Downtown's condo stock is slim pickings, but that's only helped the Arts District's Barker Block move 66 of its 68 units since opening about six months ago, says the Downtown News. That means it's only taken six months for the first new condo development in Downtown in over a year to just about fully sell out. The demand was big and the rush to grab a Barker Block condo has led to bidding wars, resulting in most buyers paying above asking. In some cases, way above asking.
The most expensive battle for a piece of the Block saw a two-story townhouse-style residence originally listed for $739,000 sell for more than $1 million. What is this, Culver City? Maybe: "Downtown in 2014 is like the Westside of 2007," according to one real estate expert.
The average price of the Barker units has fluctuated over the course of the half-year they've been on the market. The managing director of CityView, the developer that teamed up with Blackstone on this latest phase of the development, says that while prices went as high as $600 per square foot, he believed they'd level out at about $575 around the time they sell the final two units. At that price, the Arts District is still a less expensive alternative to places like Silver Lake, where houses typically sell for $600 or even $700 per square foot, and that makes it even more desirable, says the director of USC's Lusk Center for Real Estate.
The Downtown condo market will be spurred considerably by the 38-story condo tower at Metropolis and a Mack Urban/AECOM development with 362 condos in two seven-story buildings; both projects are way on the other side of the neighborhood in South Park.
· Barker Block Sells 66 of Its 68 Condos [DN]
· 2,800 People Are Interested In 68 New Barker Block Condos [Curbed LA]