03/20/17

Condos in Downtown LA tower Ten50 are 60 percent sold

About 60 percent of the units in Ten50—the 25-story condo tower in Downtown LA’s South Park neighborhood with a drone landing pad—have been scooped up after sales launched last year, says Los Angeles Downtown News.

The tower at the corner of 11th and Olive streets opened last month, and developer Trumark Urban expects to have all the units in Ten50 sold by the end of this year, managing director Arden Hearing told the News.

“We’ve got people paying $4,000-6,000 in rent all around us,” Hearing told the News. Ten50 is “an amazing opportunity to get ownership” in Downtown, he said.

It’s one of a small but growing crop of Downtown condos available in a neighborhood where most new units are available to rent, not to own.

The Downtown market seems poised to be heavily rental-focused: A Downtown Business Improvement District report released this month found that in the fourth quarter of last year, 7,645 new residential units were proposed for DTLA. Only 1,200 of them were condos.

There are condos on the market at the nearby Metropolis development (with more on the way), but the price point there is a bit higher per square foot than the ones still available at Ten50, which “average about $1,000 per square foot,” says the News.

Hamid Behdad, the president of the Central City Development Group, suggested that Ten50 prices are lower than Metropolis’s “in part because Trumark Urban was able to buy the land already entitled, which helped keep development costs down,” the News reports.

For those clamoring to buy a new condo Downtown, fear not: There are more coming online in South Park, at additional towers at Metropolis and at Oceanwide Plaza, which will have over 500 new condos.

At Ten50, residences range from 679 square feet to 1,380 square feet. The six penthouses are in a different league, ranging from 1,117 to 3,575 square feet. Two of the penthouses are two stories tall. Aside from the landing pad from drone deliveries (which has yet to be utilized), residents can enjoy a yoga deck, and a pool and spa on the sixth floor amenity deck. The project was designed by Douglas Hanson, president of HansonLA.

When Curbed visited the then-under-construction tower, the least expensive units were asking around the low $600,000s. Those units appear to have been snatched up quickly.

Among the condos that are still available in Ten50 are a two-bedroom condo on the ninth floor, which is listed for $879,000, and a “similar-sized” condo up on the 17th floor that’s asking $1.1 million. A few penthouses appear to be available, too. They can cost up to $4 million, says the News.

Source
Curbed LA
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