TrojanDLA's Blog: Downtown Los Angeles Living

From the anecdotal short sale front, the news appears to be improving. Lenders are facing reality and becoming less cavalier in their disdain of short sale offers. They are actually accepting prices that reflect the market! Of course, your experiences may vary, but word from my agents and colleagues are that a few things are improving: 1. lender response is a "little" quicker and more importantly, 2. lender pricing is more realistic. The only caveat is that buyer agents MUST have everything in order. Whatever the lender package requires, it would be inexcusable to leave anything out.

My theory as to why lenders are accepting the short sale offers is that the "credit crisis" has them squeezed for cash. They need money NOW.  Banks are facing federal…

The Roosevelt Building was built in 1927 and upon completion, was one of the largest office buildings in Southern California encompassing most of Seventh Street between Figueroa and Hope streets. It is an E-shaped building with a terra cotta exterior recalling elements of Italian design. The entrance incorporates high arches that serve as a dramatic exclamation point to the Rennaissance inspired details. The same architects that designed two other Downtown landmarks, the Eastern Columbia and Equitable buildings, also designed the Roosevelt. Originally, this building was a medical office occupied by occupied by doctors and dentists with ground floor attracted attention housing a large barber shop and popular shoe store. Especially notable in 1927, were the…

We have all heard so much about "mortgage fraud" contributing to the bubble but what about fraud on the way down? In other words, mortgage fraud that forces the market down. For the uninitiated here is how one scheme works. Imagine you own a house with a 1st mortgage of $600,000 but the market is depressed and it is really only worth $400,000. What do you do? Here is what people are doing, and hopefully banks can find a way to stop this craziness. First, stop paying the mortgage. Sixty days later, the bank starts calling desperate to work out a payment plan. Second, have a trusted relative with good credit and a strong finances handy because she is going to help you pull this off. Third, find an agent willing to list a "short sale" on your home. Fourth,…

South Park welcomes the arrival of the South Company's triplet developments: Luma, Elleven and Evo. Representing the latest in green living and modern amenities, all 3 are new construction from the ground up and offers a true boutique urban lifestyle for Los Angelenos. Besides being only one block away from each other, they share a common vision of efficiency, convenience and comfort. All three are brightly lit with large expansive windows, yet offer three distinctively different flavors catering to a variety of tastes.

Luma

Nineteen stories of innovation and intelligence and leaving other residences with a sense of the ordinary, Luma is unconventional in both exterior architecture and living space. Artfully designed yet functional light and open, its…

Originally, back in the 1920's, everybody wanted to live Downtown, to be in the center of the action. But over time, things in Los Angeles began to change - for the worse. Since the 1950’s, real estate in Downtown L.A. was mostly commercial and office space, with very little residential activity. Los Angeles was the original model for the "suburban" way of life: drive downtown to work but live 20 minutes away. However, over time, those 20 minutes became 45 minutes as congestion choked the "suburban" way of life. Fast forward to today, and Los Angeles county residents now have a choice. No longer do they have to live in the suburbs if they don't want to.

With the arrival of a new generation of civic and business leaders at the turn of this millennium,…

The Hanover Company has not changed its plans to convert 717 Olympic to condominium units. Despite rumors and speculations otherwise, the modern building going up on northeast corner of Olympic and Figueroa a few blocks away from L.A. Live consists of luxury rental units more akin to hotel luxury than apartment ennui. Set to open in late 2008,  this highly anticipated development  will  add an architectural exclamation market to the  Figueroa corridor.  Please  contact The L.A. Condo Store if you are interested in renting one of the units at 717 Olympic.

Downtown LA's most expensive residential mixed use development, The Grand Avenue Project, appeared to be  indefinitely delayed as  its developer, Related Cos., was unable to secure  financing in this difficult credit environment. Enter  one of Dubai's royal families - the fund known as Istithmar has agreed to invest  $75 million into the project. As a result, the project may now proceed with acquiring the construction financing it needs to get started.

Now that the L.A. City Council has approved the L.A. River Park Plan, which transforms a 4 mile stretch of the LA river into green park land, what will happen to loft prices of those warehouse conversion in the Arts District which borders the River? Currently, the River looks like a giant industrial concrete channel bordered by railroad tracks on each side. But in ten years, those railroads will be routed underground and replaced by grass and trees, and the River bed cleaned up to welcome weekend picnics and festivals. As real estate owners and investors, we must all be mindful of the importance of a "long term" horizon. Buying a loft at the Biscuit Company or Toy Lofts today may not seem like much, but 10 years from now when the neighborhood suddenly is…