August 26, 2015
Downtown L.A. could soon see an increase in condos, based on a reported shortage in the market for such properties. Property owners speculate they could make more money from condominium sales than rentals, since demand is on the upswing in the area.
Admire Hill, owner of the Title Guarantee Building at 5th and Hill Streets, is converting 74 units from rentals to condos. This is the first time such a conversion has been made in downtown L.A. since 2006, and more owners are reportedly poised to follow the trend.
There are now 2,000 condo units under construction downtown, and 3,000 more are in the planning stages.