RISMEDIA, June 12, 2009-The silver lining of today’s economic climate is that home prices have returned to levels consumers thought they’d never see again. Even some of the country’s most recognized and iconic locations are not immune to this new market reality. Evidence of this has been seen in Hollywood, California, where prices have adjusted to the point where buyers who were previously “priced out,” now have the opportunity to own in this prime location.
For example, The Lofts @ Hollywood and Vine, a collection of singular full-ownership residences recently reduced their prices by over 40% in some cases.
“Prospective buyers have an amazing opportunity to invest in a prime location for an unbeatable price,” said Jay Hartman at Paladin Realty – the owners of the iconic 1929 building. “We have adjusted our prices to compete in the marketplace and have been pleased with the response thus far. Buyers who thought they could never own in this “Modern Classic” are finding the Lofts @ Hollywood and Vine very affordable.”
About half of the 60 units have been sold since The Lofts opened in 2007, but over the past month a noticeable increase in traffic and interest has been seen.
“The recent activity that we’ve experienced is a direct response to the new pricing,” said Rick Amor, sales agent at The Lofts. “The Lofts begin in the mid $300’s and range from 850-2,000 square feet – an amazing deal for the building’s central location.”
The Lofts @ Hollywood and Vine are a collection of singular full-ownership urban residences ranging from the mid $300,000’s to more than $1 million. Located in the heart of Hollywood, The Lofts embody a new vision for a Los Angeles lifestyle that thrives on the energy of a burgeoning street culture. Fully renovated in 2007 by Santa Monica-based development firm, by Palisades, the units embrace the innate style and elegance of an iconic landmark building originally built in 1929.
Formerly a commercial office building known as the Equitable Building of Hollywood – built to provide a direct link between Hollywood’s 1920’s burgeoning film industry and financial firms of the day – the Gothic Deco landmark stands as Hollywood’s first adaptive re-use development and also listed on the National Register of Historic places for its contribution to the Hollywood Boulevard Commercial and Entertainment District.
For more information, please visit www.theloftsathollywoodandvine.com.