Loft Deflation in Hollywood and Downtown LA

It’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.

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