Updates from Frederick Smith, former Detroiter living in Los Angeles, and author of Down For Whatever (July2005) and Right Side of the Wrong Bed (December 2007).
Monday, October 17, 2005
Newest L.A. Must-Have
So... downtown L.A. doesn't have much of a residential life, but that's all soon to change.
Big development plans have been drawn, the investors lined up, and the tenants are starting to plop down their deposits for the soon-to-be opened lofts, condos, and apartments for purchase in the downtown L.A. corridor. In the next five-to-ten years, it is expected that downtown L.A. will be a cultural AND residential mecca, much like other major cities.
Downtown L.A. runs north and south. It's bordered on the north by the 101 Freeway (the theatre and courthouse district), the south by the 10 Freeway (the Staples Center), and the 110 Freeway runs right through it.
It's probably the last semi-affordable place to purchase (of course, that depends on your perspective of what's affordable)... and the value on these units, most of which haven't been built, continue to rise. A friend of mine saw the value of a unit he wanted to make an offer on rise by $50,000 in a matter of minutes... while he was standing in the developer's office. This is for a soon-to-be refurbed toy factory. Crazy.