DTLA: The New Home Sweet Home?

los angeles downtown real estate

When thinking of good old Downtown Los Angeles many think of the Staples Center, Pershing Square, Fashion District, Disney Concert Hall, and Olvera Street; all of which are very different and iconic to Downtown LA.  However when you think of downtown LA, do you think of it as a suitable place to live?  While we all love spending some time downtown, would you consider living in this lively part of town? 

There are many considerations that prospective buyers take into account when looking for a home.  For instance, families consider size and space, as well as neighborhoods and school districts for their kids.  Others buyers are looking for something close to work, and are willing to settle for whatever is available in that area. Seeing as how the living spaces, location, and school districts, really haven’t changed, why is it that Downtown LA is currently experiencing an influx of buyers and demand?

It’s no secret that Downtown Los Angeles as a city has been under renovation/revitalization for some time now.  Many DTLA business owners are now investing directly in the community by constructing more lofts, apartments, restaurants, and adding on to the already diverse nightlife.  While walking through DTLA at night you are guaranteed to run into people who are “bar hopping” or just walking around enjoying the night lights of the tall buildings.  One of the events that has aided in the influx is the once a month Art Walk.   On the second Thursday of every month “Gallery Row” hosts an all day art show where local artist can exhibit their work and sell it, right on the street.  These types of events bring out the diversity and culture of which we Angelinos are so proud.  Besides the Art Walk, there are many other events that take place year-round keeping DTLA busy and eventful.  While these events are fun, people used to shy away from living in such animated areas but it seems not anymore!

Perhaps it is the busy lifestyle which is luring people in, but whatever the reason is developers are hard at working creating spaces to accommodate the influx.   Whether you’re looking for a loft, penthouse, or condominium, the renovations and new additions happening in DTLA are having a positive impact on the availability of properties to purchase and even rent.   Foreign Investors and Celebrities are also part of this DTLA “Trend”.  Residencies are now being purchased as a versatile second home for when these foreign investors, or celebrities, are in town for business.

One of the more recent additions to the community is the Ritz Carlton Hotel & Residences, which is conveniently located right next to the Staples Center and LA Live. Not only does this location give visitors the option to stay in town after a fun filled night at LA Live or the Staples Center, but it also provides Penthouses in it’s “Residences” portion which can purchased.  As you can imagine the Ritz isn’t the cheapest property in town, but let’s not get discouraged! Expensive penthouses aside, there are still a lot of other more affordable options in downtown.  In fact the popularity of renting lofts and apartments in DTLA is growing quickly, and is a perfect example of the opportunity to live in town regardless of which tax bracket you fit into.  For instance The Rosslyn and Alexandria Hotel offer low income lofts for rent to those who do wish to live here but cannot afford, let’s say the Met Lofts or Sky Lofts.

So why not live here?  With all the life that this town has and all the living possibilities whether it is renting, or purchasing, why not move “Downtown”.  It’s accessible and centrally located.  It’s a great place to play host for your friends, after all you have events such as the LA Marathon, Soap Box Car Race, Pershing Square ice skating rink during the Holidays, and much more all year round to fill the calendar with.  Feel like getting away for a second?  All you would have to do is jump on a train or grab a bus at Union Station, or even take a ride on the under-utilized Subway (yes we have a subway in Los Angeles!).

So with everything that DTLA has going for it (events, nightlife, central location, affordable housing), the question isn’t “why are people moving to downtown?”, the real question is “Why wouldn’t you move downtown?!”

About Ivanna Paredes

Ivanna Paredes is an Office Assistant here at JohnHart. As such she is responsible for fulfilling many different duties that ultimately allow us to be extremely successful at negotiating and closing Short Sales in California.