Evo Enters an Interesting Downtown Market

By Jeannine Denholm
Published: Tuesday, October 07, 2008, at 02:10PM

Penthouse view Jeannine Denholm [Flickr]

View from Evo penthouse patio facing North

DOWNTOWN LOS ANGELES — Several weeks ago the developers of Evo began inviting realtors, the media and community leaders to tour the newest addition to South Park’s skyline before it’s official public opening. I went last week but have had a tough time figuring out how this beautiful new development would fit into the harsh, depressing real estate market and slowing economy. It felt irresponsible writing a glowing review without at least acknowledging the current situation.

Luma and Elleven, The South Group’s two other Downtown developments, both opened in much rosier times and sales have reflected that fact. At last check Evo sales reps said the building was 30% sold. Despite the downturn, interest certainly has remained high. Several high profile Downtown events will be held at Evo, including an evening sponsored by Dwell Magazine, which will expose even more people to the brand new building.

The main thing that struck me while touring Evo is this is the type of development that targets a very specific audience, one that probably would not want to live in an older building in the historic core or Arts district. A buyer here really wants to spend their time in a resort setting. While the idea of Downtown living may not appeal to everyone, Evo and the South Group buildings are proof that the Downtown market has a development for almost any taste.

The lofts I toured had gorgeous views, new appliances and spacious bathrooms; along with envious amenities like a large workout room complete with an inspiring skyline, an infinity pool that rivals a 5-star hotel and meticulously landscaped common areas.

Regardless of the financial downturn, Evo is a welcome and very exciting addition to South Park. Given the building’s location just blocks from LA Live, condos starting in the mid-$400,000 range should prove to be a good investment even in this market.

Evo Sales Office / 408 W. 11th / Los Angeles, CA 90015 / 213-622-5400 / http://www.southcollection.com


Pool Area Jeannine Denholm

Evo's infinity pool

Common Patio Jeannine Denholm

Evo common area near pool

Pool Bar area Jeannine Denholm

Evo pool area bar

Condo View Jeannine Denholm

Evo condo view looking west towards LA live


Comments

1
Bartleight writes:

Wow! Very nice. Congratulations South Group. South Park never looked better.

# on Oct.07.2008 AT 04:14 PM
2
John Swartz writes:

I’ve said it before, but I’ll say it again… The market downturn has not been affect these type of developments. These developments are the premier residential developments in all of Los Angeles. They will do well no matter what is going on the market. In fact, all of the downtown developemnt are still flourishing right now regardless of the residential market. This is because everyoen is moving downtown… everyone! Whether there is a bad market or not, it doesn’t change the fact that everyone is moving downtown. It is the suburbs where the market is taking a hit. Why do people keep insinuating that the market downtown is affecting downtown when every buildign that opens does so well. I thought this was common knowledge by now.

And kudos to this developer and the architect… what brilliance in design and archtiecture! This is a fantastic addition to downtown!

# on Oct.08.2008 AT 12:09 AM
3
Jeannine Denholm writes:

I don’t think it’s accurate to say the market downturn has not affected Downtown. Several buildings have turned rental in the past year or two and many buildings like the Brockman, Roosevelt and others have not sold out immediately like they may have if opened two years ago. While the Downtown market is staying strong compared to the suburbs it will be interesting to see how long it takes to sell these units and at what price. It is never a good thing when your building is forced to open the same week the stock market plunges 800 points - that’s a PR nightmare but one the South Group has handled well so far.

# on Oct.08.2008 AT 08:59 AM
4
bromike666 writes:

C’mon Eric lets be serious. I love ya and all but “400k for an apartment may be a good investment.” HUH?

The stock market is off 30%+, now is the time to buy stocks and hold them. Hell, maybe it’s even the time to buy crap houses in Pomona, rent them out and then sell them for a profit in 10 years. But now is not the time to buy a downtown apt.

Why buy something today when you can buy it for less next week/month/year. Why the hell do people wait for f’ing clothing/shoes/dishes/towels/cars to go on sale before purchasing but when it comes to houses/apt’s they insist on paying full price?

/sigh…. let the flaming begin.

# on Oct.08.2008 AT 11:47 AM
5
Julie writes:

Schwartz if what you say is true, how come the prices on these units have gone down in the past year? Open your eyes, I can get a bigger space for the same price I paid in 2006.

# on Oct.09.2008 AT 03:08 PM
6
Jackson writes:

They have not sold 30%. Just drive by at night, I’d say 2 or 3 units at most. Despite what they say and how they market it, if no one buys in the next year or two which seems to be the trend lately, it will turn into an apartment building.

# on Oct.23.2008 AT 03:03 PM

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