Downtown Santa Monica under Construction

You guys might have read alot of news reports about downtown Los Angeles getting alot of new condo towers being built, along with some luxury apartment buildings, etc.

What you may not have seen a report on yet, is that there is also many new "luxury apartment" building towers being built in downtown Santa Monica. Just yesturday, I saw at least about 5 or more 5 plus story condo and "Luxury Apartment" buildings being constructed at this very moment. I am not sure how many units that will be. They are in various stages of development, from just breaking ground all the way to last finishing touches of paint. I may post some pictures at the Los Angeles Friends In Deed blog in the near future. I will see if I can get some good data on the number of units, and the prices, and the pace at which they get rented or sold, etc.

Although, Santa Monica is probably a safe place to invest real estate dollars, generally speaking, I think these developers may have missed winning lottery ticket, if they were planning on selling these units. I think the prices are definitely soft. And there is a limit to affordability.

However, if the subway from downtown Los Angeles does get extended down Wilshire through to downtown Santa Monica, that will most definitely re-invigorate real estate values in downtown Santa Monica, both commercial and residential.