DOWNTOWN LOS ANGELES — The LA Business Journal (whose website is now much more useful, thanks to more free articles) has a great piece today on the downtown housing market. You sort of know this stuff, but sometimes it doesn't really hit you over the head until you see it in black and white:

Resale asking prices at the Flower Street Lofts near Staples Center are higher on a per-foot basis than the median prices for condos in Brentwood's 90049, Beverly Hills' 90210 or Marina del Rey's 90012. Only beach cities such as Manhattan Beach, Hermosa Beach, Malibu and Santa Monica's 90403, along with Century City's 90067, are priced higher, according to DataQuick Information Systems.

I don't know Flower St. Lofts specifically, but all these units are selling. The question, as always, is whether this kind of market is sustainable. I don't think you can even pretend to answer that question right now.