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Old 08-12-2009, 11:55 PM
 
4 posts, read 17,205 times
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Hey everyone,

I'm considering buying a loft in downtown LA and wanted to hear any thoughts or experiences. We were just there tonight and LA Live is really coming around. We're thinking of buying near there, either on Flower, Hope, or Grand.

Any help would be appreciated!

Thanks!
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Old 08-13-2009, 12:22 PM
 
Location: CITY OF ANGELS AND CONSTANT DANGER
5,409 posts, read 11,548,156 times
Reputation: 2251
la live area is nice, but touristy. its a bit more polished. has wine bars. newer buildings. i prefer the older buildings north of 9th. but when you think of it, downtown blocks arent that big. walking from the "south park" area to the 5th and spring is no big deal. point being you can get the "new with the old" vibe where ever you end up.

good job. big thumbs up on DTLA!
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Old 08-13-2009, 12:24 PM
 
Location: South Bay
7,141 posts, read 19,540,523 times
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i would just be wary at the price you would be paying. as i understand it, there is a glut of condos available downtown with the supply expected to increase as people who used liar loans are forced out of their units.
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Old 08-13-2009, 12:55 PM
 
Location: DFW
219 posts, read 552,999 times
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Quote:
Originally Posted by BRinSM View Post
i would just be wary at the price you would be paying. as i understand it, there is a glut of condos available downtown with the supply expected to increase as people who used liar loans are forced out of their units.
Agreed. The real estate market is still in a state of correction right now. Also, downtown is starting to come around, but is still in a state of flux. You don't want to be in a position where your equity is wiped out in a couple years. But if you have very-long time horizons, maybe this year is a decent time to buy.

Finally, you may want to consider renting a loft for 6 months to see how you like the loft lifestyle. Many of the "lofts" advertised are simply gussied-up studios and don't have the traditional aspects of industrial-style lofts: lots of square footage, unbroken space and high ceilings. Lofts often seem like great ideas when you look at them on a website, but some people will tire of not having proper rooms fairly quickly. So you don't want to be a position where you're sick of where you live after a year, not when you've sunk equity into the purchase.
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Old 08-13-2009, 08:52 PM
 
Location: LA
304 posts, read 841,738 times
Reputation: 98
the only thing I would say re lofts is buy one if you like them.

I have known people who got them because they were cool - and many are -
but then had nowhere to walk the dog (ie green) or the kid and ended up lonely and isolated.

not to mention there are virtually no good schools plus an aversion by many to go downtown period.

Just last night a group I participate in was planning several in home dinners for a good cause and when so and so's loft was suggested, the room of youngish people with good cars, in unison yelled "downtown?!?"

But there is a welcomed rebirth here, and in many cities, which is a long time coming.
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Old 08-13-2009, 09:00 PM
 
1,465 posts, read 4,661,718 times
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I am a big fan of downtown and a big fan of LA Live. There is quite a selection now. How about starting at the top? The Ritz-Carlton Residences at L.A. LIVE
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Old 08-14-2009, 12:37 PM
 
938 posts, read 3,738,212 times
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Using the definition of an loft as a (usually older) building re-purposed into residential, the real "lofts" in Downtown are largely concentrated on Broadway, Spring and Main.

South Park/LA Live is tacky, gaudy and largely pre-fabricated, and hardly represents what Downtown is about -- I'd avoid that area if I was seeking the true Downtown experience; urbanity, vibrancy, character, the synthesis of charm, history, and grit, etc.
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Old 08-14-2009, 11:47 PM
 
Location: Los Angeles......So. Calif. an Island on the Land
736 posts, read 2,048,777 times
Reputation: 473
This is actually a GOOD time to buy, a buyer's market if there ever was one. If you shop around you can find a very good deal in downtown LA. But I agree you should be sure you'd really want to live there before you buy.

Lots to do in downtown and the area has really come up the last few years with potential for much more improvement in the years to come. But for some suburban folks the downtown scene is too much to handle.
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Old 08-15-2009, 12:31 AM
 
898 posts, read 1,355,555 times
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I'd say look in the artist district. I don't know the exact streets but that area has been about the lofts forever so it's an established neighborhood. I was actually surprised to find hidden restaurants, cafes and other interesting things in there. From what I've seen, you get way more space for the same $$ as the newer "lofts" (whoever heard of a 650 sq. ft. loft before 2002?).
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Old 08-15-2009, 03:17 AM
 
Location: RSM
5,113 posts, read 17,792,424 times
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friend of mine has a loft in the little tokyo lofts complex. not the best area, but he can walk to food and stuff during the day. armed guards at night and high walls
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