Here's some fun news to consider: The arc of the average sale price of a condo in downtown over the last four years. During the boom, 1100 Wilshire had an average sale price of $678, the highest average price of any downtown building (updated: this is resales we're talking about). Congratulations, 1100 Wilshire. You're a stubby-looking thing from the outside, but your conversion from an unsuccessful office building to a condo building (courtesy of Thomas O. Cox Architects and original architect A.C. Martin Partners) paid off. Good work. Overall, during the height of the boom, the average sale price in downtown was $581 a square foot. Today, the average sale price is $321. All this info is courtesy of a recent internal report produced by the Los Angeles Urban Redevelopment Group at CB Richard Ellis, a group headed up by Mark Tarczynski and Adam Tischer. And Tischer tells us that the $321 number isn’t as dire as you might think given that there's currently an upswing in both prices and the number of units being traded in downtown. And for those wondering, the height of the boom is pegged as the beginning of 2005, while things started to flatten out by late 2006. And then we know what happened next. Meanwhile, back to 1100 Wilshire. Here's a one-bedroom, one-bath that's asking $349,000.
· Urban Redevelopment Group CB Ellis [Official Site]