EVO South in Downtown Los Angeles Offers Premier City Pads with Best Views in South Park

Seeing EVO South in Downtown Los Angeles is like visiting an old, beloved friend. We sold our first unit there almost two years ago, and our affection for this 4-Star, "Green", modern Building at 11th and Grand has not diminished.

 

The location is unbeatable, and the views capture the diverse cityscape of Downtown Los Angeles, from LA Live, to low-slung warehouse districts, to the towers of the Financial Center.  Watch the world move silently from the comfortable aerie replete with all modern conveniences.

What is not captured in the photos is the beautifully finished interiors and common areas.  EVO South in the South Park neighborhood of Los Angeles is a delight to see.

Lower floor units have sold, but some upper floor units are still on the market. Two impressive 18th Floor units include:

• 1808 - West Facing w/balcony - 856 sq ft - $590,000
• 1807 - East facing - 1,364 sq ft - $760,000

Some magnificent corner balcony units are also still on the market, including:

• 2002 - SW corner w/balcony - 2346 sq ft - $1,775,000
• 2009 - NE corner w/balcony - 2384 sq ft - $1,675,000

The building is over 90% sold and still great offerings remain.

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Adner Realty Group follows the Downtown condo market. If you have a question about the EVO South or other buildings, please email us by clicking on this link or call us at (310) 845-6810.  We hope to hear from you.

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Read our previous blog post about EVO South: Five Reasons We Love Evo South in Downtown Los Angeles. 

12.2 - 13.3 GRM in Santa Monica, California Apartment Market 2nd Quarter 2011 - Market is Stable, Balanced Between Buyers and Sellers

Santa Monica small- to mid-size multifamily properties are selling at approximately 12.3 - 13.3 GRM in the past three months.   This GRM is comparable to the returns that we observed 1 year ago during the 2nd Quarter 2010.

The residential housing market finds itself under many stresses, but the local apartment market, dominated by well-capitalized individual investors, is balanced between buyers and sellers.   

Sellers have largely not been forced to lower prices to compete with distressed properties, and when pricing their property within the narrow GRM band at which sales take place, will net a sale within a "reasonable" time frame.   

Buyers, who are fewer these days, will find that any serious offer is well-received by a reasonably motivated Seller.

Here are recent sales:

817 18th Street, Santa Monica - 20.1 GRM - Sold for $2,250,000 on 4/28/11.  This 7 unit building consists of primarily large 3 + 2 and 3 + 2.5 units that are TORCA converted condominiums (affordable housing of sorts).  1975 construction.  Great location right off Montana.

1311 23rd Street, Santa Monica - 13.3 GRM - Sold for $2,050,000 on 4/12/11. Building is comprised of eight 2 + 1 units, with rents averaging a moderate $1,530/month.  1949 construction, 7,416 sq ft.  Location is South of Wilshire near St Johns Hospital.

2309 Oak Street, Santa Monica - 12.3 GRM - Sold for $1,800,000 on 5/19/11.  This 12 unit building was has all 1 + 1 units, comprising six  bungalows and six other units.  Five of the 12 units are rented at below market, and the remainder are at market ($1,100 - $1,250/month).  1938 construction, 5,437 sq ft.  Location is 8 blocks north of the Santa Monica airport, just off Ocean Park Blvd.

1518 19th Street, Santa Monica - 12.9 GRM - Sold for $1,300,000 in May 2011.  This 7 unit building is 1937 construction with a scant footage of 2,311 sq ft.  Just south of Santa Monica Boulevard.

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We are Los Angeles multifamily brokers and know the Los Angeles apartment market.  If you have any questions about multifamily properties, please contact us by clicking on this link to send us an email or by calling us at (310) 845-6810.