Saturday is Sales Day for Downtown Condos
Eric Richardson
[Flickr]
A sticker advertising the Rowan Lofts weekend sales event is attached to the front page of the current issue of the Downtown News.
DOWNTOWN LOS ANGELES — Whether by chance or design, Saturday is looking to be quite the sales day for Downtown condos.
Both Concerto and the Rowan Lofts are advertising one-day sales events for August 29. Concerto is looking to move 77 units in its low-rise loft building, while the Rowan is advertising deals on 16 studio and one-bedroom units.
Even more curiously, both projects are advertising the exact same pricing: studios from $219,000 and one-bedrooms from $279,000.
A slow real estate market and the general economic depression have forced condo projects to get creative in their sales efforts. The Rowan Lofts got a lot of press for an auction event it held on February 8, moving 63 of 97 units put up for bid.
That was a good percentage, but Concerto claims it will do even better. Ads for the sale say that "All 77 residences will be sold." The project's sales event is being run by Sold2U, a Bay Area real estate auction and marketing firm.
Michael Devon on August 26, 2009, at 05:27PM – #1
If they really wanted to sell their units anywhere near those advertised prices, the slaes staff Concerto would have taken our offer to buy a 2bd unit right then and there a few weeks ago. But they demurred. We had to wait until August 29th. Why? No answer. These gimmicks should be seen for what they are. But instead, sheep will flock to the "sales" event and play along.
ponzischeme on August 26, 2009, at 06:43PM – #2
Agreed, I wish they would just be upfront with the price.
I think you'll end up getting a better deal if you wait another 12 months.
ponzischeme on August 26, 2009, at 06:47PM – #3
These one day special reminds me of the Orsini Apartment "one day" special that happens to occur every "week"
1 DAY ONLY- CRAZY SPECIALS AT THE ORSINI (DOWNTOWN LA) Date: 2009-08-26, 4:02PM PDT Reply to: hous-a7fce-1344074966@craigslist.org [Errors when replying to ads?]
CHECK OUT THE WEBSITE AND YOU WILL KNOW WHAT THE ORSINI IS ALL ABOUT ....
http://www.theorsini.com/
TODAY I WILL BE SHOWING APARTMENTS TIL 11 PM.... UP TO 2 MONTHS FREE PLUS AN IMAC !!!! ITS CRAZY SPECIALS THAT YOU CANT AFFORD TO PASS!!!
CALL NOW!
310.346.9290 BRANDON
MyFilmLife on August 29, 2009, at 11:22AM – #4
How strange that Rowan would advertise the same prices. I love the interior of the Rowan lofts but they have no amenities except a jacuzzi in a parking lot...not to mention they are SKID ROW ADJACENT with a parking garage that you have to walk down a very shady alley to get to...and your space is rented as in you have to pay extra for it. Their HOAs and their prices are really high for that.
Jon on August 29, 2009, at 08:22PM – #5
Yeah. Right now, in terms of location, Concerto is definitely better. The buildings in Rowan's area are all beautiful, but that area still has a little way to go. Concerto, on the other hand, is catacorner from Ralphs and a couple blocks from LA Live. What are Rowan's HOAs?
Oscar on August 30, 2009, at 12:13PM – #6
Yes, but the rowan is in the loop, concerto is "overthere" where nobody cares, lalive, really? I couldn't care less, so fake and plastic.
Vanzant on August 30, 2009, at 02:02PM – #7
Anytime you can walk to the grocery store, games, and the new movie theatre, seems to me to be a big plus.
I dont really know that Rowan area. What do you mean by "in the loop" Oscar? Is that for the work crowd?
They are both still too high, with the HOA fees though. HOA is like paying rent.
That1Guy on August 30, 2009, at 05:19PM – #8
So how did the Concerto sale go, anyhow? Any early intel?
My wife & I decided to pass on the "event". They want too much for what they're offering, and the HOAs are astronomical.
Jon on August 30, 2009, at 09:37PM – #9
LA Live -- so fake and plastic...and safe. I can see my wife and me taking an evening stroll around LA Live. But around Rowan? And the proximity to Ralphs. I can imagine my wife or me making a relatively late evening run to Ralphs from Concerto. But from Rowan?
I don't think anyone disagrees that the area around Rowan is a bit more up-and-coming than South Park (which is also still up-and-coming). Rowan appears to be better suited for the more adventurous. I can see how some folks would find Rowan more appealing than Concerto. But I can't see how it should be as expensive.
Michael on August 31, 2009, at 11:24AM – #10
I just called the sales office and they said all the lofts were sold and the condo building isn't going on sale until October. I hope they don't do the same one day sale with the condos.
Kate on August 31, 2009, at 01:31PM – #11
i was at the sales event and it was madness. they jacked up the price as high as 40%! one bedrooms were offered at around $400,000 and two bedrooms were $600,000. what a rip off!
reckoner on August 31, 2009, at 03:01PM – #12
In fact it's ludicrous that Rowan would hold a firesale on the same day as Concerto touting the same prices. That's like Hyundai saying they're selling sedans for the same prices as Mercedes for one day only. Are Rowan's marketers high? And who are the blind clientele that would purchase at Rowan? Are they just the same misinformed or clueless demographic that would go and buy a Hyundai? Let's check out the parking lots of the respective properties!
That1Guy on August 31, 2009, at 10:23PM – #13
Thanks for the update, Michael. However, I am very skeptical; did they allow multiple-unit buys?