John SkinnerIt’s still rough going for developers who overestimated demand for urban condominiums.
The owners of the Lofts at Hollywood and Vine are cutting prices over 40% in some cases.
A 1,200-square-foot unit in the building is now listed for $549,000, down from an earlier list price of $979,000. Those are list prices, so the original figure isn’t a price someone actually ever paid.
This building opened in 2007 and is still about half-empty. It had been the Equitable office building.
A couple of months ago, developers of the Evo high rise in Downtown Los Angeles began cutting prices 15% to 20%. Units in the 24-story tower at 12th and Grand now sell from the mid-$300,000 range into the $800,000 zone, with some seven-figure penthouses.
The Evo development has been open for over 15 months and has 155 units sold or under contract. The building has 311 units. . .Lots of blood still in the water.
