why they are so cheap. Like this one...
Don't get me wrong, I absolutely love living downtown. I just think people are generally out of their mind when they purchase a loft down here. The numbers don't make sense at all.
Why not Silver Lake, Los Feliz or Echo Park instead?
You can't realistically find something that price range in those areas(some will claim Echo Park, but actually are historic philipino town or whatever).
As an aside, and I think where people are getting thrown askew, is that most people search listings.
This is a mistake IMO. Listing prices can be whatever nonsense number the realtor, bank, or home debtor wishes to dream up.
Search sold units in the past three months instead. It tells the picture far more accurately. 4 townhomes/condos sold in Los Feliz, 2 in Silver lake, 2 in Echo Park under $350K in the past 3 months...supposedly the busiest time of the year.
I agree about Loz Feliz, Silverlake, and Echo Park. I don't get the allure of downtown LA.
The allure is having most everything within walking distance and not having to get in your car and drive everywhere. Walk to Target, walk to Macy's, walk to a nice restaurant or bar, walk to the library, to a movie, a ballgame, a concert, church, a subway stop, a coffee shop and work. To me it's just nice to have all of this in your neighborhood, NOT giving up your car but at least not having to use it for every dang thing. Plus architecturally dt LA is beautiful to look at. I'm thankful I have a place but to come out of my place and walk up to Santa Monica Blvd just west of the 405 is not very appealing.
The allure is having most everything within walking distance and not having to get in your car and drive everywhere. Walk to Target, walk to Macy's, walk to a nice restaurant or bar, walk to the library, to a movie, a ballgame, a concert, church, a subway stop, a coffee shop and work. To me it's just nice to have all of this in your neighborhood, NOT giving up your car but at least not having to use it for every dang thing. Plus architecturally dt LA is beautiful to look at. I'm thankful I have a place but to come out of my place and walk up to Santa Monica Blvd just west of the 405 is not very appealing.
This is the allure to me as well. I walk a mile each way to work, take different route each time, and generally enjoy the scenary.
Doesn't hurt to also be able to walk to about 100 different restaurants, a plethora of bars, shopping, post office, grocery, entertainment, movies, etc, etc.
I love my car, but it almost always stays in its parking place until Saturday, goes back in Sunday, and stays until the following Saturday.
For the downtown residents: how is the area after office hours? I work in downtown, and I'd love to go back to having an incredibly short commute again, but I'm not sure if I want to spend 24 hours a day in the area.
here's an interesting column from today's LA Times which discusses the sometimes uneasy dynamic of yuppies, hipsters, and other well-heeled gentrifiers moving into an area of downtown that has long been filled with the homeless and down-and-out:
It's a lively, artsy neighborhood rich with cultural diversity and delicious food. Or marked by screaming sirens and "zombie-like" humans.
For years, it was the outer edge of L.A.'s overflowing skid row. Now its cheap hotels and drug treatment programs are outnumbered by upscale restaurants and art galleries.
For the downtown residents: how is the area after office hours? I work in downtown, and I'd love to go back to having an incredibly short commute again, but I'm not sure if I want to spend 24 hours a day in the area.
Starting at Main(I don't recommend living east of Main unless you are also north of around 3rd street) and moving east, each street becomes more and more nice, safe, and clean. If you want urban gritty, stay around Spring or Main, between 2nd and 9th. Broadway and Hill are a little desolate after around 9pm IMO. You have to walk a few blocks to get anywhere much of the time. Fewer restaurants and bars.
Around Olive, things start getting nicer. Up on Bunker Hill, you have nice but isolated apartments. It safe, but more difficult to walk places. If you are south west of the jewelry district and Pershing Square, thats where you start to have that great combination of nice and close to lots of restaurants, bars, shopping, and entertainment.
The areas in the financial district and in south park are the nicest/safest area.
What I recommend you do is to go hit up a few bars or a restaurant around say 7-9pm on any night. If you want to check out the Financial District, hit up The Daily Grill, Chaya(if you like pick up joints) and the Library Bar.
For the Jewelry District, theres not so much open at night and you have to walk a couple blocks to 7th or east or west to get to places in the Financial District or Spring Street.
For South Park, go have dinner at El Chollo or just walk to the Ralphs at Hope/9th.
For the Main/Spring area, have a drink at The Falls or dinner at Nickel Diner(If you are a woman, don't go here by yourself...the location is marginal and walking from parking to the restaurant isn't good).
Quote:
Originally Posted by pbergen
here's an interesting column from today's LA Times which discusses the sometimes uneasy dynamic of yuppies, hipsters, and other well-heeled gentrifiers moving into an area of downtown that has long been filled with the homeless and down-and-out:
This article is overly dramatic for the sake of selling newspapers. Downtown has had a large population of professionalsand students for at least 5-6 years now.
The people that are uncomfortable are the hustlers, drug dealers, and pimps...in part because there are people around now that will actually call the police, and in part because their hovel slums are finally getting shut own by the city or because the owners can make more converting them into lofts. The shutdown of that horrible dangerous mess of a place called the Huntington Hotel at 8th and Main may have been the final blow to most of the serious crime in the area. Maybe if they clean up the down and outer bar at the Alexandria, things will really get better.
Much of downtown doesn't deal much at all with the homeless.
Starting at Main(I don't recommend living east of Main unless you are also north of around 3rd street) and moving east, each street becomes more and more nice, safe, and clean. If you want urban gritty, stay around Spring or Main, between 2nd and 9th. Broadway and Hill are a little desolate after around 9am IMO. You have to walk a few blocks to get anywhere much of the time. Fewer restaurants and bars.
Around Olive, things start getting nicer. Up on Bunker Hill, you have nice but isolated apartments. It safe, but more difficult to walk places. If you are south west of the jewelry district and Pershing Square, thats where you start to have that great combination of nice and close to lots of restaurants, bars, shopping, and entertainment.
The areas in the financial district and in south park are the nicest/safest area.
What I recommend you do is to go hit up a few bars or a restaurant around say 7-9pm on any night. If you want to check out the Financial District, hit up The Daily Grill, Chaya(if you like pick up joints) and the Library Bar.
For the Jewelry District, theres not so much open at night and you have to walk a couple blocks to 7th or east or west to get to places in the Financial District or Spring Street.
For South Park, go have dinner at El Chollo or just walk to the Ralphs at Hope/9th.
For the Main/Spring area, have a drink at The Falls or dinner at Nickel Diner(If you are a woman, don't go here by yourself...the location is marginal and walking from parking to the restaurant isn't good).
This article is overly dramatic for the sake of selling newspapers. Downtown has had a large population of professionalsand students for at least 5-6 years now.
The people that are uncomfortable are the hustlers, drug dealers, and pimps...in part because there are people around now that will actually call the police, and in part because their hovel slums are finally getting shut own by the city or because the owners can make more converting them into lofts. The shutdown of that horrible dangerous mess of a place called the Huntington Hotel at 8th and Main may have been the final blow to most of the serious crime in the area. Maybe if they clean up the down and outer bar at the Alexandria, things will really get better.
Much of downtown doesn't deal much at all with the homeless.
Wow, thanks for the info! My office is right in the middle of the Financial District, so I get to see downtown at its best, pretty much. I just wanted to get a feel for what it's like when we "bridge and tunnel" people go home.
Last time I was considering a move to downtown, the Santee Court lofts caught my eye; they look nice and the rents are pretty reasonable. It's on Los Angeles St, east of Main, however, and there are a few mixed/conflicting reviews on Yelp. The reviews are positive overall, though, and I'm a single guy, so I can put up with a little grit in my world. I'd rather put up with grit than stress, so maybe I should look closer at downtown.
I for one love the area. We visit once or twice a month. Would love to spend more time down town. I do prefer though to live in my single family home even though it is way up in Oxnard. Still for $300,000 you can find a nice 3 or 4 bedroom home in Oxnard. You can even find new condos in River Park for around $200,000. Their is the Train and many companies have car pool vans to get people from here to there.
Saying all that I can see the alure of wanting to live downtown and not be a slave to the drive times. I work in Ventura and my commute is 15 mintutes from door to door.
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