Roosevelt Lofts vs. 1100 Wilshire
Comparing Roosevelt Lofts to 1100 Wilshire condos. Prices and square footage being equal, I'd choose Roosevelt. But the market reality is that 1100 Wilshire is about $150,000 cheaper for a similar sized unit, now what? Which is better now?
1100 Wilshire with a view and $150,000 cheaper? I'd take 1100 Wilshire in a heartbeat. As good as Roosevelt is, I believe, a skyline view is still desirable and worth something. Unfortunately, the market forces are such that 1100 Wilshire is currently selling at a pretty good discount. What are those forces? First, 1100 Wilshire units were on sale a few years ago, which means current sellers paid less for their units relative to construction costs. Second, Roosevelt lofts are currently being sold direct by the developer, and as a result, the prices have to be held steady in order to maintain market values for the units that have already been purchased. Whether Roosevelt will remain $150,000 more expensive 2 years from now when these units go back on the market remains to be seen. But as an investment today, a unit with a view at 1100 Wilshire has more upside than the same priced unit at Roosevelt.
Views: 4246
This blog entry currently has 7 comments posted.
Dave
I like the sound of this. But let's limit these downtown LA properties to those lofts or condos that have completed construction. It would be unfair to pit an incomplete EVO against a completed Roosevelt. I'd like to throw in Sky Lofts, 655 Hope and Market Lofts for contention.
Quinn
Yes! I do like where this is going. Each week I'll have a different match-up between different downtown area condos. Because ultimately, buyers are always torn between two great properties. I'm already looking forward to Brockman vs. Roosevelt and Evo vs. Concerto (once it's completed). I was looking forward to a Park Fifth vs. Ritz Carlton, but it appears Park Fifth isn't even breaking ground until the 3rd quarter!
emerly
Here's one I'd like to see: Biscuit lofts vs. Toy Company lofts
Quinn
Yes, an Arts District shootout is good. And I was also thinking Arts vs. South Park shootout as well.
jonathan
I disagree and honestly believe that 1100 Wilshire is indeed worth $150,000 less even WITH a view. My reasoning is that the market simply DOES NOT LIKE 1100, despite the view and "perks". That building has been cursed since the day it opened as an office building 20 years ago, and that was why it was converted into condos. There is something karmically wrong with that building, and I venture to say that $150K is not discounted enough - more like $250K at least.
Yes, on paper you're probably right that $150K off 1100 Wilshire compared to the Roosevelt is a great deal for downtown la properties, but in all practicalities, the building is simply cursed and no amount of discounts will save it.
Maybe it was built on an old indian burial site? If it was, good look selling any of those units for more than $150K each.
Terry
This is an interesting comparison. I have my eyes on both and am still torn between which one I would go with. The 1100 has a pretty amazing view and truly defines what a skyline view should be. Not to mention that it's priced pretty nicely in comparison to the Roosevelt. On the other hand the roosevet is an amzing building. The location is fantastic and the units in my opinion are just brilliant. I think I'm leaning toward the Roosevelt. Any thoughts?
Surge
Great idea! How about Roosevelt vs. Luma? This could be like an NCAA tourney, where you pit different Downtown LA properties against each other and maybe we'll have a consensus "No.1" property at the end of it all? Here are my list of potential contenders: Luma, Roosevelt, Evo, Elleven, Eastern Columbia, Chapman