Thursday, March 26, 2009

Loft-y Expectations

Thanks to the Anon who alerted us to the near-completion of the new lofts at 901 Hancock Ave (90069).

It looks like these are just being finished (perfect timing) and have not yet shown up on the MLS or other listing sites. I drove by these a few weeks ago and there was still significant scaffolding outside.

I was able to cobble together a little info from realtor sites profiling the property, including:

Asking price: Starting in the $900,000s
Number of units: 31 one- and two-bedroom condos

"The building’s one- and two-bedroom units range in size from 1,000 – 1,800 sq ft. Seven affordable rental units and three retail spaces are built into street level. Tender Greens of Culver City is slated to occupy one of the retail spaces.

The building is an appealing amalgam of metal, glass and steel, and has a snazzy rooftop pool. The luxurious units are outfitted with Miele and Jenn-Air appliances and other high-end touches including “expansive, anodized aluminum windows with clear, dual-glazed, low-e glass” and “European walnut cabinetry with concealed, self-closing hinges, adjustable shelf supports and drawer slides” (sure to be a major attraction!)

Throw in central AC and a couple of walk-in closets, and you’ve got contemporary, pampered living at its best." (???)


We have profiled several new developments recently, all of which are showing signs of distress. If I'm reading the numbers right, a 1,000 sq ft unit is going to be listed for $900k. That's right, kids, $900/sq ft. Manhattan (and I don't mean Beach) type pricing. Ouch. It looks like a few of the units were initially going to be rentals - wonder if more will end up in the rental pool.

The location, in general, is certainly "in the mix", but despite the Hancock Ave address, these are right on Santa Monica Blvd, and as our Anon tipster put it, "For the life of me, I can't figure out who would want to spend that kind of $$ to live over a car wash." Amen.

3 comments:

Anonymous said...

At least these appear to be entering the final finishing stage, unlike the tragic Madrone along LaBrea in neighboring Hollywood. I think the $900K pricing dates back to Spring 2008 bloviation. The units are going to have to be more realistically priced. The obsession here with mixed use, trying to make the Creative City more Manhattan-like, is quite amusing. WEHO denizens like walking the major boulevards, not living atop them.

Anonymous said...

Ridiculous pricing. As a gay man in his 20s, I can attest that whomever purchases these condos will have the pleasure of listening to obnoxious drunk gays walking from the bars to their apartments and cars every Thurs-Sat night from approximately midnight to three a.m. Horrible location! Are they joking at $900/sf?

Anonymous said...

In further do-not-bode-well developments, the new condo building at 917 N. Sierra Bonita went for $2,150,000 in a bank sale recently. Apparently an "apartment" firm was the buyer. Last seen, the 5 or so units were asking around $600K each.