Feel free to contact me anytime with questions you may have or if you are in need of a buyers agent.
Have a great day,
Heather Paul, Realtor
Well, I live in the Elleven, and I love it. The main thing is will you love living Downtown. If it is for an investment, do not be surprised if you find rents are really low. I also do property management in Los Angeles, and the rental market is not the best for investors. Make sure you do your homework.
I am not a real estate broker or agent.....so here is my personal opinion as a loft-owner in 90015. We bought a loft in one of the South Group building couple months ago (not Evo) and prior to that we lived in DTLA for a few years.
Couple observations during our 6 months loft-search......the 2bed/2bath units are always the ones that moves fast if priced in line with the market. The studio/1bed could sit forever before it goes into escrow.....some of the 1 bedroom units in the South Park area were re-sold 50% less than it's original sale price in 2006 and the 2bed/2bath units in the same area were sold about 20%-25% below the original sale price.
so if you are looking to invest in one of the Evo-South unit, I would definitely look into the 2/2. You will have less competition in future when you want to sell the place since these units are pretty rare in DTLA. Also, you can go to LA County Assessor's website to pull up recent sales data in Evo (if you are a hands-on person).
We did a lot of research on our own while looking so we didn't blindly put in an offer solely based on our agent's suggestion....we came up with a number that both we and our agent felt was reasonable. Our agent was great...but we are just not the kind of ppl that will do things without due diligence on our part.
Also, check out this website http://www.dlxco.com/....you will see how much the Evo units are being rented for by their owners and decide if it's a good investment for you.
If you would like to discuss anything further, feel free contact me at firstname.lastname@example.org or (310)804-8874. Cheers!
The question is, why are you buying? Is this for appreciation, cash flow, long term or short term? Having represented both sellers and buyers in the Downtown LA area there a few things you should know. There is a good demand from the parents of students at USC, the Fashion Institute and other local schools for rentals and or properties to purchase for their children. We also continue to see a steady, although not crazy, demand for resale. Also, LA Live is going forward, the Downtown Redevelopment Plan is continuing its development, and the number of people moving through that area has increased significantly over the past few years. Evo is very close to Staples and will probably be in the "pedestrian corridor" that will be created by the new developments, restaurants, night spots, etc. It is also new construction and with both these features going for it it will probably come back more quickly than some of the lofts that were built earlier on in the "heart" of downtown in the older historic buildings. As you might hear, I am a little bullish on the long term prospects for the Downtown Area.
So if you can negotiate a price that makes business sense based on YOUR business model, then now is a great time to negotiate really good deals with the developers on these newer projects. Just don't get caught up in the hype. Make sure it makes business or personal fulfillment sense to you and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
The Evo Condominium complex is certainly a very desirable place in downtown LA, however, from an investment point of view I doubt if anyone can tell you when and where this market bottoms out and what the appreciation rate will be thereafter for properties at Evo-South. It would be safe to assume that the recovery rate and appreciation in prices will be lower than what we saw after 2001.
That being said, there is great emphasis on redeveloping the downtown area. Some of the redevelopment activity had already started before the present crisis. As a long term hold it will make sense to invest. But you must consider what alternative investment opportunities you have now that could be viewed less riskier and bring you a higher rate of return in the forseeable future.
Off course, any price quoted in this market may be negotiated. If I am not mistaken, there is still inventory at Evo-South.
Certified Commercial Investment Member
United America Realty