More pack-em-in housing - this time apartments
You've probably seen these to your right as you go southbound on the 405, just before the El Segundo offramp. The Pac Place Apartments are built right next to the LAX County Courthouse.
I feel it is my duty as a housing bubble blogger to be on the interest lists of new housing developments in the area. So I signed up, and this is what I found out.
Studio apartments START at $1395 a month.
One bedrooms START at $1715 a month.
Two bedrooms START at $2315 a month.
Three bedrooms START at $3010 a month.
All this, in what I would consider a somewhat marginal area. In the Del Aire community there are a lot of tech types that have worked in local high tech and aerospace. That crowd is is one of the better features of this area, in my opinion, keeping it afloat.
In spite of Pac Place's claim that their "apartments are leasing quickly" I find these rentals outrageous.
If you think that's crazy, wait'll you see the pack-em-in housing in Westwood. The Palazzo in Westwood on Weyburn, right next to my work, where a lovely Thursday afternoon farmers market used to be, before stupid greedy Los Angeles city council members threw it out so these bloatpartments could be constructed.
Since the monthly prices are listed on the website, I won't list them all, except the following:
1 bed 1 bath, 750 sqft apartments START at $3190 a month.
Plan C townhouse apartments, 3 bed 3 bath, START at $7,400 a month.
When I first heard about this development I was originally told they would be condos, but maybe there has been a change in plan due to the housing market slowdown.
You can check out the websites of both developments for the lists of amenities, which include pools, spas, gyms, exercise rooms, blah blah blah.
These asking prices on rentals are almost making the housing market sound good! Personally, I think the same market forces that have been dragging down housing will eventually work its way over to rentals.
posted by bearmaster at 11:28 AM
7 Comments:
Bearmaster,
I keep lurking, but not posting much. What I find interesting is how the Aerospace workers feel priced out. Demand for transfers out of 'bubble markets' is amazing. You know who I work for and you have someone who can verify that we've moved 3,500 in the last 3 months! As usual, LA and DC are the big donor markets. Some from other 'bubble markets,' but rather small numbers overall except from LA and DC.
And hey, those apartments are conveniently close to the courthouse! ;) I bet we can keep moving people out of state 'below the radar' until about June. :)
Got Popcorn?
Neil
If that's the courthouse off Imperial and La Cienega, I used to work in an office at the end of the dead-end street from there. The "neighborhood" was totally desolate - just one liquor store/"deli" (I once strolled in there to try to buy a sandwich but, mysteriously, the deli was closed) and a mile walk to get to the Green Line station at Aviation despite being only about a block as the crow flies. The geniuses who built those offices decided it would be a great idea to put a big fence in the way so you couldn't walk the direct route to transit.
The idea of high-end apartments being placed there is completely hilarious. My employer (a tech company in the late 1990s, long since relocated to Orange County) rented office space there largely because it was cheap and semi-convenient to LAX. The location had nothing else going for it.
@jbunnii: The idea of high-end apartments being placed there is completely hilarious.
Dude, concur!
And don't be fooled by these Big Apt. Management Co. wish prices, hoping to get some of their "bubblicious-mortgage" paid for.
These apartments will have significant reductions, move-in specials and price specials, by the end of '08.
I'm a UCLA grad and know exactly what you're talking about re: Pelazzo vs. Farmer's Market. It was nice to be able to stroll down there after class and grab a bite to eat. Reminded me (slightly) of doing the same thing in downtown San Luis Obispo when I was in high school. Now they have the street down for construction and when the building is up (and when the lot across the street is finally developed) there will be even less light and atmosphere.
Now I'm one of those Aerospace workers in El Segundo. I'm still amazed at 360 and the Place because I don't know anyone who would seriously consider living at either development. Maybe they're counting on transfers in? For the price of those Pac Place apartments you can live much closer to the beach and/or real amenities.
BradleyB,
One thing I can guarantee you is there never seems to be a shortage of fools.
Agree with BradleyB...who would live in Pac Place and 360? Somehow, an out-of-the-way studio apartment facing the 405 doesn't inspire me to shell out $1395 a month. And we all know how 360 is doing. Grab your popcorn, it's going to be interesting to see how PP fares as construction begins to wrap up.
I drive past PacPlace as it's on my daily route. Of all the completed apartments, ONE has a "Leased" sign hanging in the front window. Hope that's enough to pay the contruction bills.
With apartments in LA at a 95% occupancy rate (LA Times), I guess it's a landlord's market right now.
http://www.latimes.com/business/la-fi-rents22feb22,0,6136177.story
That's sort of ironic. Folks are dodging falling knives, while sleeping on a bed of them.
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