WSJ Looks at Ralphs' Impact on Downtown
Eric Richardson
[Flickr]
DOWNTOWN LOS ANGELES — It's a little under the radar since you have to be a subscriber to read the article via their website, but the Wall Street Journal took a look at Downtown today, particularly at the effect that Ralphs' has had since its opening. No particularly new ground is covered, and, as you'd expect from the WSJ, it's money-focused. Harlan Lee gives an interesting update on how Market Lofts sales are doing:
Nearly half of the lofts, whose list prices range from $423,500 to $902,500, have been sold since they hit the market about five months ago. Some 110 have closed escrow in the last two months, since Ralphs opened, Mr. Lee says.) The seven-story complex, which features a pool, fitness center, club room and plush screening room, has attracted single professionals, couples and even young families, he adds.
A random stat: The article says only 10-15% of those who've bought at the Toy Factory Lofts work Downtown.
GreeneM on October 10, 2007, at 10:43PM – #1
I don't subscribe to that paper and so I can't see more than the synopsis of the article. Grrr. I guess I'll have to run over to the library to read the whole thing.
And only "nearly half" the apartments above the Ralph's have sold so far? I thought the 50-percent mark had been reached some time ago. If so, maybe sales there finally hit a wall, with central Los Angeles succumbing to the slowdown in residential real estate that's occurring almost everywhere else.
Rico A on October 10, 2007, at 10:54PM – #2
The entire article has been posted at SSP here. I don't know if I did that link correctly as I'm unfamiliar with Markdown formatting.
Interesting about the 50% mark. Fridayinla and I checked out the Market Lofts about a month and a half ago, and we were told that 167 out of 267 units were sold.
Eric Richardson (@blogdowntown) on October 10, 2007, at 11:28PM – #3
I suspect "sold" might mean different things in different contexts.
LAofAnaheim on October 10, 2007, at 11:54PM – #4
Unfortunately...I'm not so surprised about the only 10% working in downtown. Many people in my bldg have their jobs outside of downtown. It's very unfortunate that a lot of businesses left the inner core and went to the westside or the valley. Hopefully, companies start coming back to the downtown core.
Whitman Lam on October 11, 2007, at 12:24AM – #5
I think Downtown needs a balance. Between jobs and homes. Right now there are way more jobs than homes. The market is too saturated with office space. They need to convert some offices into lofts.
It's alot easier to drive away from Downtown most mornings than it is to drive into Downtown. There should be some equilibrium coming. With more housing to counterbalance the jobs... and more retail to serve the housing.
Naturallawyer on October 11, 2007, at 02:08PM – #6
Eric is correct. The Market Lofts people generally speak in terms of the number of lofts reserved, not sold. You have to put down something like 3% to reserve a loft, but you can still back out until you completely close. And I don't think they can close until the place is finished and they hand you the keys, so perhaps construction is holding things up (are they completely done constructing the Market Lofts now?).