Comments on: 655 hope showroom opens amid lower prices, expectations

By: LAofAnaheim

LAofAnaheim — Wed, 19 Mar 2008 04:00:00 +0000

So…what about the Roosevelt & the Brockman? Is 655 Hope not acknowledging the fact that it has two adapative reuse buildings opening soon next to it? They’re not the only game in town…

By: AUG

AUG — Mon, 17 Mar 2008 04:58:26 +0000

I was seriously considering buying a unit at 655 Hope a few months ago, but the unassigned parking (forced valet) and the fact the windows don’t open were a bit of a concern. They do have a great location though, and right on top of the 7th/Flower metro station! I’m glad I didn’t end up buying there since it looks like they are quite delayed. I wonder how well those units will sell with those issues I mentioned above.

By: Rich Alossi

Rich Alossi — Mon, 17 Mar 2008 02:10:18 +0000

Bert, near-term you’re 100% right. I don’t think we’ve glimpsed the bottom yet.

The big issue now isn’t whether we’re going to see new construction cranes in the next few months (we’re not) but whether the current residential base is strong enough to foster more organic growth like restaurants and retail.

By: Bert Green

Bert Green — Mon, 17 Mar 2008 01:56:03 +0000

I don’t agree. I think the glut will last longer, at least until prices come down to a certain level ($300 - $400 per square foot?).

The 655 Hope price you quoted is more than $600 per sq foot. That’s insane in this market.

By: Rich Alossi

Rich Alossi — Mon, 17 Mar 2008 01:45:19 +0000

That’s assuming we’re at the bottom… but I agree, in a few years things will become sane again.

By: Stephen Friday

Stephen Friday — Mon, 17 Mar 2008 01:42:52 +0000

Shortage of housing product. I think he’s saying buy in now and reap the equity benefits later when things have rebounded and the market will be tight.

In my opinion, that’s exactly what’s going to happen. As the retail/restaurant scene continues to mature in the next couple of years and housing construction tapers (and demand stays steady)… developers will be clamoring to start building again.

By: spinsLPs

spinsLPs — Mon, 17 Mar 2008 01:03:43 +0000

�There will be a gap in construction so everyone buying now will benefit from the shortage in two years.�

The shortage of what? Money?