There's a surprising bit of good news to report: Old friend Le Melange is back. Yes, that once-doomed white condo turned rental development at Wilshire Blvd and Fairfax Avenue--directly across from LACMA's backside--has a new owner. According to Eric Telovello, sales agent at Platinum Realtors, the firm now handling sales for the building, the owner of the property is an entity called Southern California Holdings LLC. (You'll recall that back in March 2009, lender Chicago-based Builders Bank sought to foreclose on the property after Summerland Partners defaulted on a $10 million loan).
The details of who is backing that LLC aren't immediately clear, but according to Telovello, sales resumed at the project about three months ago. There's a web site up and running, and of the 20 units, three units are sold (and the buyers have moved in), while 16 units are in escrow. So only one unit is left, according to Telovello. Meanwhile, let's compare boom and bust prices. When Le Melange originally opened in 2008, the 20 units were priced from $730,000-$960,000. When Platinum Realtors took over the project, the firm began selling units priced from $359,000-$549,000. Meanwhile, if you were wondering if anyone moved into the project when it went rental, Telovello says two Le Melange renters had to relocate after the building went back to being a condo project. And Summerland Partners' web site is no longer working.
· Your Daily Foreclosure Filing: Le Melange [Curbed LA]
· Le Melange Throws in the Towel, Goes Rental [Curbed LA]