Southern California -- this just in

« Previous Post | L.A. NOW Home | Next Post »

Downtown penthouse sale said to have set a record


In the midst of a real estate market in free fall, the folks at Evo -- one of a handful of new residential towers being built in downtown Los Angeles' South Park district, near Staples Center -- offered a ray of hope this week. They said that a buyer has purchased a penthouse in the building for $3 million, what they say is the largest amount ever paid for a downtown residential unit.

The buyer has requested confidentiality, said Jack Skelley, a spokesman for Evo. But Skelley said the unit in question boasts 3,600 square feet inside and an almost equally grand 3,500-square-foot terrace.

Gil Saraf, one of the partners in 213 Loft Co., a real estate firm that specializes in the downtown market, said that other penthouse spaces have been listed for more but haven't yet found buyers. "It wouldn't shock me that there's a buyer out there for that penthouse," Saraf said. "To say it would be the highest price sold sounds about right."

But Saraf said the buyer must have had a significant amount of cash to make the deal happen. Across the country, buyers are finding themselves unable to qualify for loans -- and it's no different downtown, he said. "The high-end stuff, just as the low-end, has really slowed down," he said.

-- Cara Mia DiMassa

Photo: South Park district of downtown L.A. Credit: Luis Sinco / Los Angeles Times

Comments () | Archives (3)

Who is the buyer? Kobe Bryant? Seriously, it's a hot enough spot that I'm not surprised big bucks are being spent. But my guess it's not by any average working person.

There is life in downtown LA!!!!!!!!!!!!!!!!!!!!!!!!

Why would they get a quote from Gil? He isnt very good looking and does not have proper running shoes...


Recommended on Facebook


In Case You Missed It...


About L.A. Now
L.A. Now is the Los Angeles Times’ breaking news section for Southern California. It is produced by more than 80 reporters and editors in The Times’ Metro section, reporting from the paper’s downtown Los Angeles headquarters as well as bureaus in Costa Mesa, Long Beach, San Diego, San Francisco, Sacramento, Riverside, Ventura and West Los Angeles.
Have a story tip for L.A. Now?
Can I call someone with news?
Yes. The city desk number is (213) 237-7847.


Get Alerts on Your Mobile Phone

Sign me up for the following lists: