Tuesday, July 27, 2010

SPF:architects' WOODBRIDGE 12 Coming Onto Market

As a firm, Studio Pali Fekete Architects (SPF:a) are one of the most innovative and impressive firms in Los Angeles. Based out of Culver City, CA, this dynamic duo of Zoltan Pali, FAIA and Judit Meda Fekete bring their talent, creativity and responsibility to a new project soon to hit market, WOODBRIDGE 12.

This 12 unit 4-story building has high-end design written all over it AND in it. With open floor plans and top-quality elements, this clean modern design will intrigue many. There are 5 floor plans to choose from ranging from 1,300 - 1,800 square feet. The thing about it is there are only 2 Bedroom, 2 Bath units to select from. Granted, the variety of floor plans will make everyone feel unique. The first floor units boast large outside garden areas. All units above ground level have balconies sizable enough to socialize.

Each unit has a gourmet kitchen, designer baths and floor to ceiling glass. You can imagine the light in these places.

When it comes to sustainability, WOODBRIDGE 12 leads the pack. Resources such as the cement composite panels are mainly made up of the SWISSPEARL® system panels. Neither the raw materials nor the production process nor the finished products contain any dangerous substances. This has to be one of the most efficient systems on market. We are seeing it in most new modern architecture.

The building has subterranean parking, but I can't tell you at this point as to how many. Nor can I tell you what the HOAs will be.

No doubt, this is a beautifully designed conception. But let us consider the reality here. As pricing goes, an agent responded to me earlier this week and let me know they will be ready for showings soon. They will hit market listed somewhere from the Mid $500,000 range up to the $800,000 mark. It translates to anywhere from 370/sf to 450/sf. The location is pretty decent as it is close to the Studio City Golf Course and tennis Club.

The units should be ready for showings in about 3 weeks. Please let me know if you would like to see them.

If you would like to see any or all of the floor plans, let me know. Click here for contact.

Tuesday, July 13, 2010

Will Reductions at Metropol Hollywood Create Sales?

The latest in the barrage of new developments that have seen major price hits and have gone back into the hands of the bank, enter Metropol Hollywood, located at 6001 Carlton Way.

Back in the Fall of 2009, Deasey Penner and Associates released units to the public. Their marketing and sales efforts failed. After months on the market, Deasey Penner could not close enough units to acquire occupancy and could not influence a change in pricing. The architecture firm, RSA, Inc. doesn't even mention this project on their web site. I wonder why? Now we have the hot new REO commercial broker, Revive Real Estate Group handling the sales for the bank-owned property.

With the building's clean and handsome facade, I expected a whole lot more out of this building. It's location is still a concern as the Hollywood location is still improving and a bit dodgy still. If you are interested in having views of the Hollywood sign, the 'B' plan units will work, but with a price. Having the building situated right behind Toyota of Hollywood, I cannot imagine anyone wanting to live in the back/north side 'B' plan units abutting the car dealership's maintenance area. I can hear the hydraulics removing lug-nuts as I type. Something about the building doesn't allow me to get too enthusiastic though? I really can't put my finger on it. Maybe I was expecting more from the overall exterior, but once you go beyond the front of the building, it becomes a stucco barrage.

The only units that make sense to me are ones located on the 3rd and Penthouse floors. The neighboring buildings on either side of this site are run down. In order to avoid the unsightliness, it is important to get above their roof lines. Carlton Way is lined with towering palm trees, an example of Old Hollywood. There are four craftsman single-family homes across the street from the site that have just been rehabilitated and look great. They are a welcomed improvement to the area. If only the other owners on the street decided to do something about their curb appeal.

There are five different floor plans being offered ranging from 920sf to 1,240sf with most units 1,200sf. Out of the 41-unit project, units are mainly 2 bedroom 2 bathroom with six 1 bedroom + tech center units. Each unit has hardwood floors in the main living areas and carpeting in the bedrooms, along with tile in the baths. They also have the standard stainless steel appliances along with treated granite kitchen counter tops that provide a unique contemporary finish. Each unit comes with modest balconies. Only the 'A' plan provides an 11x7 balcony. The 'B' plan offers the second largest balconies. The others are much like Juliet balconies, not for socializing.

What impressed my the most about the units were the bathrooms. Marble counter tops, illuminated mirror, deep soaking tubs and a overhead rain head in the shower. I always like to see the new trend of the wet area in bathrooms where we see the shower and bath tub incorporated into one 'wet area'. Makes a lot of sense to me.

The bedrooms are sizable and spacious. Loads of closet space abound! The only downside for me is they have carpet. I would have much preferred the design to include the hardwood throughout, but hey, I didn't design the place...

With the new sales team from Revive, we see that they have brought down pricing around 35%. It will still be determined as to whether or not they have adjusted the prices enough. With other new buildings in the area that didn't sell, we see 'For Lease' signs out front instead of 'For Sale' signs. It may be an indication the bank needs to be a little more flexible. At the moment, the MLS is only showing a handful of units on market. Revive is taking reservations starting this week in hopes of signing contracts in early August. If you are at all interested in Metropol, feel free to contact me at 213-305-8537 for floor plans. There are five floor plans to chose from. More than happy to send them to you via email.

HOAs are in the $350 range. Parking garage below building. No pool. Check out the new price list for the re-release of these units:

Considering we are seeing a flood of bank-owned projects coming to market, it will be interesting to see how this project fares. Stay tuned...

Saturday, July 3, 2010

123 N Kings Rd - Back on Market and Better Than Ever!

Ahhhhh. The time has finally come for the Pugh + Scarpa designed 12 unit gorgeous, now bank-owned condos located at 123 N. Kings Rd. This project is one of the latest recent developments to have problems with their lender. Hence, the bank now owns the property and is releasing units in phases. After previewing unit 5 today, I am SOLD!

This has to be one of the ‘successful’ projects architecture firm, Pugh + Scarpa, got right. The exterior design incorporates wood to ground the design and to break the sterile feeling of other projects of theirs, such as the ‘Cherokee Lofts’, which make one feel a bit prisoner-like.

With 123 N Kings Road, you are entering not only a visually stunning property, but the interiors are top shelf. From the refreshing floor plans to the roof-top decks, you are going to lose yourself with the finest of detailing and finishes. Gourmet kitchens with Jen Air stainless appliances. Luxurious bathrooms with granite counter tops and tile showers.

Many units have roof top decks and all have balconies. Check out the pic below! We are talking generous roof top areas for entertaining. Two parking spaces included. HOAs around $315.

When these properties first hit market back in 2009, they were listed in the 1 million dollar range. Now, the re-launch ‘Phase 1’ is hitting the market. Residences 6, 7, 10, 11 are being introduced to the market once again. This time they are working with much more reasonable list prices.

#6 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,509sf - $599,900
#7 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,589sf - $609,900
#10 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,371sf - $584,900
#11 - 1 Bedroom plus Mezzanine Flex space, 1 ¾ bath – 1,371sf - $579,900

Here are a couple of pictures from Residence #5.

If you are interested in seeing the property, please click here to send me a quick email.