Friday, July 31, 2009

Concerto Announces August 29 One-Day Sales Event

Concerto Lofts
Listen up fans of Concerto in Downtown Los Angeles -- the 77-unit Lofts building at 9th Street and Flower Street is having a one-day sales event on August 29, 2009. All the units will be sold that day.

Updated 9-15-09: All the units were sold at the auction. Read about Curbed LA's summary of the event.

Updated 9/25/09 -- The Loft one-day sale event was a great success. All the units sold and there were hundreds of buyers disappointed that they couldn't take advantage of the advertised, low prices. (Turns out the prices were tweaked during the event and discounts were not all that deep.) A couple of new wrinkles in the picture: Concerto's funder Corus Bank was taken over by the FDIC and Sonny Astani declared Chapter 11 bankruptcy leaving the fate of the entire project uncertain. Next step will be a bankruptcy judge's ruling on how the loans, contracts and assets will be settled.

"Teaser" prices are announced on the project website:

Studios start at $219,000 (738 - 782 sq ft)
One bedrooms start at $279,000 (959 - 973 sq ft)
Two bedrooms start at $449,000 (1,325 - 1,689 sq ft)

Register now. Buyers will be admitted during designated time slots on a rolling basis. According to the sales office, prices of individual units will not be released until the day of the event. Prior to the event, buyers must be pre-qualified by an in-house lender, Bank of America and MetLife, and must bring a $5,000 cashier's check to the sale.

HOA are $421/month for a 991 sq ft unit. The building is seeking LEED Certification. Expected move-in date is October 15.

Curbed LA wrote an excellent summary of the state of affairs at Concerto. And we think the 7-floor Lofts building facing Flower Street will be an excellent alternative to the more-expensive 271-unit Concerto Towers and local competition Evo South.

Previous prices had been $416,000 for a 1,004 sq ft courtyard-facing 1 bedroom corner unit on the 4th floor and $576,000 for a corner 2 bedroom 1,325 sq ft unit on the 6th floor (below).

It should make for an exciting day.