Evo Enters an Interesting Downtown Market
DOWNTOWN LOS ANGELES — Several weeks ago the developers of Evo began inviting realtors, the media and community leaders to tour the newest addition to South Park's skyline before it's official public opening. I went last week but have had a tough time figuring out how this beautiful new development would fit into the harsh, depressing real estate market and slowing economy. It felt irresponsible writing a glowing review without at least acknowledging the current situation.
Luma and Elleven, The South Group's two other Downtown developments, both opened in much rosier times and sales have reflected that fact. At last check Evo sales reps said the building was 30% sold. Despite the downturn, interest certainly has remained high. Several high profile Downtown events will be held at Evo, including an evening sponsored by Dwell Magazine, which will expose even more people to the brand new building.
The main thing that struck me while touring Evo is this is the type of development that targets a very specific audience, one that probably would not want to live in an older building in the historic core or Arts district. A buyer here really wants to spend their time in a resort setting. While the idea of Downtown living may not appeal to everyone, Evo and the South Group buildings are proof that the Downtown market has a development for almost any taste.
The lofts I toured had gorgeous views, new appliances and spacious bathrooms; along with envious amenities like a large workout room complete with an inspiring skyline, an infinity pool that rivals a 5-star hotel and meticulously landscaped common areas.
Regardless of the financial downturn, Evo is a welcome and very exciting addition to South Park. Given the building's location just blocks from LA Live, condos starting in the mid-$400,000 range should prove to be a good investment even in this market.
Evo Sales Office / 408 W. 11th / Los Angeles, CA 90015 / 213-622-5400 / http://www.southcollection.com
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Bartleight on October 07, 2008, at 04:14PM – #1
Wow! Very nice. Congratulations South Group. South Park never looked better.
John Swartz on October 08, 2008, at 12:09AM – #2
I've said it before, but I'll say it again... The market downturn has not been affect these type of developments. These developments are the premier residential developments in all of Los Angeles. They will do well no matter what is going on the market. In fact, all of the downtown developemnt are still flourishing right now regardless of the residential market. This is because everyoen is moving downtown... everyone! Whether there is a bad market or not, it doesn't change the fact that everyone is moving downtown. It is the suburbs where the market is taking a hit. Why do people keep insinuating that the market downtown is affecting downtown when every buildign that opens does so well. I thought this was common knowledge by now.
And kudos to this developer and the architect... what brilliance in design and archtiecture! This is a fantastic addition to downtown!
Jeannine Denholm on October 08, 2008, at 08:59AM – #3
I don't think it's accurate to say the market downturn has not affected Downtown. Several buildings have turned rental in the past year or two and many buildings like the Brockman, Roosevelt and others have not sold out immediately like they may have if opened two years ago. While the Downtown market is staying strong compared to the suburbs it will be interesting to see how long it takes to sell these units and at what price. It is never a good thing when your building is forced to open the same week the stock market plunges 800 points - that's a PR nightmare but one the South Group has handled well so far.
bromike666 on October 08, 2008, at 11:47AM – #4
C'mon Eric lets be serious. I love ya and all but "400k for an apartment may be a good investment." HUH?
The stock market is off 30%+, now is the time to buy stocks and hold them. Hell, maybe it's even the time to buy crap houses in Pomona, rent them out and then sell them for a profit in 10 years. But now is not the time to buy a downtown apt.
Why buy something today when you can buy it for less next week/month/year. Why the hell do people wait for f'ing clothing/shoes/dishes/towels/cars to go on sale before purchasing but when it comes to houses/apt's they insist on paying full price?
/sigh.... let the flaming begin.
Julie on October 09, 2008, at 03:08PM – #5
Schwartz if what you say is true, how come the prices on these units have gone down in the past year? Open your eyes, I can get a bigger space for the same price I paid in 2006.
Jackson on October 23, 2008, at 03:03PM – #6
They have not sold 30%. Just drive by at night, I'd say 2 or 3 units at most. Despite what they say and how they market it, if no one buys in the next year or two which seems to be the trend lately, it will turn into an apartment building.
Malik on May 29, 2009, at 11:14PM – #7
I just went to happy hour at the new wine bar under EVO called Cork Bar. It has been 8 months since this article was written and the executive chef told me on Wednesday that he was told that the residents would hopefully be moving in soon because the sales office at Evo told him it was 30% presold. 8 months after they told Jeannine the same thing. Soon, they are going to have to stop selling that line and lower the price from $400+ per sq ft to $300/sq ft and get some bodies in there. Appreciate the consumer intelligence...after a while...people know what they're are being fed...
celia on May 30, 2009, at 10:51AM – #8
I was just looking at the pictures and their captions above... and that's not an infinity pool.
Eric Richardson (@blogdowntown) on May 30, 2009, at 11:53AM – #9
Celia: I'm pretty sure there's a statute of limitations on trying to correct our captions. But in fact they do call it an infinity-edge lap pool. Maybe the photo's just fooling you.
AB on May 31, 2009, at 08:32PM – #10
I remember when they were doing pre-sales for the EVO and related buildings over two years ago. They would not tell you any pricing in advance. You had to make an appointment to come to see them at a designated time, bring a checkbook or you would "lose" your opportunity to buy. I laughed and bought a townhouse condo on the northern part of the downtown area on the edge of Chinatown for over 200k less and 500 square feet more space. So happy that I did.