Efficient public transportation, walkable neighborhoods and historic buildings might not be the first things that come to mind when you think about Los Angeles. However, these are the exact reasons that many people are moving into DTLA condos, apartments and lofts.
Sales and inventory numbers from the second quarter of 2018 might make you think that the market is slowing down — but the 13-percent rise in prices tells a different story. The average sales price for condos in the downtown area went up around $100,000 year-over-year from 2017 to 2018. It mirrors a 25-quarter upward trend on median condo prices across the city. Speaking of trends, here's a historical tidbit: The root of all this new development goes back to the Adaptive Reuse Ordinance, passed by the council in 1999. This regulation ended up catalyzing the existing demand for walkable, live-work-play neighborhoods.
Naturally, developers are scrambling to satisfy this demand. Here's a top-level look at some of the most important recent and ongoing new LA condos going up.
We love Perla because it combines the old and the new in a great Broadway location in the Historic Core. The first few floors will maintain a facade that fits in with neighboring buildings. Big views and stylish appointments are the main calling cards here on the upper floors. You can also just forget about cooking and eat at the Grand Central Market every night which is right next door. Here's what you need to know about the development:
- Units: Studios, 1-bedrooms and 2-bedrooms
- Floors: 35
- Completion date: 2020
- Entry-level price: High $500,000's
The hotel at Metropolis was just the start of this development's 3-tower, city-within-a-city vision. It's in South Park, just a few minutes' walk from the Staples Center. The first and second towers are currently selling. The spaces are modern and the grounds are sprawling which is really nice if you have a pet or like to spend time outside.
- Units: Studios, 1-bedrooms, 2-bedrooms and penthouses
- Three towers: 38, 40 and 56 floors
- Entry-level price: $700,000 (Available Now)
3. The Residences at Oceanwide Plaza
If you've been downtown lately you've certainly seen this massive development. When complete, Oceanwide Plaza will be made up of three high-rise towers plus an upscale retail and dining center. One and Two Oceanwide Plaza will be 42-story tall condo towers. The third and tallest tower will house a Park Hyatt and the exclusive Park Hyatt Los Angeles Residences. They will all be connected to the the two-acre Sky Park - the largest private park in Southern California. This development will change downtown living in an extraordinary way. Pricing has not yet been released.
We get a lot of requests for high-rise luxury apartments, so we wanted to include this exciting new downtown addition to the rental scene. Circa offers luxury condo-style apartments near the Staples Center. It's taken its place at the forefront of the new development with its stylish interiors and its massive exterior video display.
- 648 units with penthouses
- Two 35-story towers
- Entry-level rent: $3,000 per month
There are plenty of other new and pre-construction developments in LA right now. Let us know what you're looking for and we're sure we can help you find it.