Tuesday, July 20, 2010

Metropol Hollywood Returns, Bank-Owned -- 41-Unit Condo Project Gets Standing O From Public

Everyone in Hollywood loves a comeback.  Metropol, a hip, 41-unit condo project smack in the middle of Hollywood, has emerged from oblivion, and the public has given it the equivalent of a standing ovation.

When Metropol originally came to market last September, we were excited by the modern look, and the quality of design and construction you typically see in West Hollywood and Westside markets.  The lack of sales at Metropol at that time was purely a response to prices that were above market.

But Metropol is back, and in its second act, the project is now bank-owned.  What a difference a few months makes.  Prices on units have been lowered in some cases over 20%, and the units are flying off the shelves.  It's difficult to calculate, but these units appear to be selling below cost.

Although the official opening isn't until July 24, during the pre-launch phase over 30% of the building's units are in reservations.

Prices for 1 br units (920 sq ft) are $369,900 - $399,900. Prices of 2 br units (1200 sq ft) are $399,900 - $499,900. 

6001 Carlton Way
Los Angeles, CA  90028

Sold by Revive Real Estate Group