Thursday, March 25, 2010

655 Hope Street in Downtown Los Angeles: 17 Stories and 80 Units of Glass, Steel and Fine Finishes at the City's Center

655 Hope ExteriorUpdated 4/22/10: The developers of 655 Hope in Downtown Los Angeles elected to auction only 30 of the 45 lofts on April 18, 2010. This adaptive reuse project (an office building -- with lots of parking!!! -- converted to residential use) is located in the center of Downtown close to Staples Center, LA Live, Ralphs Freshfare supermarket, and the 7th Street Metro Station.

655 Hope KitchenThe building consists of 17 stories, the lower floors of which are reserved for parking. There are 8 units to a floor, which range in size from 600 sq ft for a 1 bedroom, 1 bath unit, to 1268 sq ft for a 2 bedroom, 2 bath unit. "Starting bids" are $165,000 for the least expensive units. (Expect the units to go for much more). HOA dues vary according to unit size.

What did the units sell for at auction? $268,000 - $500,000. This amounts to $329/sq ft for the largest floorplan (1,255 sq ft) on a lower floor (9th), and $486/sq ft for the smallest floorplan (and we mean small -- 600 sq ft) on a high floor (15th). See more details about the auction at Curbed LA.

655 Hope LIving AreaThe finishes have the polish of a high-end project. Floors are an attractive dark chocolate wood. Kitchen are outfitted with GE Profile appliances, glass tile and slick counters. The building has a fitness center and a roof deck.

Those looking for a traditional layout with enclosed bedrooms will be disappointed by 655 Hope's open floorplans. One can see that a 2 bedroom unit (like 1502, pictured above) has no doors, and it's up to you to create the boundaries between rooms. Here's a walk-through of the unit.

655 Hope is wedged into the urban fabric of Downtown Los Angeles. The downside is that the view from many of the lower floors are obscured by neighboring buildings. Some units on the upper floors, however, like 1502 (above) do have quite spectacular views. Those interested in the purchasing units should not simply choose based on floorplan but should check out the light/view for individual units.

655 Hope CorridorKennedy Wilson, which hosted the Market Lofts auction in November 2009, will be conducting the 655 Hope auction. This traditional auction format in which one unit is sold at a time leads to rapid-fire bidding (2 - 3 minutes per unit) and buyers must be deliberate and quick-paddled to get in on the action.

655 Hope Street
Los Angeles, California
Auction Website