From Decrepit to Dapper: the Downtown LA Housing Boom

Posted by Beata Mandell on Tuesday, May 20th, 2014 at 2:04pm.

Missing Person’s had it right back in the 80’s...Nobody Walked in LA.  Fast forward thirty years and now there are tangible results from a movement to transform downtown that seems unstoppable.

Downtown LA has gone through a major transformation changing the once known ghost town after the 9-5ers left to a vibrant hip community for a new generation of urban dwellers.  One of the greatest catalysts was back in 1999 when the city council decided to make it easier for buildings to more easily convert buildings into residential.  The domino effect happened after when new business of all types decided to open up all over downtown for the residents to use.  

The downtown neighborhoods include: Arts District, Gallery Row, Bunker Hill and Grand Avenue, Chinatown, Civic Center, Fashion District, Figueroa Corridor, Flower District, Historic Downtown, Jewelry District, Little Tokyo, Olvera Street at Historic El Pueblo, South Park and Wholesale District all which have their unique flavor of neighborhoods for prospective residents.

Prices high-rise condos range from renting this spectacular 5781 square foot penthouse rental at The Carlyle for $45,000 a month, to purchasing a 640 square foot apartment at the Textile Building Lofts in the heart of the Fashion District for the ultimate in urban dwelling for $405,000. 

Residents who live downtown can now quickly drop off their dry cleaning, go out for Tapas and grab a great martini, all within walking distance from their home.  The once decrepit neighborhood are now full of glamour and culture.  

The population for downtown has tripled since 2000 with the primary age group moving into downtown LA is Gen X and Gen Y’ers.  Although there are nearly 5,000 new apartments planned, the demand for residential is at an all time high.  

You can find more resources for what is currently happening in LA in each neighborhood from economic development to entertainment on the Downtown LA resource page.  If you’re interested in finding a perfect condo downtown, our Highrises.com of LA specialist can help you navigate this process.

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