Downtown Continues to Upgrade

downtown.jpgDowntown 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: