Most Luxurious LA Skyscraper Is Now Abandoned
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- Опубликовано: 6 окт 2024
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That building is worth something. I hope it sells and becomes residential
If it's finished as office and retail, it'll just be more vacant space. If someone buys it as housing, with the bad neighborhood, California and L A taxes and the staggering cost of completion, it'll be undesirable and definitely unaffordable. They may as well quit claim it to the county and cut their losses.
Seems like you can reconfigure floor plans to create 2000 units which would be a deal at $400,000 bringing in $800 million. Or 2000 units rented at $1500 would also be a deal bringing in 3 million a month, times 12 months times generates 36 million a year. Using a gross rental multiplier of 12 would value a rental building at 432 million. I think the number of units, sale price of condos, and rents used in these figures are conservative numbers.
The return of the see-thru buildings/skyscrapers
So is LA catching up to the decline of SF? I wouldn't go to LA for anything anyway. To much crime.
Not like norcal thoo
But wait, the reality show "Selling Sun Set" and "Million Dollar Listing" says its the best time ever to buy, and that CA is the greatest market on earth ??? Josh Altman lied ?
And the sky is blue, what's more obvious?
If it costs 300 million to finish and a finished building of that size is worth 200 million, someone would have to pay me over 100 million to take it.
That's undoubtably the problem - you don't even need a napkin to do the math that says stay away.
If the developer was short on cash but there was a realistic chance of making money, it would have either been sold or gotten more construction loans based on the business case.
"Would you buy this building?"
"Yes, but you'd have to pay me 100 million".
That pretty much sums up everything you need to know about this project.
Nope. Who's going to buy those condos now after the graffiti is removed. Can you really trust that the City of LA is going to hire a competent contractor to remove all of the graffiti off of the sealant and aluminum at the windows on the balconies correctly? Nope. LA is going to hire some cheap ass firm to remove the graffiti by using some commercial grade chemicals that will attack the sealant at the glazing. Who's gonna warranty that glazing assembly after that graffiti removal?
Then its sad cause maybe a hotel could buy it but Hilton and Marriott and other hotel group have massive hotels withing a few blocks so thats out too lol
A combination of hotel rooms and apartments wiuld be good. Or, maybe even some condos too. There are buildings now with a combination of a hotel and condos.
@@mrxman581 The original concept called for a multi-use building.
say it aint so joe
the city needs to buy this building and turn it into low income housing for a lot of people, elders, veterans, abused wives with children etc.
Now that would make too much sense. But I'd bet the city would buy it, with taxpayers money, complete it, with taxpayers money, then use it to house the freeloaders here ILLEGALLY.
The issue at hand remains a wholesale lack of peace processes anywhere whether upon Russia Ukraine War for all of Europe now the entire Middle East presumably through Egypt also North Africa again presumably through Egypt now China plunging into the abyss with no one to help with that individually such a capital intensive market could handle one maybe two but now all three pulling back from such projects is causing a massive crisis in "Global Capital" which built all of this and far, far, far more by way of specific example the massive build out of the Lucid Facility in Arizona despite Lucid barely producing more than 1000 vehicles per Month and all of them *FANTASTICALLY* overpriced in the current market. Presumably the point of such massive capital expense is to mass produce moar pure BEV but producing "more" and producing "better" are still a tremendous conflict in everything at the moment #hard_stop again none the fault of borrower or lender at the moment per se but because of the crazy War(s) exploding everywhere and all the time.
no ne wants to buy it. cost to finish...1.5 bill
BS video by someone who knows nothing about LA.
Did you post BEFORE the building got massively tagged??