I have recently posted a few tweets about different loft/condo projects in Hollywood that I have shown various client's, so thought it was time to post a bit more on the topic. The area of Hollywood has gone from roaring in the 20's with the movie industry's arrival to shaky (to put it mildly) in the 80's, and now evolving into one of the most dynamic and desirable locations in Los Angeles. The fact of the matter is that Hollywood is currently rapidly changing in front of everyone's eyes, with it's influx of soaring buildings, cranes, and massive development in every category. There are literally Billions of dollars in new development that has either recently completed or is currently under construction, namely the $600M W Hotel & Condo project at Hollywood & Vine. That intersection has become the epicenter, and developer's have been capitalizing on the city's adaptive reuse ordinances on that very intersection with the Broadway Lofts (Formerly the Broadway store) at the southwest corner and the Lofts @ Hollywood & Vine (formerly the Equitable Building) on the northeast. Prices in this area range from as low as $399,000 and go all the way up to $6M at the new W building. [flickr size="small" float="left"]http://www.flickr.com/photos/42659427@N02/4188411239/[/flickr]
The reemergence was started in 2001 with the Hollywood and Highland retail complex (pictured above). It is not only loft buildings for sale being built, but also apartment buildings, several mixed-use projects with retail below apartments (this I am a huge proponent of), and restaurants and nightlife. Since I live just off Hollywood Blvd. in the thick of the action, it is an absolute joy to be a part of the new Hollywood. It is this knowledge of the city that is crucial to adequately advising my clients. I would definitely recommend buying into this area as a lifestyle, assuming you like urban living and the ability to walk to goods and services, as well as an investment. The city feels alive and only getting better. There will be a new arrival of thousands of residents, which in turn will bring energy and cultural influencers further evolving the city into one of the most desirable places to be in the city of Los Angeles. Enjoy the evolution.