If you want to buy a condo in Downtown Los Angeles, you're going to have to wait until 2016 or—ewwwww—settle for one someone has already lived in. Downtown is now fresh out of new for-sale units, following the sale earlier this month of the last penthouse at the Evo-South tower in South Park (the second to last penthouse sold in March). Unit 2303, opened way back in 2008, measuring just shy of 4,000 square feet, with three bedrooms, became something of a landmark when it sold last week for $3.4 million: it was the last condo of the pre-recession development boom. The recession stopped new construction dead in the neighborhood, but it's picked up again in the past few years; DTLA is now full of cranes, but there won't be any condos arriving until South Park megaproject Metropolis opens its first residences in 2016.
Real estate firm Polaris Pacific both sold the last Evo units and releases regular reports on the LA real estate market. The latest report, from March, finds there are plenty of new condos on the way in Downtown eventually: 351 are under construction and 3,212 have been approved. Like Evo, pretty much all the new units on the way are "luxury" units aimed at the richest buyers. Meanwhile, marketing/sales firm the Mark Company found just 83 resale condos available in Downtown in March, selling at a still pricey average of $565 per square foot.
· 1155 South Grand Ave #2303 [Redfin]
· Megaproject Metropolis's Condo Pricing, Renderings Revealed [Curbed LA]
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