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Market News
The massive South Park multi-use megaproject Metropolis, which was stalled out for decades, is now having a serious growth spurt—just about a month after starting construction on the development's first phase—a 38-story condo tower and 19-story hotel—developers Greenland USA announced that they're planning on starting phase two—two even taller residential towers—as soon as this fall, reports the Downtown News.
After years of stunning growth, China's go-go real estate market is now in retreat.
LOS ANGELES — Henry Nunez, a real estate agent in Arcadia, California, met with so many homebuyers from China that he bought a Mandarin-English translation app for his phone.
Yesterday brought signs that the decades-stalled Metropolis project might besputtering back to life; now South Park's other long-in-the-works megadevelopment, Fig Central, has a revived heartbeat too. Beijing-based developer Oceanwide Real Estate Group has agreed to buy the multi-million-dollar mixed-use project "for no more than $200 million," reports the Wall Street Journal; the project has been dying for that kind of cash influx since progress was halted bycrappy market conditions back in 2008.
Everything old is new again! A 24-story condo tower project at Eleventh and Grand, floundering since the mid-aughts, looks to be on track again with a new owner, new name, and a new timeline, reports the LA Times. The "ultra-sophisticated" project formerly known as the Glass Tower will have 151 units, groundfloor retail (restaurants, shopping), and two-story penthouses on the roof. For years the project just could not get off the ground—not in 2008 and not in 2009. By the fall of 2011, the owner listed the lot with its entitlements and that was the last word for years.
Cranes dot the skyline in downtown Los Angeles as upscale hotels, hip restaurants and apartments signal a new wave of revitalization.
But if new arrivals want to become homeowners, tough luck. Surging demand, combined with a lull in condo construction, has created a shortage that is shutting out many buyers.
Just 10 newly constructed condos are on sale now. The 114 previously owned condos that were on the market in May is 5% fewer than a year ago, but less than half of what buyers had to choose from in 2010, according to real estate firm Redfin.
Officials from the Los Angeles Tourism & Convention Board estimate the city needs another 2,000 to 3,000 more hotel rooms within walking distance of the Convention Center.
Some savvy Vancouver developers are riding high on the current wave of unprecedented change and growth in downtown Los Angeles (DTLA).
Downtown Los Angeles (DTLA) has gone through an extraordinary transformation in the past decade, with its population tripling. A high-density residential core has emerged with a population of 53,000 – mainly the 23- to 44-year-old crowd – driving a concomitant demand for commercial real estate development.
More than half a dozen major construction projects are underway and several others are in the works in the once forlorn neighborhood east of Staples Center.
