Another Real Estate Disaster in the Making?
I took a little walk today near Marina Del Rey, the yacht harbor of Los Angeles. I started at one corner of a block that's about two streets east of Lincoln Boulevard and one street south of Washington Boulevard. Here is some running commentary with the photos I took. (Click on the photo for a larger version.)
Photo 1
Hey, look. Let's go see what this is all about. You'd think that with the real estate market tanking in California, these might sit on the shelves a bit; but then again, sales of high-end units are still holding value here, even though the inventory is piling up.
Photo 2
Oh, looks like a series of loft-style units. Oh yeah, I remember. This is technically Culver City. They've been doing a lot of rethinking about their city planning over the last ten years. Hmm. Don't know if the timing of this was well thought out.
Photo 3
Hm. More lofts. I don't really get this loft thing. I do get the cost of construction savings, though.
Photo 4
More of same. Not very attractive. Reminds me of the projects. Well, I guess the City was thinking about the potential tax revenue. Just goes to show why city bureaucrats shouldn't go into the housing development business.
Photo 5
Gosh, more lofts. What about parks? What about the view out your window?
Photo 6
Guess this answers that question.
Photo 7
Another good living room view, and it looks like the units go all the way across the block width.
Photo 8
Oh. I see they got their "mixed use" in. But a body shop, I would have thought that stinks up the neighborhood. (It does.)
Photo 9
Another building, even better vis-a-vis. Ugh.
Photo 10
Now I've come around the edge of the block and I'm walking down the street at the "back" side. More of same, but maybe not lofts, at least.
Photo 11
Oh yes, these seem nicer, but ... they're also almost completed, which helps. But still, the views....
Photo 12
Looks like they've calculated a huge demand for these apartments. And I hear they're priced at around, e.g., $700,000, for 1,200 sq.ft. or so., two bedrooms. Someone's going to make a killing, right?
Photo 13
Another mixed use. I suppose it could be nice to be able to get your oil changed right out of bed.
Photo 14
Another new one. Gosh, that makes about twenty huge new buildings or so. There must be 1,000 new apartments going in on this block alone. I hope they can sell them when the time comes. Maybe they're trying to empty out the Inner Empire.
Photo 15
Last shot, another mixed use.... looks like a punch line.... I guess the Arabs did well to go elsewhere with their petrodollars. (See previous post.) They didn't have to do anything to cause this future fiasco. I wonder if it's happening all over the USA--or even all over the world. Good grief, what a thought.
Photo 1
Hey, look. Let's go see what this is all about. You'd think that with the real estate market tanking in California, these might sit on the shelves a bit; but then again, sales of high-end units are still holding value here, even though the inventory is piling up.
Photo 2
Oh, looks like a series of loft-style units. Oh yeah, I remember. This is technically Culver City. They've been doing a lot of rethinking about their city planning over the last ten years. Hmm. Don't know if the timing of this was well thought out.
Photo 3
Hm. More lofts. I don't really get this loft thing. I do get the cost of construction savings, though.
Photo 4
More of same. Not very attractive. Reminds me of the projects. Well, I guess the City was thinking about the potential tax revenue. Just goes to show why city bureaucrats shouldn't go into the housing development business.
Photo 5
Gosh, more lofts. What about parks? What about the view out your window?
Photo 6
Guess this answers that question.
Photo 7
Another good living room view, and it looks like the units go all the way across the block width.
Photo 8
Oh. I see they got their "mixed use" in. But a body shop, I would have thought that stinks up the neighborhood. (It does.)
Photo 9
Another building, even better vis-a-vis. Ugh.
Photo 10
Now I've come around the edge of the block and I'm walking down the street at the "back" side. More of same, but maybe not lofts, at least.
Photo 11
Oh yes, these seem nicer, but ... they're also almost completed, which helps. But still, the views....
Photo 12
Looks like they've calculated a huge demand for these apartments. And I hear they're priced at around, e.g., $700,000, for 1,200 sq.ft. or so., two bedrooms. Someone's going to make a killing, right?
Photo 13
Another mixed use. I suppose it could be nice to be able to get your oil changed right out of bed.
Photo 14
Another new one. Gosh, that makes about twenty huge new buildings or so. There must be 1,000 new apartments going in on this block alone. I hope they can sell them when the time comes. Maybe they're trying to empty out the Inner Empire.
Photo 15
Last shot, another mixed use.... looks like a punch line.... I guess the Arabs did well to go elsewhere with their petrodollars. (See previous post.) They didn't have to do anything to cause this future fiasco. I wonder if it's happening all over the USA--or even all over the world. Good grief, what a thought.
Labels: economic humor, economics, housing boom, Los Angeles real estate, real estate bubble
posted by Katy Delay at 12:58 PM
17 comments
