Saturday, October 24, 2009

Inside Market Lofts - What's For Auction November 14?

Market Lofts Downtown Los AngelesMarket Lofts, located on 9th Street between Flower and Hope in Downtown Los Angeles, will be auctioning its remaining 55 units on November 14. Updated 11/16/09 -- We attended the auction. See how the day unfolded by clicking here. This hot neighborhood is near the LA Live entertainment district, which as of this week will be home to the new $100 million Regal Cinemas LA Live Stadium 14, one of the most expensive new theater complexes in the country.

Market Lofts CourtyardWe had a chance to tour the units and we like what we see. The Market Lofts complex has many walkways and is not enclosed like an apartment building. It feels like a retreat in the center of the city.

Market Lofts Downtown Los AngelesThere's also a nice pool, which many units face.

Market Lofts Downtown Los AngelesThe low prices alone should drive buyers to the auction. This 2nd floor 2 bedroom-2 bath unit with 1,583 sq ft has a starting price of $295,000 ($186/sq ft). Expect bidding to be intense, these prices are 40-50% below comps on a square foot basis.

Market Lofts Downtown Los AngelesThe units have wood floors, concrete ceilings and a loft-like feel.

Market Lofts Downtown Los AngelesThe one bedroom units range in size from about 750 - 1,000 sq ft. This unit is 754 sq ft and has a starting price of $140,000 ($186/sq ft). Again, expect the sale prices to be far above the artificially low starting prices.

Market Lofts UnitThe bedrooms have an alcove bedroom.

Market Lofts UnitThe bathrooms are located near the front of the unit.

Market Lofts Los AngelesMany of the units have balconies, and the views towards the Concerto Complex (sold out, but in reorganization) are excellent.

Market Lofts
645 W 9th Street
Los Angeles, CA 90015

Auction information click here