Downtown loft prices seem to be in a free fall, but in a strange contrast, the area is still seeing a huge jump in trendy restaurants and services. It’s an interesting paradox–as more and more lofts come on the market, we’re seeing sales prices dropping on some by $50,000 or more, and they are still not moving in some cases! There is just too much inventory, and too much uncertainty about where the bottom will be for this area—but a general feeling that we aren’t there yet.
At the same time, people are investing in new restaurants and bars in the area like never before. Angelenic reports this week on the much-anticipated Nickel Diner on Main St. The blog also mentions that the Hayward Hotel at 6th and Spring is getting some new tenants, including a yogurt shop and a deli.
Here’s a couple examples of downtown places that are languishing on the market:
- The Penthouse in the Douglas Building: On the market for 363 days, originally listed at $799 and now at $729.
- In the Barry Lofts, here’s a 890 square foot unit that has been on the market 69 days: It’s listed at $230,000!
- Here’s a short-sale also in the Barry, but at $417 a square foot (the one above is about $280 a square foot) This one is 1,140 square feet and listed at $475. On the market 180 days.
- Over at Barker Block, this 912-square-foot unit has been on the market for 70 days. It’s listed at $349.