TrojanDLA's Blog: Roosevelt Lofts

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…

This week's Downtown Los Angeles loft challenge pits similarly priced lofts from Roosevelt and Elleven. The Roosevelt unit is on the 5th floor with 2bed/2baths and 1498s.f. of living space all for $870,000. The Elleven loft is also on the 5th floor with 2bed/2baths and 1538s.f. of living for $825,000. Let's look at why the Roosevelt is so attractive. This building not only beautiful early century classic, but also a historical landmark subject to Mills Act property tax savings. Moreover, with its timeless old school marble lobby and brass door elevators, residents are immersed in a bygone era of class and style. Elleven on the other hand is a definition of modern "green" living with a corner unit view that stretches over 180 degrees around. Both offer…

Comparing and contrasting Roosevelt Lofts to 1100 Wilshire condos. Prices and square footage being equal, I'd choose Roosevelt. But the market reality is that 1100 Wilshire is about $150,000 cheaper for a similar sized unit, now what? Which is better now?

1100 Wilshire with a view and $150,000 cheaper? I'd take 1100 Wilshire in a heartbeat. As good as Roosevelt is, I believe, a skyline view is still desirable and worth something. Unfortunately, the market forces are such that 1100 Wilshire is currently selling at a pretty good discount. What are those forces? First, 1100 Wilshire units were on sale a few years ago, which means current sellers paid less for their units relative to construction costs. Second, Roosevelt lofts are currently being sold…