We would like to share with you our inside information below on the OceanWide Plaza development as of May 2018. If you would like to be on the priority list to tour the building before it's open to the public, contact me at 213-448-0957 or Ray@prebrokerage.com.
Timeline: The Sales Office is scheduled to open Jan 2019, and Construction is scheduled to finish 2019-2020.
Amenities, Features, and Floor Plans:
Property Floor Plans and Size:
Tentative Asking Prices and HOA fees:
We meet with the OceanWide team frequently to keep you in the loop on this exciting project, So check back with us soon for more updates. To be on our buyer priority list to view floor plans before it's open to the public, contact me at 213-448-0957 or Ray@prebrokerage.com.
We hope Easter brings you peace, love, and happiness. We would like to reach out for your help on the fundraising for the homeless in our community. Did you know the homeless counts reached 58,000 in LA county? That's 11% increase in just one year. And it's expected to be higher for 2018. Help us to ensure that no man, woman, or child in our community goes hungry.
Click Here to Donate-Donation will go directly to the Midnight Mission in DTLA.
FACTS ABOUT HOMELESSNESS IN DTLA
Thousands of homeless people include men, women, and kids sleep on the street of Skidrow in Downtown LA every night. Base on our chat with the Volunteer Manager of the Midnight Mission, a major homelessness services provider in Downtown LA since 1914, the few shelters nearby can accommodate only 25% of the homeless. So 75% of the homeless people sleep on the street. And the homeless rate in LA continues to increase due to housing affordability.
More and more homeless people are transferring from other areas to Downtown LA since the housing and resources to help the homeless are not available in other areas due to the political movement called NIMBY (Not in My Backyard). So more homeless people move to DTLA to be near the care/resource providers. While Homelessness has been an ongoing problem for years, it will only get worse if we continue to turn our back. It will take a community effort to make a difference.
Join us as the Downtown Los Angeles Real Estate Community comes together to make a difference! Our team is committed to volunteering in serving meals at the Mid-night mission on a regular basis. We set up a fundraising site to help fund basic care and preventive care for the homeless in DTLA. We are hopeful this will help reduce homelessness in the long run. We would appreciate your contribution of any amount. Homelessness is a widespread problem in our community. Help us save lives and better our community.
An interesting article from LA Times on strategies for reducing homelessness.
1100 S. Hope St. 102
Los Angeles CA 90015
Rasmus Ray Lee
Cal BRE #01490488Mobile: 213.448.0957
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The sales office for OceanWide Plaza is currently under construction and is scheduled to open in May this year (2018). At which point we can schedule hard hat tours for our registered buyers, and submit the deposits for selected units. If you would like to be on our exclusive buyer list, please reach out to me or my team at firstname.lastname@example.org or 213-995-5056 ASAP.
Info on the project:
- Towers 1 & 2 (South) will have combined 340 residential condo units... unbranded condos. I believe each tower with its separate HOA (similar to Luma & Elleven).
- Tower 3 (North) above the Park Hyatt Hotel will have 164 condo units (I believe floors 22-53).. Park Hyatt branded condominiums (like with the Ritz-Carlton Residences). 504 residential condo units altogether in the 3 towers combined.
Average asking price/sqft will be around $1400/sqft. With units in the Park Hyatt Residences being in the higher end of price/sqft than Towers 1 & 2. There will be fewer units per floor than other buildings, with some small units and large units including 3BR's and up. The units will have higher ceilings than other buildings. There will be many of units with balconies and/or terraces.
All 3 towers will be luxury residences... with the Park Hyatt Residences being the ultimate luxury with the following upgrades: Marble and stone imported from Italy, premium quality and high-end wood floors and appliances.
OceanWide Plaza will have a 2 story open air mall at the bottom two floors (ground and 1st floors)... 166,000 sqft of "lifestyle" retail. There will be a long LED ribbon screen spanning the entire circumference of the Plaza above the open-air retail mall. The plaza will have a 2 acres 8th-floor amenities deck. The Park Hyatt Hotel and Park Hyatt Residences will have their own separate section of the 8th-floor deck, and sky deck. The 2 other towers will have their own area of the 8th-floor amenities deck.
Amenities on the 8th-floor level will include:
- Resort style pools & cabanas
- Children's playground
- Two dog parks
- Basketball court
- 1/5 mile jogging track.
- Fitness and yoga rooms
- Dog washing/grooming facility
- Private screening rooms
- Children's center
- Multiple private dining & entertaining facilities
- At-home workspace and conference facilities
- Game room for families
- 1400 total side-by-side parking... private garages for penthouse units.
Stay tuned for more inside information on this project. I should have the pricing list soon.
As your local real estate expert, my goal is to provide you insider information about the state of the market and its current trends. Overall, Luxury condo/loft prices in DTLA are holding steady at an average Sold Price of $686/SF and an Average Leased Price of $2.87/SF with minimal Year to Year price changes. I hope my analysis will give you valuable insights on your real estate investment goals. Feel free to reach out to me anytime should you have more questions or need further market info on any buildings.
Typically there is more upside potential to invest in a building at the lower price range. In SouthPark district, the Elleven building has the most upside potential of all luxury highrises, and Flower Street Lofts and Grand Lofts for all Mid-rise buildings in SouthPark and surrounding area.
Areas with little or no new constructions such as the Art District-many buildings continue to enjoy price appreciation due to low inventory. Although there was an influx of inventory from New Luxury high-rises from Metropolis and Ten50, Lower priced buildings such as EVO still had a moderate price increase of 3%, and higher priced buildings such as the Ritz had a price correction of 6%.
The demands for leasing in DTLA remain strong even with the influx of inventory from many new apartment buildings. Rental prices are holding at average leased Price/SF of $2.87 with minimal price changes in most buildings. This is a good indication of strong demands for Downtown LA. A strong leasing market will translate into a strong selling market in the long run.
The ultimate high-rise resort style residence in South Park of Downtown LA is well under construction and scheduled for completion in January or February 2019. Base on my source, Presale is expected to start in Q2 of 2018. Located between Figueroa & Flower and 11th & 12th lounging over 4.6-acre of land. Featuring 3 high rise towers with 504 luxury condominiums, 184 hotel rooms and more than 150,000 square feet of commercial space for open-air shops and restaurants.
Construction Phases include Tower 1 & 2 (South) -40 stories of 340 units of luxury condominiums, and Tower 3 (North) above the Park Hyatt Hotel -rising 677 feet tall with 164 units of Park Hyatt branded condominiums.
The residents will enjoy Top notch resort style amenities including Rooftop pool, Greenbelt park deck, a basketball court, a jogging track, and above all, a galleria of stores and restaurants on a 100-foot-tall podium. Contact me at 213-995-5056 to get on the list for the exclusive viewing of the best floor plans units before they are released to the public. Stay tuned for more inside information on this project.
If you are ready to start your buying or selling process
give me a call at 213-448-0957 - I´m happy to answer all your questions.