Concerto Announces August 29 One-Day Sales Event

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.

1200 N Sweetzer: 10 Superb, Stylish Condos in West Hollywood

Units at 1200 N Sweetzer Avenue, a cool, styling, very exciting 10-unit building, have just gone on sale at the corner of Norton and Sweetzer Avenues in West Hollywood. Among brokers and bloggers, the building is getting a lot of buzz -- most of it excellent. This is a pedigreed project: the architect, Aleks Istanbullu,also designed the Biscuit Lofts in the Arts District Downtown.

These units range in price from $799,000 for two 2 bedroom, 2.5 bath ground floor units (approx 1,250 sq ft) to $1,449,000 for the 2 bedroom, 2.5 bath penthouse (1,802 sq ft) with a 782 sq ft rooftop deck.

This is excellent, contemporary design. High ceilings. Abundant natural light. Use of eco-friendly materials. Plus some of the greatest roofdecks within blocks.

The location between La Cienega and Crescent Heights, Fountain and Santa Monica Boulevard can’t be beat. O-Bar, Griddle Cafe, Joey’s Café, Barney's Beanery, Hugo’s, Trader Joe’s, Gelsons, Palihouse, Chateau Marmont, Greenblatt’s Deli, Standard Hotel, Sunset Tower Hotel and Equinox Fitness are all steps away.

Bathroom finishes include Kohler fixtures, Caesarstone, and custom wooden cabinetry.

Windows are large, giving excellent views from some units of the Sunset Strip, the Hills, and the Los Angeles basin.

The ceilings are high -- you won't feel cramped around here.

Kitchens feature Jenn-Air or Kitchen Aid refrigerators, Bertazzoni ranges and hoods, and Bosch dishwashers.

Hardwood floors are stained an attractive cherry color. Even the lower floor units are appealing.

The only catch may be the price: units range from $629/sq ft (largest ground-floor unit) to $804/sq ft (front penthouse). This is leagues above the $/sq ft of recently sold units (of slightly less stature) in West Hollywood. Now it's time for the buyers to decide what they think about these units. In this writer's opinion, kudos should be extended to the team that brought this excellent project to market.

Sold by Sotheby's International Realty

West Hollywood New Construction Sells for $440 - $540/sq ft

During the past two months, mid- to high-end new condos are selling between approx. $440 – 540/sq ft, depending on the building, floor and neighborhood. Updated 9/26/09: For the last two months, new construction has been selling for $380 - 530/sq ft and many condos are going into contract.

The units sold range from 1,450 sq ft – 1,720 sq ft and had sales prices ranging from $645,000 - $939,000. Sale prices on new construction seem to cap around $950,000.

Properties that need to be financed by a jumbo loan (over $729,950 in Los Angeles County) are out of reach of most buyers because of the high interest rates and the difficult underwriting requirements of these loans.

The product may be excellent – but the qualified buyers are few – which means that only price reductions (or a return to the go-go days of financing) will salvage this $950,000+ market.

West Hollywood is priced at a premium to Downtown Los Angeles where lower floor units in buildings such as EVO South or Concerto are selling in the $380 – 420/sq ft range.

Here are some sales of new construction in West Hollywood during the past two months:
718 N Croft Avenue, Unit #201 with 3 bedrooms, 2.5 baths, 1,718 sq ft of living area, sold for $850,000 ($495/sq ft).
718 N Croft Avenue, Unit #301, with the same layout as Unit #201 -- 3 bedrooms, 2.5 baths, 1,718 sq ft of living area -- sold for $890,000. In this building, being one floor higher is worth $40,000 ($518/sq ft).

7917 Willoughby Avenue, Unit #3 with 2 bedrooms, 2.5 baths, 1,577 sq ft of living area, sold for $755,000 ($478/sq ft). This building is located at the corner of Fairfax Avenue.

7917 Willoughby Avenue, Unit #6 with 2 bedrooms, 2.5 baths, 1,577 sq ft of living area, sold for $755,000 ($443/sq ft). This unit has a less desirable view -- but the unit is nevertheless excellent for this price.
1351 Havenhurst Drive, PH#2 with 2 bedrooms, 2 baths, 1,476 sq ft of living area, sold for $799,000 ($541/sq ft). It’s no surprise this unit commanded the highest $/sq ft price – it’s a penthouse unit.
1430 N Vista Street #1 with 2 bedrooms, 3.5 baths, 1,800 sq ft of living area, sold for $939,000 ($521/sq ft). This unit is top-notch, and commanded an impressive price for this east part of West Hollywood.

5 Reasons We Love Concerto in Downtown Los Angeles

Concerto is like a great masterpiece going through its final edit. We see its genius – a grand architectural design that includes three residential buildings, retail and a one-acre pool-park-common area – and its flaws – mostly that construction is not yet completed.

Updated 8/8/09 -- Concerto has announced a one-day sales event on August 29 for the 77-unit Loft building. All units will be sold that day. 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).

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.

Meanwhile, construction will progress at the 271-unit Tower building.

We’ve previously toured Concerto, but we’re glad we came back to see the newly staged Lofts model unit (#406), which looks fab. It has one bedroom, one bath, 991 sq ft of living area and is priced at $411,000. The Lofts’ lobby has taken form and the elevator is operating, giving a more complete idea of this intimate residence nicely situated between Flower Street and the complex’s pool-courtyard area.

Concerto is not done, but we like what we see. Here are five reasons we love Concerto.

1. Architecture and Site Design. Sonny Astani and his design team are a formidable creative force. The buildings and the renderings of the completed project are ambitious and could make for one of the best urban projects in any city.

2. Lofts and Tower. Buyers can choose to live in the 7-floor 77-unit Lofts (currently being sold) or the 30 story, 271 unit towers (sales to continue in August). The Lofts are open plan and stylish and have minimum 9’ ceilings. The Towers are angular and modern, and have minimum 10’4” ceilings.


3. One acre urban park. The common area between the buildings includes a pool, walkways, trees and a Tai Chi park. Does it get any better than this urban oasis at 9th and Figueroa?

4. 9th and Figueroa. This is like the new Hollywood and Vine (although Hollywood + Vine is also the new Hollywood and Vine). Like EVO South, this South Park location is close to Staples Center, LA Live, Ralphs Fresh Fare Supermarket and more.


5. Manhattan in Los Angeles. Squint out the window of a corner unit of the Tower at Concerto in Downtown Los Angeles and you might think you’re in Midtown Manhattan. Los Angeles has come of age. This is urban chic.

Sold by Keller Williams Realty Los Feliz

5 Reasons We Love EVO South in Downtown Los Angeles

(Updated 3/10/2010 -- in our opinion, EVO remains one of the best buys in Los Angeles. The building is 75% sold. See list of sale units at bottom of post.)

Updated 7/12/2010 -- EVO is now 83% sold!

We've toured EVO South before, and each time we go back we remember why we like the building so much:

1. Great Location. The South Park neighborhood where EVO is located is near the Staples Center, LA Live, freeways, restaurants, nightspots and even the new Ralphs Fresh Fare at 645 W 9th Street.

2. LEED Silver Certification and High-Quality Construction. From the low VOC paint to the wool carpets to the energy efficient windows, EVO South has been built from the ground up as a "green", non-toxic environment. The building's finishes are top rate.

3. Unit Mix. Each unit is unique. There are different color options for floors, cabinets and caesarstone. Some units have architectural concrete features, alcoves, balconies, galley kitchens. There are great 1 bedroom units, 2 bedroom units, lower floor units, upper floor units, etc.

4. Amenities. The common spaces -- the 6th floor pool area, the 24th floor gym, the lobby and elevator area, the hallways -- all feel intimate, luxurious and very high end.

5. Value. EVO South offers value. There are 1 bedroom sale units from $420,000 (updated 3/10/10) and 2 bedrooms on sale for $730,000 (updated 3/10/10). The $/sq ft sale prices are in line with this superior product.


EVO South
Address: 1155 S Grand Avenue, Los Angeles 90015
# of stories: 24
HOA: $479 - 555 for a 1 bedroom; $527 - 752 for a 2 bedroom
Units: 310
Sales: 75% sold (updated 3/10/10)
Parking: 1 space for 1 bedroom homes; 2 spaces for 2 bedroom homes

EVO -- prices of 1 br, 1 ba units available 3/11/10:

#610 -- $520,000 -- 858 sq ft -- West Facing Terrace
#1314 -- $485,000 -- 858 sq ft -- West Facing
#1106 -- $460,000 -- 890 sq ft -- West Facing
#1405 -- $430,000 -- 914 sq ft -- East View
#1207 -- $420,000 -- 954 sq ft -- East View

EVO -- prices of "Featured 2 Bedroom Homes" available 3/11/10:

#1702 -- $1,475,000 -- 2,346 sq ft -- SW Corner unit
#1906 -- $810,000 -- 1,177 sq ft -- West Balcony
#1910 -- $775,000 -- 1,160 sq ft -- West Balcony
#1108 -- $730,000 -- 1,177 sq ft -- West Balcony

Sold by the Mark Group

LA Times: "Southland Home Prices Looking Up"

Evidence that the local residential real estate market is stabilizing was front page news in yesterday’s Los Angeles Times. A bold-faced headline read: “Southland home prices looking up”.

Finally, the sunshine seems to be breaking through the gloomy clouds of news about REOs, short sales and delinquent, underwater homeowners. For a moment, it seemed like real estate was getting back its sheen.

The median sales price in the five county Southern California rose from $249,000 in May to $265,000 in June, an increase of 6.4%.

Southern California home prices may have finally hit bottom, with median values rising last month for the first significant increase in two years, new data show.

After drastic drops in equity, homeowners have reason to cheer the rise in prices.

There’s also a glimmer of hope in the local labor market -- the unemployment rate in Los Angeles County in June was 11.3%, a drop from 11.6% in May. The “green shoots” of recovery may indeed be on their way.

But there's still a big gap between sales activity in the low end of the market and the high end of the market.

Although prices have firmed at the low end of the market, they are still falling in affluent communities. [Los Angeles Times]

What does this mean in our local market? Lots of sales under $1 million and an anemic market over $1 million.

These two charts look at the single family market over $1 Million and under $1 million in Beverly Center - Miracle Mile, Hancock Park - Wilshire, Hollywood Hills East, Los Feliz, Silver Lake / Echo Park, Sunset Strip - Hollywood Hills West, West Hollywood.

In June, 7% of properties over $1 million (above) were under contract -- an increase from 3% in the worst part of the financial crisis -- but still half the sales level recorded in June 2007.

On the other hand, there's been a boom in sales under $1 million. In June, 18% of homes in these areas were under contract, a 50% increase from the levels recorded six months ago and in June 2007.

The increase in activity on the lower end can be attributed to record affordability and low interest rates, and a continuous supply of well priced REOs and short sales. On the high end, the unavailability of financing coupled with buyers' diminished assets and income has made for a slow market.

Santa Monica Income Property Round-Up: 2nd Quarter 2009

Investors have returned to the Santa Monica multi-family market during the 2nd Quarter 2009 – in a big way.

Fourteen income properties sold during this period, including a 23-unit building that closed for over $7.5 million, compared to six sales during the 1st Quarter 2009, with a top sale price of $4.5 million, which was for a development opportunity.

The rise of multi-family sales activity in Santa Monica could be explained as a reaction to the rout in the financial markets during the 1st Quarter of 2009. As investors suffered heavy losses, they may have turned to multifamily investment as an alternative to equities.

The large number of apartment building sales gives a good indication of what kind of returns investors are expecting in this area.


The big sale of the quarter was 811 6th Street, a 23-unit building with 28,644 sq ft of living area on a 14,998 lot, which sold for $7,550,000. The 1972 building is located just off Montana Avenue, a short distance from the beach, and has some updated units. Unit mix consists of 11 x 1 bedroom, 1 bath, 6 x 2 bedroom, 2 bath, and 6 x 3 bedroom, 2 bath. Originally listed at $8,000,000, the building closed 6% under the asking price in 148 days.

Gross annual rent is $463,000, giving a GRM (gross rent multiplier) of 16.3.
Another building of nearly the same vintage sold on 6th Street – this one south of the 10 Freeway. 1901 6th Street, a 16-unit building with 14,399 sq ft of living area on a 10,411 sq ft lot, sold for $2,975,000, 4% below its $3,100,000 asking price, after 30 days on the market. The 1969 building has 15 x 1 bedroom, 1 bath units and one single, some of which are updated. Rents are approximately 40% below market.

Gross annual rent is $242,018, yielding a GRM of 12.5.

811 and 1901 6th Street are on the same street, but have much different GRMs – what can this difference be attributed to?

First, location. 811 6th Street is in one of the best Santa Monica neighborhoods; 1901 6th Street, less so. Second, market rents. 811 6th Street is capturing market rents; 1901 6th Street has below-market rents. Third, unit size. 811 6th Street unit size averages 1,245 sq ft per unit; 1901 6th Street averages 900 sq ft per unit.

Two other buildings point to the consistency of a GRM of approximately 16 for Santa Monica.

2805 3rd Street, an 8-unit building with 8,110 sq ft of living area on a 7,744 sq ft lot, sold for $2,525,000, a hefty 28% below its $3,500,000 asking price, after 104 days on the market. The 1961 building has 6 x 2 bedroom, 1.5 bath units and 2 x 3 bedroom, 1.75 bath units. Some units are renovated and there is an upside in rents. Gross annual rent is $155,943, yielding a GRM of 16.2.
1524 7th Street, a 10-unit building with 6,693 sq ft of living area on a 7,497 sq ft lot, sold for $2,425,000, just below its $2,495,000 asking price, after 91 days on the market. The 1958 building has 8 x 1 bedroom, 1 bath units and 2 x 2 bedroom, 1 bath units. Rents are below average for the area. Gross annual rent is $152,257, yielding a GRM of 15.9.

It’s remarkable how consistent the GRMs are for 2805 3rd Street and 1524 7th Street. Although this is a crude tool in evaluating income property, it’s quick, easy, and seems to provide a reliable means of evaluating income properties that are consistent in neighborhood quality, unit mix, condition, and age of construction.

Hollywood Multi-Family Market -- 2nd Quarter 2009

Twelve income properties sold in the Hollywood area during the 2nd Quarter of 2009, with a median sale price of $445,000.

Half of these sales were bank-owned duplexes (all closing at $439,000 or less). Two of the sales were probates.

Three multi-unit sales were for $1,000,000 and over and give an indication of the metrics at which income properties are trading in this neighborhood.

1626 N Fuller Avenue, a fully-remodeled twelve-unit building in a high-demand rental neighborhood just south of Runyon Canyon, sold for $3,050,000, below its original $3,400,000 asking price, in 27 days.

The building has 12,540 sq ft of living area (units average about 1,000 sq ft) on a 7,056 sq ft lot. Unit composition is 3 x 2 br, 2 ba, 3 x 2 br, 1 ba, and 6 x 1 br, 1 ba. Upgrades include hardwood floors and new appliances, tiled baths and custom finishes. Units are rented at market rate.

Gross annual income is $296,760, amounting to a 10.3 GRM (Gross Rent Multiplier = Sale Price /Gross Annual Rent). This GRM of consistent with the GRM recorded during the 1st Quarter of 2009.

1243 N Virgil Avenue, a nine-unit building near the intersection of Fountain Avenue and Sunset Boulevard (Silver Lake-, Los Feliz-, and Hollywood-adjacent), sold for $1,275,000, below its $1,450,000 asking price, after 141 days.

This 1966 building has 9,934 sq ft of living area (about 1,000 sq ft/unit) on a 6,534 sq ft lot. Unit mix consists of 3 x 2 br, 2 ba, 4 x 2 br, 1 ba and 4 x 1 br, 1 ba.

Gross income is $105,900, amounting to a GRM of 12.0 on current rents. The seller notes that rents are currently 40% below market. This is the sort of long-term value-added opportunity that investors are seeking in the current market.

1427 N Martel Avenue, a 7-unit building between Fairfax and La Brea, south of Sunset Boulevard, sold for $1,000,000, off its $1,175,000 list price, after 32 days on the market.

The 1959 building has 5,416 sq ft (770 sq ft average) of living area on a 6,969 sq ft lot. Unit mix is 3 x 2 br, 1.5 ba, 4 x 1 br, 1 ba).

Gross income is $91,447, amounting to a GRM of 10.9. Rents are well-below market, although it may take some rehab work to improve them.

One duplex sale, 1210 N Mariposa Avenue, in Central Hollywood, gives us a window of insight into REO-land. This property consists of two character craftsman houses on a large 6,490 sq ft lot, in average condition, and sold for $650,000 on May 5, 2006.

Financing was 5% downpayment – 90% loan ($585,000) at 8.67% and 5% equity line ($32,500).

By May 2, 2008, not even two years later, the bank foreclosed upon the property and bought it at the trustee’s sale for $578,000. The equity line was wiped out in the sale.

New market. New buyers. The duplex was listed at $390,000 and sold for $365,000 42 days later, closing with a 25% downpayment.

How much was he loss? The bank loaned $578,000 and after foreclosing, and holding the property for almost a year, netted about $310,000 (after sales costs, management, etc.). A $268,000 write-off in three years' time.

Silver Lake - Echo Park Market Round-Up: June 2009

Twenty houses sold in Silver Lake / Echo Park in June 2009 with a median sale price of $750,000. This is a huge departure from May 2009 when the median sale price was $499,000 and one-third of properties were foreclosures (REO) or short sales (vs. one-fifth of all properties this month.)

Most of the properties changing hands are traditional sales, elevating the median sale price by more than 50% from one month to the next. The median days on market was 42, well below the median of 68 days on market for all of 2008.

The reduced number of distressed sales shows a return, even if only temporarily, to a "normal" market.
Two sales in June 2009 were for over $1 million. 2920 Angus Street, a 3 bedroom, 2.5 bath 2,558 sq ft house on an extra-large 14,157 sq ft lot sold for $1,246,000, $3,000 below its asking price. The house is in the Ivanhoe School District and was on the market for a brief eleven days.


2437 Moreno Drive, a 4 bedroom, 2.5 bath 2,548 sq ft house on a 7,927 sq ft lot sold for $1,239,000, below its $1,299,000 asking price, after 41 days on the market.


2674 Ivan Hill Terrace is an example of how challenging a “flip” can be – to no fault of the flipper or agents – in a declining market. In April 15, 2008, the house was listed at $889,000 as a fixer, first time on the market in 52 years. On August 12, 2008, the house sold for $750,000. This is just weeks before September's financial meltdown.

Paint barely dry, on October 8, 2008 the flipped version of the house was listed at $1,198,000 – $448,000 above the purchase price. After two cancelled escrows and five price reductions – the lowest to $969,000 – the house finally sold on June 5, 2009 for $924,000. Gross profit: $174,000.

In a rising market, flipping is a no-brainer – the asset increases in value even if the owner does nothing. In a declining market, flipper beware. The flipper’s sweat equity – which is supposed to turn into equity – gets whittled away every day as prices go lower.

West Hollywood Market Round-Up -- June 2009

Eight houses sold in the West Hollywood area in June 2009 with a median sale price of $915,500, up from the median sale price of $830,000 during the three previous months. None of the June sales was a short sale or a bank-owned (REO) property.

Two June sales show how the market has fallen – or at least how sellers over-valued their properties while prices were falling. Both of these are in the “West Hollywood West” single family neighborhood.


8933 Ashcroft Avenue, a house with a legal guest house and a pool, sold for $1,350,000 after being originally listed at $1,795,000 in July 2008. The property has 3 bedrooms, 3.5 baths and 2,530 sq ft of living area on a 4,000 sq ft lot.


522 Norwich Drive, a 2 bedroom, 2 bath, 1,214 sq ft house on a 4,796 sq ft lot sold for $940,000, well below its original $1,250,000 asking price, after 243 days on the market.

Both these sales represent price cuts of 25%.


One West Hollywood home that sold for a surprisingly high price was 1236 Greenacre Avenue. This 2 bedroom, 2 bath 1,209 sq ft home on a 4,960 sq ft lot in the east part of West Hollywood close to LaBrea sold for $830,000, close to its $849,000 asking price.

28 condos sold in June 2009 in West Hollywood. The median sale price was $568,000 –above the median price of $502,000 during the three previous months. Two of these were short sales and two were bank-owned properties (REO).
One big condo sale pierced -- and far exceeded -- the $1 million mark. The penthouse unit at 1152 N La Cienega Boulevard sold for $1,485,000, a whopping $500,000 above the next closest condo sale of 2009. This 2 bedroom, 2.5 bath 2,025 sq ft unit with oustized views was originally priced at $1,995,000 and was on the market for 460 days. (Another 25% price reduction.)

Other condo buildings that have been on the market for some time are getting close to being sold out.

718 N Croft Avenue, #201, a 3 bedroom, 2 bath unit with 1,718 sq ft of living area sold for $850,000, below its $949,000 asking price.


After multiple price reductions, two units sold at the Willoughby Lofts at 7917 Willoughby Avenue. Unit # 3, with 1,577 sq ft, was listed at $770,000 and sold for $755,000. Unit #6, listed at $695,000, sold for $645,000, and has 1,454 sq ft.

California Ends $10,000 Tax Credit for New Construction

As of Thursday, California will no longer be accepting applications for the $10,000 tax credit for new construction. $100 million was allotted for this buyer incentive. Over 12,000 applications are expected in total. [Los Angeles Times]

Obama Home Affordable Refinance Plan Allows 125% LTV Financing

Some "underwater" homeowners who were previously shut out of the Obama Home Affordable Refinance Plan (HARP) may find that they have a new option to get better loan terms.

A few days ago we wrote about how the government-backed initiative to stop foreclosures through loan modifications had proven ineffective.

Previously, those who owed more than 105% on their home were ineligible for a HARP refinance. As of July 1, the loan-to-value limit for HARP refinances has been increased to 125%.

This change will help many distressed homeowners in California, Nevada, Arizona and Florida, where 100% financing and boom-to-bust price declines of 40% or more left many homeowners with no option but to "walk" because of crushing payments and no refinance options.

Although this is a step to stem foreclosures, many problems remain.

First, the program concerns only 1st mortgages. A homeowner with a $400,000 1st mortgage and a $100,000 2nd mortgage (or equity line) on a property worth $350,000 can now refinance the 1st loan, but cannot refinance the 2nd.

Second, the homeowner must be able to afford the payment on a property refinanced to 125% of value.

Third, this HARP loan modification is only for Fannie- and Freddie-backed loans.

Fourth, and most importantly, banks are not reworking loans. Stories about lost paperwork and ill-informed customer service reps telling distressed homeowners to wait 120 days for a response are Kafka-esque and reveal a broken system that is not helping homeowners or addressing the foreclosure crisis in a meaningful way.

[Los Angeles Times]

8265 Fountain Avenue: Cool Modern in West Hollywood

Fountain Luxury Condominiums at 8265 Fountain Avenue in West Hollywood, like many developments in nearby densely populated neighborhoods, may be described as “urban infill”. Here, a lot that formerly contained two craftsman bungalows now houses a four-story, seven-unit condo building.

The advantage to urban infill projects is that the city grows denser and residents live close to work and services and spend less time in their cars and more time on the streets.

The downside to urban infill is that new buildings are constructed next to existing buildings with setbacks of 5 feet or less. Buildings are packed in so tightly that occupants can practically chronicle their neighbors' exploits.

8265 Fountain Avenue deserves loads of praise for its design. The architects and the developers created a beautiful, modernist building with quality construction and great attention to detail (its corrugated metal sheathing is particularly cool).

The units are big with lots of excellent usable space and fine finishes. Windows are triple-paned and top-of-the-line. Master baths include a separate shower and tub.

But 8265 Fountain Avenue reminds us that we live in a big, urban setting. The units (except the 4th floor penthouse) have east, west and north views of aged window frames, parked vehicles and power lines. And the south view (and access) is on Fountain Avenue – typically, a busy street with a river of noisy traffic. (Pulling a car out from the garage can be challenging at peak hours.)

Prices are low compared to many similar projects and range from $775,000 for the 1st floor unit facing Fountain to $1,750,000 for the Penthouse:

Unit 101 (faces Fountain) – 2 br, 2.5 ba – 1,373 sq ft – $775,000
Unit 102 – 2 br, 2 ba, 1,321 sq ft – $795,000
Unit 201 (faces Fountain) – 2 br, 2.5 ba – 1,505 sq ft – $865,000
Unit 202 – 2 br, 2 ba – 1,321 sq ft – $745,000
Unit 301 (faces Fountain) – 2 br, 2.5 ba – 1,505 sq ft – $925,000
Unit 302 – 2 br, 2.5 ba – 1,321 sq ft – $825,000
Unit 401 (Penthouse) – 3 br + den, 3.5 ba – 3,175 sq ft – $1,750,000

The exceptional Penthouse rises above the rooftops of the two adjacent buildings and has more square footage than most houses in the area.

Kitchens have Viking ranges, Kitchen Aid dishwashers and GE Monogram Microwaves. Counters are Caesarstone. Floors are made of eco-friendly bamboo.
Bathroom fixtures are from the sleek Kohler Purist line. Tiling and finishing work are superior.

Units come with 2 subterranean parking spaces. An elevator from the parking garage goes to upper floors, including direct access into the Penthouse. Homeowners fees are to be determined.

The location is central, within walking distance of the Chateau Marmont, Trader Joe’s, Greenblatt’s Deli, Equinox Fitness and Marix.

Sold by Prudential California Realty.