Downtown L.A. becoming residential hotspot

Downtown Los Angeles is facing an influx of new residents. As a result, the area is seeing the development of new luxury condominiums, new restaurants and new nightclubs catering to a more affluent crowd.
The appetite for luxury housing in downtown Los Angeles is reaching an all-time high as the area s population has nearly tripled to 52,400 people over the past 14 years, according to the Downtown Center Business Improvement District.
Although the revitalization of downtown Los Angeles hasn t been overnight, its momentum has picked up in recent months. In the past five years, the area has seen the emergence of more than 500 new restaurants, bars, nightclubs and retail shops.
Developers are struggling to keep up with the influx of new residents. Although more than 5,000 apartments are under construction downtown, with another 13,000 proposed, new condo inventory is at record lows, with fewer than 30 new condos currently available for sale in the area, according to real estate consultant Alan Mark, down 82% compared with a year ago.
Prices, meanwhile, are up 8%. And vacancy rates are down to 4.4% from 9.7% five years ago, according to Richard Green, director of the University of Southern California s Lusk Center for Real Estate. [WSJ] —TRD
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
REAL NEWS, REAL DEALS DELIVERED DIRECTLY TO YOUThe Real Deal’s newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.
We are having some technical difficulties. Try again later.
By clicking Subscribe you agree to our Privacy Policy.