Hancock-ed

We featured the Hancock Loft project in our "Loft-y Expectations" post a couple weeks back. At the time, the project seemed to be nearing completion with the only pricing listed seeming to be a holdover from the initial sales effort ("starting in the $900s").

Well, thanks thanks to a tip from Bubblewatcher, our friends over at CurbedLA give us a pricing update, which puts these units starting in the "high $800s". Doesn't seem to be much of a market adjustment here.

And, of course, that's the "starting price" - which may get you, what, a view of the car wash?

The only unit I see listed thus far is #310, which has 2BR/2.5BA in 1532 sq ft, listed for $1,328,244 (really?) for a $867/ft pricing level.

So, let's do the math, kids ...

$265k down (at least)

$8500 (pre-tax)/mo with reasonable interest rate and HOA assumptions, meaning an approx $300k/year income to support.

I need some help here, preferably from those who might have seen these units - who exactly are they appealing to?

Another example that will be interesting to monitor - is "unique design" and high-end touches enough to bring in buyers with this kind of income?