Monday, October 19, 2009

Market Lofts in Downtown Los Angeles Auctions 55 Units November 14

Market Lofts Downtown Los AngelesPaddle-weary buyers who got burned at Concerto's August auction (the project got mired in bankruptcy proceedings shortly after its one-day sale event) have another shot at purchasing a prime piece of the hot South Park neighborhood in Downtown Los Angeles. Updated 11/16/09 -- We attended the auction. Read how the event unfolded here.

Market Lofts at 645 West 9th Street (between Hope and Flower) is having a one-day auction event November 14 when they are selling the building's remaining 55 units. One bedrooms start at $140,000 and two bedrooms start at $200,000.

Market Lofts Los Angeles InteriorThese units fee like lofts and have polished concrete floors and 9'4" ceilings. They also come fully-equipped. Italian cabinetry, Whirlpool stainless steel appliances, and Caesarstone or granite counters are all part of the standard package.

Building amenities include pool, spa and large, landscaped terrace. All of the 347 Market Lofts units come with 1 parking space (or 2 if the units are over 1,200 sq ft). HOA range from $468 for the smallest one bedroom to $709 for the largest two bedroom.

Market Lofts InteriorThe building sits atop one level of retail, including a much-heralded Ralphs Fresh Fare. Coffee shops, eateries, and other amenities are right on site, making this one of the best-serviced areas of Downtown.

A joint effort of national builder Lee Homes and Hollywood-based real estate developer-investor CIM Group, Market Lofts have been marketed since late 2007. Sales of this project have dwindled to a trickle in recent month, curtailed by competition in the South Park neighborhood from big, bold (and now bust) Concerto and pristine, polished, and not-much-pricier EVO South.

This auction event has the potential to produce some of the lowest $/sq ft sales in prime Downtown. Stay tuned ...

Auction conducted by Kennedy Wilson Auction Group

5 comments:

Laguna Beach Realtors said...

I hope this gives us a positive indication of the turn around in the real estate market in US.

Anonymous said...

HOA seems really high

Jamie Adner said...

The HOA at Market Lofts are comparable to those at EVO South and Concerto Lofts, which also have a pool and similar amenities. When added to the low advertised auction prices, yes, the HOA do seem high. Initially, a certain percentage of HOA are retained in the building's operating account to build up reserves. It's important to find out what percentage of each building's HOA are used for this purpose.

Anonymous said...

I've "shopped" many of the downtown Los Angeles lofts and compared amenities and HOA fees and Market Lofts always seemed to be equal or lower than other comparable buildings. You must consider that it is a new building with modern fixtures, theatre room, gym, community room, attached garage and a pool! Not many loft buildings in downtown L.A. have a pool.

Jamie Adner said...

Agreed that the amenities are excellent at Market Lofts. And with the Ralphs Fresh Fare supermarket downstairs, you never have to leave the premises!