[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4081196218[/flickr] This building was first constructed in 1929, and served as the former Equitable Building. It has recently been turned into an urban dweller's dream when it was converted to lofts in 2007 by Palisades Development Group. That is the start, the design. The designers did it right by keeping the old industrial details, but updating the open spaces with a modern gallery like aesthetic. These features include clean white expoxy flooring, sleek gallery style Viking kitchens, and designer baths w/ Ann Sacks tiles.
[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4080436361[/flickr]
The better part is the location and prices. The location is the intersection of Hollywood & Vine, which is booming with development, namely the new $600M W hotel across the street. The neighborhood is alive with new restaurants, shopping, and nightlife popping up all the time. In fact, a new restaurant bar just opened up on the ground floor of this loft building. This adds to the ever growing list; including, Katsuya across the street, Beso, and others. There has recently been over $2 Billion of development in the Hollywood area, and it is sure to increase property values over the long term.
[flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4080436441[/flickr]
The prices have been greatly reduced since first coming to the market in 2007. For example, currently they have two story lofts of 1300 sq. ft. priced around $500,000 that were originally priced at over $800,000. This is a whopping 38% difference! Real estate values in Hollywood have not declined anywhere near 38%; thus, making this a deal. One could argue that they were too high to begin with and that is not a true value, which I can understand and is right, except for the fact that the W condos are asking and getting the original 2007 prices right now for much smaller units, as well as is the Broadway lofts on the south west corner of Hollywood & Vine. Out of state investor client's of mine instantly recognized the value when they visited the lofts this Monday. It is Friday and we just closed on an amazing unit for 44% under it's original asking price! I think the unit they got a great deal with clear cut built in value in the current real estate market. Beyond price and investment, they got a very cool place to live while in Los Angeles. There are several left at varying sizes and prices ($499,000-$900,000).
Note: I am not representing this project and have no affiliation with the owners, but have assisted buyer's in purchasing here. Please call if you are interested in viewing these lofts.
I have posted videos of a few of the units at http://youtube.com/esmilay.
You can visit the developer's website at http://theloftsathollywoodandvine.com