Monday, August 17, 2009
A new Angeleno Heights condo project is going to test the health of the local real estate market with penthouse units in the renovated brick building topping the $1 million mark. But will buyers overlook the fact that the still-under-construction Brownstone Lofts overlook the 101 freeway right next door?
Not surprisingly, the agent for Brownstone Lofts said the proxmity of the 55-unit building to the freeway won't be an issue. A sound wall will help absorb the traffic noise, said Millie Radkovich, who said she once sold units next to the much nosier 405 Freeway. "With the sound wall ... it shouldn't be a problem," she said. There will also be a pool, spa, roof top decks and other amenities to attract buyers to the 1928 building.
The units, which are expected to start $399,000 for singles, are not on officially on the market yet as work - including a parking garage - continues on the former Bellevue Avenue apartment house in the eastern fringe of Angeleno Heights. But the owner is taking reservations on homes and a model unit is expected to be ready by next month, Radkovich said.
The prices might seem a bit steep in light of the fact that so many nearby downtown condo projects have gone into foreclosure or have been turned into rental housing. But Radkovich said the demand for new housing in neighborhoods just outside of downtown seems ready to pick up and there has been little in the way of new construction.
"I think the market is a little bit on an upswing."