June 26th, 2005, 09:46 PM
Miami has a crazy high rise boom right now and Las Vegas, seems maybe LA will be next, they should be a demand since baby boomers are retiring soon, people just like the weather in CA and population is growing.
So do you guys think LA will get a high rise boom soon?
June 27th, 2005, 12:50 AM
its already happening. There are plenty of 30 -50 story buildings going up or about to go up and after that we will see the 50 - 70 story range. it takes time but hopefully it will start soon.
June 27th, 2005, 03:01 AM
Yea I believe there will be a great condominium boom soon, since alot of companies are converting hotels, office buildings, industrial buildings and so on to condominiums.
So that's a good start.
June 27th, 2005, 08:59 AM
I'm keeping my fingers crossed that this great highrise housing boom will continue a bit longer. Because as soon as the housing bubble deflates (I didn't say pop) we will see a slight economic slowdown and with it I believe less of these highrises and infill residential developments that we love dwindle in our urban centers. I hoping for at least 2 more years of healthy growth before this happens because then most of our cities will be well built up. LA is coming in a little late, but let's hope alot of urban buildup boom happens in our short time frame, at least enough to give DT LA a permanent 24 hour downtown.
June 27th, 2005, 10:09 AM
with all these projects going on in downtown LA, a large urban community is building. That makes living there more appealing and deman will grow. Old buildings will already be filled up and the unsuccessful office buildings are also becoming residential. This will spur both office and residential tower.
And that will probably mean demolishing some of the uglier 1-3 story buildings you see in downtown (once most of the parking lots are filled).
Its important that we get a lot of these residential projects out now before deflation in the market happens.
June 27th, 2005, 04:09 PM
I'm just concerned for how downtown LA will do if the over all So Cal real Estate market begins to deflate. The reasons being it does not have a water front. I'll tell you one thing. Yuppies and rich baby boomers crave water views. These developers count on these type of people buying because they will get top dollar for their units promising an economic windfall. Construction of highrises is so expensive that they will always be reserved for people with money.
If yuppies think that their units won't appreciate they will say "Why should I buy in downtown LA?". It doesn't have easy beach access like downtown San Diego and Vancouver BC for example. The weather there is 10 to 15 degrees hotter then the coastal areas like DT SD or Santa Monica and the air quality is worse because of its inland location.
Frankly I'm surprised downtown Long Beach isn't the one really booming because you can get the ocean views there plus more mild summer temperatures. Think about it, Downtown San Diego has Petco Park and Balboa Park right at its doorstep, and the lovely beaches of Coronado are very close (10-15 minute drive over a beautifull bridge).
The actual location of downtown LA is not that conducive to yuppies paying top dollar in a deflated real estate market. It is far from the beach when you count realistic driving times in traffic, plus it isn't super close to recreational opportunities like a Balboa Park or a water front. Yuppies like to be able to jog or take their dogs for a walk, kind of "get away from the city for a moment" downtown LA doesn't really offer that.
So DT LA better start booming fast before the market cycles into a flattening period.