The Downtown LA condo market is facing major obstacles just when the economy is rolling through one of its deepest, darkest periods in decades.Many projects are facing bankruptcy.
This month, the owners of the nearby Roosevelt Lofts filed for Chapter 11 bankruptcy protection after failing to sell enough condos to open the elaborately renovated office building to residents. Owners of the Brockman Building, another downtown condo project, also recently filed for bankruptcy protection. [Los Angeles Times]
Then, along comes Concerto, a high-rise condo project at the corner of Flower and 9th Streets. Developer Sonny Astani paid $30 million for a 100,000 sq ft parcel in 2004 and embarked on building a three tower residential and retail complex.
The results are quite impressive. And the location near LA Live can't be beat.
Updated 8/8/09: The 77-unit Lofts building at 9th Street and Flower Street is having a one-day sales event on August 29, 2009. Prices have been announced on the Concerto website:
Studios start at $219,000 (738 - 782 sq ft)
One bedrooms start at $279,000 (959 - 973 sq ft)
Two bedrooms start at $449,000 (1,325 - 1,689 sq ft)
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