2010 West Hollywood Market: Single Family Market Off 29% From 2007 High; Median Condo Price Unchanged from 2009 to 2010. Establishing the Foundation for a New Market Bottom?

West Hollywood  - Single Family Market
In 2010, the single family home market in West Hollywood took another step down in price to a median of $779,000.  Since the market peaked in 2006 - 2008, the median sale price has declined 29% and now stands at 2003 - 2004 levels.  In our opinion, the market that has spiralled downward for the past two years is establishing the base for a new market bottom. But for now, the only apparent trend is a steady decrease in median price.

In the long run, West Hollywood real estate has been an excellent investment.  Since 1996, the median sale price of a single family home in West Hollywood has increased 214% in value, from $248,000 to $779,000.  Consider that the S & P 500 has increased only 86% during the same time. Also, consider that with a $50,000 downpayment in 1996 (and a 30-year fixed loan), a buyer of a median-priced home in West Hollywood by 2010 could have created $625,000 of equity, an outstanding return by any measure.

Timing is everything, and the short term story differs greatly from the 14-year "buy and hold" strategy portrayed above.  The value of a home purchased in West Hollywood after mid-2003 is likely below the original sale price.  The market appears to be in the process of bottoming out, and these homeowners in the future have the potential to recoup their losses, but for now they're "underwater" with regard to their purchase price.

What led to the huge run-up in prices in 2005 - 2008?  Easy jumbo loan financing, which allowed buyers to obtain loans greater than $729,750 with stated income (affectionately called 'liar loans'), fueled the buying boom during these peak years.  During this heyday, a buyer could obtain a loan to purchase a million dollar home with no verification of income or assets.  Is there any surprise there was a real estate bubble?

Now, jumbo loans are nearly impossible to obtain, and financing a million dollar home entails putting down $270,000 and obtaining the maximum $729,750 "jumbo conforming" loan.  Since a 25%+ downpayment is required to make this purchase, the buyer pool has dwindled vs. the days when little or no downpayment was required. 

The 29% drop in prices since the boom reflects: (1) borrowers' weakened financing following the economic crisis; (2) greater downpayment requirements for some loans; and, (3) tightened loan underwriting guidelines, which has eliminated many aspiring buyers from the purchasing pool because they can't qualify for a loan.

West Hollywood  - Condo Market

The condo market in West Hollywood, like the single family market, experienced its peak in 2006 - 2008 and has seen declining prices since that time.  In 2007, the median price of a West Hollywood condo was $620,000; in 2010, it stood at $499,000, a decline of 20% in median value.

Because of their lower price point, sales of West Hollywood condos were much less impacted by the unavailability of jumbo loan financing than single family homes.

One important point to note is that the median price of a West Hollywood condo was virtually unchanged from 2009 to 2010 (a decline of a mere $1,000).  We see this as an indication that the West Hollywood condo market has now stabilized.  Barring huge increases in interest rates, will believe there will be no further price declines in 2011.   The pervasive, negative buyer sentiment is perhaps out of line with a market that is recovering.

We hate to mix metaphors ... but we'll do it anyway.  Our assessment of the West Hollywood condo market: we are far from "out of he woods" but buyers should now finally be able "to see the forest for the trees."

Penthouses on Sale at Harper West Hollywood - Loft-Style Living, Impeccable Interiors, and Views for Miles and Miles

Harper West Hollywood, the 32-unit new condo project at 1250 N Harper Avenue in West Hollywood, has just lowered the price on two of the penthouse units.

Penthouse Unit #307 is located in the rear building that contains 8 units, including 3 penthouses.   Unit #307 is the middle penthouse, with 2 bedrooms, 2 baths, 1,465 sq ft of living area and amazing picture windows with views to the west -- and one of the best roof decks around.  The price has been reduced to $699,000 from a former $834,000 asking price.



Penthouse #423 is in the front building that contains 6 penthouse units.  This unit is a spacious 1,932 sq ft, with 2 bedrooms, 2 baths and 200 sq ft of private deck.  What makes this unit so special is the loft-living with a fantastic upper level that can be a bedroom or guest bedroom, workspace or entertaining area.  Did we also mention that Penthouse #423 has a fantastic walk-in closet?  This unit was formerly priced at $944,000, and is now offered at $799,000.



We'd also like to show you a video walk-through of Unit #410, which is a 1 bedroom, 1.5 bath, 2 story unit priced at $529,000.  It has 1,326 sq ft of living area, and includes great features such as  access via a private stairway, walk-in closet, and great, open living-dining area.



Check out the main Harper West Hollywood website for more information about floorplans and pricing:

www.harperwesthollywood.com

**************************************************************************************If If you have questions about Harper West Hollywood, please call us at (310) 845-6810 or email us by clicking on this link.

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Concerto-Watch: Downtown Los Angeles' Condo Mega-Project Surmounts More Obstacles Than an Olympic 440-Runner

Much ink (and digital ink) has been spilled on the illustrious Concerto project in Downtown Los Angeles, chronicling the twists, turns, and pirouettes as this magnificent, mega-condo development in the South Park neighborhood comes to market.

Here's the Reader's Digest version for those considering buying units in the building.

The project is the "baby" of developer Sonny Astani, who conceived of a three-building complex at 9th and Figueroa in Downtown Los Angeles.  In 2004, this was a maverick move, supported by the wave of condo fever sweeping Downtown LA.

Cut to 2009.  The 77-unit Lofts building was 90% complete.  The first of two Towers was erected, with most interior construction still remaining.  The third Tower was a hole in the ground excavated a few stories deep.

Then Corus, Concerto's construction lender, that also had risky condo project investments across the country, was taken over by the FDIC.  Starwood Capital Group, an investment firm, won an auction to take over Corus' assets (with the FDIC retaining 60% ownership) -- including the $190 million Concerto construction loan.

When Corus failed, Astani filed for bankruptcy, and a judge ruled that Astani could close the Lofts units, which had been sold at a "One Day Sale Event" in August 2009.  The Lofts building is now  occupied ... signs of life (and not strife) at Flower and 9th.

Now, Astani is in a stalemate with Starwood, and is paying $750,000 interest per month as construction inches to a close in the Tower.  Astani has until December to present the Court with a financial plan, and until then, it's impossible to see how contracts can close.

The units, with amazing views and vistas, are priced from  $356,000 for a 759 sq ft 6th floor unit, or $405,000 for a 909 sq ft 5th floor unit, to $525,000 for a 1158 sq ft 5th floor corner unit. 

We see no reason why the building should not be completed, sold and occupied today.  Los Angeles could certainly use the 600 union construction jobs, and EVO down the road demonstrates a proven demand for large scale, high-quality, new construction in South Park.

These excellent units will find delighted buyers once the financial kinks of this project are worked out.

Los Angeles Times article:

Downtown developer battles investors, FDIC

Some of our previous coverage on Concerto:

Concerto and EVO South in Downtown Los Angeles - Say Hello Again to Two Favorite Condo Towers in South Park - July 12, 2010
In Downtown Los Angeles, Concerto's Future Hangs in the Balance - September 24, 2009
5 Reasons We Love Concerto in Downtown Los Angeles - July 22, 2009
Concerto: Pitch-Perfect Debut at 9th & Figueroa in Downtown LA - June 8, 2009
Concerto: Headwinds Greet Downtown LA Condo Project - April 23, 2009

Ritz-Carlton at LA Live: Blue Mosaic Facade Houses Downtown's Best Homes in the Sky

High above the city, at the Ritz-Carlton Residences at LA Live, you'll find plenty of comfort and a box seat to the some of the best views -- and certainly the best amenities -- in Downtown Los Angeles.

The Gensler-designed building offers 224 residences from the 27th to the 52nd floor of this blue, mosaic-clad building that has become a new landmark on the Downtown skyline.

The building is now 60% sold, and closings and occupancy will take place at the beginning of the new year.  There are 1 bedroom ($800,000 and up), 2 bedroom ($1,496,000 and up), and 3 bedroom ($2,124,000 and up) floorplans available, so for those looking for a pied-a-terre or a chic residence in Downtown Los Angeles, you must check out the Ritz-Carlton Residences.

The two-bedroom 27th floor model unit is designed in a warm, classic style that fits the Ritz-Carlton brand perfectly.  The apartment-style layout features two bedrooms which offer some of the most spectacular views from bedside.

This model unit has western views that encompass everything from the Hollywood Hills to the beach to the South Bay.

The kitchen has enough Gaggenau appliances and finishes to rival an outfitted Westside home -- even though you may only use it to heat up the Wolfgang Puck cuisine you order from downstairs restaurant WP24.

Climb to the 44th floor, and check out the views of one of the 3 bedroom corner units.  The space is currently under construction, but clearly, high above LA, you will never want to leave home.

The Ritz-Carlton Residences at LA Live have their own pool and gym, which are shared with the Ritz-Carlton Hotel, but are separate from the Marriott Hotel below.

On the hot summer day we visited, the pool looked particularly inviting.

Residents have access to the Sky Lobby, a floor-length building common area, which looks like a great place to wile away before a Lakers game or a concert at the Nokia Theater or Staples Center below.

Other amenities include concierge service, valet service, and one-stop LA LIVE All Access Living.  Residents get perks from the Ritz-Carlton brand such as free breakfast for two when you stay at Ritz-Carlton hotels.  And since developer AEG is also in the music business, (owning the O2 arena in London and other entertainment venues), residents at the Ritz-Carlton at LA Live get priority access to these events.

We think that Ritz-Carlton at LA Live is an incredible addition to Downtown LA and to Los Angeles itself.  Finally, the excitement and hustle bustle of the city returns to its heart.

The Ritz-Carlton Residences at LA Live

Building Website

tel: (213) 743-8854

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We love the Ritz-Carlton Residences at LA Live and would like to tell you more about it. If you have questions about this or other condo buildings, please call us at (310) 845-6810 or email us by clicking on this link.

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Harper West Hollywood Cuts Prices, Nets Buyers Best Quality, Best Location at Best Value

Harper West Hollywood, a 32-unit new condo complex in one of the best residential neighborhoods in West Hollywood, has cut its prices by a total of 12%, making this the best quality, best value around.  One bedrooms are priced under $500,000 and 2 bedrooms start in the mid-$600,000s.  Buyers take notice.

Look at these units that are for sale:

• Unit 403 - 1 br/1.5 bath- 1,382 sq ft with 481 sq ft terrace - 1st Floor unit - $554,000 ... now $499,000
  
• Unit 411 - 1 br/1.5 bath - 1,326 sq ft with 29 sq ft terrace - 2nd Floor, 2 level unit - $589,000 ... now $519,000
• Unit 413 - 2 br/1.5 bath - 1,367 sq ft with 101 sq ft terrace - 3rd Floor unit - $794,000 ... now $674,000
• Unit 303 - 2 br/2 bath - 1,521 sq ft with 148 sq ft terrace - 2nd Floor, 2 level unit - $719,000 ... now $624,000
• Unit 308 - 2 br/2 bath - 1,451 sq ft with 311 sq ft terrace - Penthouse Loft - $849,000 ... now $764,000

Adner Realty Group is honored to be doing the online and social media marketing for this project and will be updating you with more photos and media on these units.  You can check out the official project Blog by clicking on this link.

Check out a video walk-through of Unit 308 -- Now note the reduced price of $764,000, from $849,000:

And take a look-see at Penthouse Unit 419, which has been reduced to $899,000, from $954,000:



Finally, take a gander at Unit 401, which has been reduced to $514,000, from $589,000:



We may be biased, but we love this project and the value that it offers.

Harper West Hollywood
1250 N Harper Avenue
West Hollywood, CA 90046

Hollywood Multifamily 2nd Quarter 2010: Same Old Song And Dance, GRMs in 8.4 - 10.9 Range

As we have frequently reported, Hollywood is credited as being the hottest sub-market in the five county Southern California region. With the arrival of the W Hollywood Residences crowning the intersection of Hollywood and Vine (with condos priced just under $1 million and up), the neighborhood has indeed arrived for the 21st century. Hundreds of new rental units have come online, and Hollywood has reasserted itself as a central hub of the city where its residents live, work and play.

Given its rising star, it should come as no surprise that Hollywood racked up some impressive sales during the 2nd Quarter of 2010.

The largest sale was 920 Wilcox Avenue, a 26-unit building that sold for $7,250,000 and a GRM of 10.9. This building has 18,587 sq ft of living area, and built in 1990, is not subject to Los Angeles rent control. The just-rehabbed property also offer its owner the possibility of condo conversion in the future, when better times are at hand.

Another sale that tipped the scale was the "trifecta" of 6228-6234-6238 De Longpre Avenue.  These three buildings, comprising 62 units, were sold as one package for $5,875,000 or an 8.4 GRM.  The structures were constructed between 1925 and 1937 and contain a total of 34,400 sq ft.  The list price for the three buildings was $6.3 million.

1300 N Alta Vista Street, a 10 unit building constructed in 1936, sold for $2,625,000 and a 10.3 GRM.  This property traded at a significant discount to its $3.3 million list price.

823 N Hudson Avenue, with 8 units and 6,795 sq ft of living area, sold for $1,175,000, $75,000 below its $1,250,000 list price. This 1963 building traded at a 10.6 GRM.

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We love Hollywood (among other neighborhoods). If you want to buy or sell apartment buildings here (or elsewhere), please contact us by calling Adner Realty Group at (310) 845-6810 or clicking on this link to send us an email.

You can also subscribe to our quarterly Los Angeles Investment Property Newsletter, by clicking on this link. To see a sample of the newsletter, click on this link.

Legendary Place West Hollywood Debuts 23 Units with 3- and 2-Bedroom Layouts that Impress

Legendary Place, a new 23-unit condo buildings has just opened its doors at 1411 N Detroit Avenue in the West Hollywood area.  In a city chock-a-block full of condo buildings of all stripes, Legendary Place stands out for its straightforward apartment type floorplans (with a few townhouse-style units thrown in for good measure) with large square footage and high bedroom and bath count.

Prices range from $645,000 - $939,000 (approx. $435 - $535/sq ft).  The four-story buildings, has eleven 3 bedroom, 2.5 bath units and twelve 2 bedroom, 2.5 (or 2.0) bath units.

There is an open courtyard style plan, that eliminates long corridors and walkways.  Get off the elevator and walk into these spacious floorplans that range in size from 1,380 sq ft - 2,085 sq ft.

Kitchens are high-end, with a design neutral enough to appeal to a broad audience.

There are plenty of balconies, and the floorplans are flexible enough to be suitable for a wide segment of the population.  Units are easy to share with family members, roommates and pets.

Baths are clean with all the fittings buyers have come to expect.  Many buyers will find that Legendary Place is exactly what they need: a large, centrally-located building that's not too big and not too small.

Legendary Place
1411 N Detroit Street
Los Angeles, CA  90046

Sold by Sotheby's International Realty

Beverly West, Wilshire Corridor, and The Century, Century City Debut High-End, High-Rise Living on the Westside

After many years of construction, two Westside luxury residential towers, Beverly West on the Wilshire Corridor, and The Century, in Century City, have reached completion.

Northeast View from the 17th Floor towards Hollywood Hills

We had the opportunity to take a hardhat tour of the Beverly West and we love the (almost) finished product.

With only 35 units, the Beverly West is intimate, off Wilshire Boulevard (entry and egress is on Club View Drive), and offers incredible views over the green fairways of the Los Angeles Country Club to the Hills, Downtown, and the Beach.

The developers of the Beverly West, Emaar Properties, thought big.  The rectangular-shaped building is carved up into full-floor penthouses of over 8,000 sq ft (Floors 18 - 22) and half-floor plans on the lower floors of approximately 4,000 sq ft (Floors 5 - 21).

The 14th Floor model unit shows off the building brilliantly.  Walk out of the elevator into a private foyer that leads to a huge, open living-entertaining-kitchen area.  To one side is the master suite, to the other side are two bedrooms and two baths.

Wood, marble, stone, and tile, have all been combined in a pleasing, classic palette that will, like a fine, old bottle of Bordeaux, will never go out of style. Imagination is the only limit in terms of how each unit can be customized to the owner's tastes.

The huge master suite offers lots of room.  The model has been modified so that the 3rd bedroom is converted into "his" dressing room (equality of the genders now dictating that the man get equal closet space.)

The master bath offers one of the best views from a sunken tub anywhere in Los Angeles.

Marble in the master bath goes from floor to ceiling, and past the steam shower is the large, finished walk-in closet with exquisite cabinetry.

Since sales have been rolled out in a "soft" opening, prices on certain units at the Beverly West have been lowered.  An 8th floor unit is priced in the $4.5 million range, around $1,150/sq ft.  Prices increase by floor, and by the 17th floor, asking prices are around $1,950/sq ft (around $7.5 million.)  Given the exemplary, "world-class" product and location, these homes have attracted buyers, and units are going into contract.  HOA dues are just over $5,000/month for the typical "half floor" unit.

In other news, the Los Angeles Times reports that The Century, the Robert-Stern designed, 140-unit, 41-story luxury tower in Century City, has been completed, and is now approximately 25% sold. The Art-Deco-inspired Century distinguishes itself by its classic style, akin to the type of building you'd find in Manhattan from the 1920's or 1930's.  The units there have been lowered approximately 25% in price, reflecting the soft market.

We previously reported on the units at the Century and we loved the blend of refined luxury and retro-modernity.  The floorplans, a quadrant of an ellipsoid-shaped building, make for original layouts.  And the views are unobstructed in all directions.

The sales at Beverly West and The Century will both be aided by their completion.  Although virtual tours are great, there's nothing better than seeing a building that is live, up, and operating before laying down a cool (few) million.

Beverly West
1200 Club View Drive 90024
Emaar Properties

The Century
1 Century Drive
Los Angeles, CA  90067
Related Companies

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Adner Realty Group has its finger on the pulse of the Los Angeles condo market. If you have questions about the Beverly West, The Century, or other buildings, please call us at (310) 845-6810 or email us by clicking on this link.

Metropol Hollywood Returns, Bank-Owned -- 41-Unit Condo Project Gets Standing O From Public

Everyone in Hollywood loves a comeback.  Metropol, a hip, 41-unit condo project smack in the middle of Hollywood, has emerged from oblivion, and the public has given it the equivalent of a standing ovation.

When Metropol originally came to market last September, we were excited by the modern look, and the quality of design and construction you typically see in West Hollywood and Westside markets.  The lack of sales at Metropol at that time was purely a response to prices that were above market.

But Metropol is back, and in its second act, the project is now bank-owned.  What a difference a few months makes.  Prices on units have been lowered in some cases over 20%, and the units are flying off the shelves.  It's difficult to calculate, but these units appear to be selling below cost.

Although the official opening isn't until July 24, during the pre-launch phase over 30% of the building's units are in reservations.

Prices for 1 br units (920 sq ft) are $369,900 - $399,900. Prices of 2 br units (1200 sq ft) are $399,900 - $499,900. 

Metropol
6001 Carlton Way
Los Angeles, CA  90028

Sold by Revive Real Estate Group

Concerto and EVO South in Downtown Los Angeles - Say Hello Again to Two Favorite Condo Towers in South Park

This weekend we had the chance to revisit two, grand, new construction buildings in Downtown Los Angeles -- Concerto and EVO South.

We are excited to welcome back our old friend Concerto, where units in the 25-story tower are now on sale.  You may remember that last August, 77 units in the Concerto Lofts (pictured above) were sold at a one day "sales event" (i.e. auction).  Since that time, construction on the tower is nearly completed and units on floors 5 - 20 are now on sale.

Concerto's arrival on market has not been without hiccups.  Developer Sonny Astani and Starwood Capital have been tussling for control of the project (Curbed LA offers outstanding blow-by-blow coverage of this saga, from Concertos' bankruptcy proceedings last fall to Astani's embattled relationship with the lender, which was also covered in depth by the Wall Street Journal.)

Each floor at Concerto from levels 5 - 20 contains 12 units -- 8 one bedroom-1 bath units (730 - 909 sq ft) and 4 two bedroom-two bath units (1158 - 1185 sq ft).  A sample 5th floor one-bedroom is priced at $356,000 for 759 sq ft ($469/sq ft).  A sample 5th floor two-bedroom is priced at $535,000 for 1,179 sq ft ($454/sq ft)

We were really pleased to see that the complex is now coming to life with the filling of the salt-water swimming pool.  The completion of the Tai Chi garden can't be far behind!

Down the street at EVO South, the building's 311 units are 83% sold.  This is an incredible feat, given that the building was marketed during the worst part of the financial crisis, and is a testament to the quality and attractiveness of these units.  A sample 7th floor one bedroom - one bath unit facing the Staples Center is priced at $455,000 for 890 sq ft ($511/sq ft).  A sample 14th floor two bedroom-two bath unit with balcony, facing the Staples Center is priced at $730,000 for 1,160 sq ft ($629/sq ft).

We've always loved the clean simplicity of Evo's units and this four-star, "green" building.  Take a stroll down the wool-carpeted halls or by the amazing sixth-floor pool or into one of the hardwood-floored units and you will understand why.

Concerto - Sold by Keller Williams
EVO South - Sold by the Mark Group

Adner Realty Group presents the Harper West Hollywood Blog - Stay Updated on this Not-to-Miss 32-Unit Condo Project in West Hollywood

We are pleased to announce that Adner Realty Group will be doing the online marketing for the excellent Harper West Hollywood condo project that just launched at 1250 N Harper Avenue in West Hollywood.

Updated August 27, 2010: Prices have been reduced an average of 12% -- check out the new, incredible values by clicking on this link.

We have been long time fans of this innovative project, and we eager to tell you more about it. Please check out the Harper West Hollywood Blog that for updates on the project and compelling stories such as:

• "How Green is West Hollywood? Visionary City Implements Earth-Friendly Standards"
• "Harper West Hollywood: Modern Edge Meets Vintage Cool"
• "The Gardens of Allah (Circa 1921): Russian Starlet Builds 'Sinful' Haven Off Sunset"
  
  You can also check out (and "Like") the Harper West Hollywood Facebook Page.
  
  We've previously sung the praises of this project. Here are seven reasons why we love it so much:
  
  
  
  1. A great architectural plan. Two new buildings (24 units and 8 units) that are blended with a historic preservation project of two Spanish fourplexes.
  2. A great mix of units. 1, 2 and 3 bedroom units, floorplans that include ground floor "flats", two-level duplexes, and penthouses.
  3. Room enough to spread out. Units range from 1,260 sq ft - 1,932 sq ft.
  4. Indoors meets outdoors. With plenty of balconies and open space, this project which has been conceived with a courtyard-style architectural plan that integrates indoor and outdoor space.
  5. A neighborhood that delights. This location can't be beat: all the conveniences and excitement of West Hollywood and Los Angeles at your doorstep.
     
  6. Keeping it green. The building incorporates renewable materials, energy-efficient heating, cooling, plumbing fixtures and appliances, and a design that promotes natural light and cross-ventilation.
  7. Keeping it real. Prices range from $554,000 - $954,000.
  
  Harper West Hollywood
  1250 N Harper Avenue
  West Hollywood, CA 90046
  
  www.harperwesthollywood.com

West Hollywood 2010 (First half): New Construction Sells for $440 - 500/sq ft; Despite Some Sales, Market Still in Doldrums

What they sold for. West Hollywood new construction is selling in the $440 - 500/sq ft range and a number of buildings with few sales finally had units close.

The Vue at 921 San Vicente Boulevard, with five units, had a second sale at $491/sq ft. (List price $999,000 -- closing price $840,000).

8265 Fountain Avenue, with 7 units, had its first closed escrow at $501/sq ft (asking $537/sq ft).

Habitat 15 at 1322 N Detroit Street has had 5 sales (of 15 units) in 2010, with closings at $438/sq ft (asking $470/sq ft).

But one, all 16 units at 841 Westmount are now sold. Five units closed in 2010 at $501/sq ft (asking $533/sq ft). By way of comparison, units sold for $542/sq ft in 2009 (asking $582/sq ft).
Units at the Luminaire at 928 Croft Street are selling at $453/sq ft (asking $480/sq ft) in 2010. 7 of 12 units have closed this year.


One of the five units at 950 N Orange Grove Avenue sold for $400/sq ft ($413/sq ft), the lowest level in the West Hollywood area. (The 2,000+ sq ft area of these units skews the data, and we have excluded it from our "$440 - $500/sq ft" quote). Resale units in West Hollywood are averaging $444/sq ft in 2010, not much different from the higher-quality, undepreciated new buildings.

Many buyers are benefiting from the low prices of new construction as the business-minded sellers (developers, receiver, banks, and the like) are often more willing to make a deal than individual owners.

Prices are flat, plenty of inventory remains, and the market is still skewed in favor of buyers. Those who are qualified and can get into the still-expensive West Hollywood area have a smorgasbord of excellent options.

Museo @ 600 S Ridgeley Drive -- Bargain Shopping on the Miracle Mile -- Fab Floorplans at Red Tag $375 - 440/sq ft

Every once in a while a new project comes on the market where the units are priced to sell. Occasionally, the building is even excellent.

Museo at 600 S Ridgeley Drive hits both these optimal quadrants -- low price and high quality. Buyers should step up immediately and check out these bargains.

Updated June 23, 2010: After being removed from sale for a few weeks, Museo is now back on the market. 23 of 52 units have already sold.

Located on a quiet block of historic, two-story character apartment buildings, Museo is ideally situated between Wilshire and 3rd and Fairfax and LaBrea. The Beverly Center - Grove - Miracle Mile area is hot and single family homes in this neighborhood are mostly priced $1 million and up.

The 52 units surround a courtyard and have four floorplans. 26 units are still on the market (as of June 23, 2010):

• 1 br, 1.5 bath -- 2 units -- priced $429,000 - $439,000 (900 - 1,000 sq ft)
  
• 2 br, 2 bath -- 8 units -- priced $519,000 - $536,000 (1,200 - 1,300 sq ft)
  
• 2 br, 2.5 bath -- 5 units -- priced $459,000 - $575,000 (1,100 - 1,300 sq ft)
  
• 3 br, 3 bath -- 11 units -- priced $569,000 - $699,000 (1,350 - 1,750 sq ft)

All units come with two parking spaces (tandem) and HOA are a low $270 - $350.

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If you would like more information about these condos (or others in the area) please contact Adner Realty Group by clicking on this link to send us an email or by calling us at (310) 845-6810.

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The kitchens have Whirlpool appliances, subway tile, and look clean, clean, clean.

We liked the wide-plank wood floors (light oak or brown) and the layouts that incorporate a lot of usable space.

What we really liked, though, is a developer who understands value pricing. 1 bedrooms are priced in the $430/sq ft range. 2 bedrooms are priced in the $390 - $420/sq ft range. Penthouse units start as low as $380/sq ft. These prices are at a discount to many projects within a few miles -- and on par to Le Melange on Fairfax, which sold out in three months during Jan - March 2010.



With large, 2 bedroom, 2 bath units that are solidly in the $450-500K range (and other equally attractive buys -- 1 bedrooms with 2 parking spaces!!!), the units are priced to sell. If the busy Brokers Open house is any indication, these units should move quickly.

Museo Lofts:
600 S Ridgeley Drive
Los Angeles, CA 90036

Sold by Platinum Realtors.