Downtown blues: Rough edges, falling prices

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Downtown L.A. residential real estate is suffering more than the city as a whole,the L.A. Times reports tonightin a story that questions whether the much-heralded revival of the city center is really happening:

‘Prices of condominiums, which dominate the downtown market, have fallen more sharply here than in Los Angeles and Orange counties overall, according to DataQuick Information Systems. More than one-third of the residential projects approved by city officials have been sidelined.’

Telling anecdote: Developer James Osterling is working on a residential project in Chinatown, but isn’t interested in living there: ‘Though he calls himself ‘a huge believer in the renaissance in downtown Los Angeles,’ he likes his Altadena house just fine. If he did downsize, ‘I’d probably get a condo in Pasadena,’ he said. ‘It has the theater, restaurants and culture without the rough edges of downtown.’

Rough edges.

Random personal observation: I’ve been working downtown for 3 1/2 months now, and the thing that strikes me is the lack of shopping. It’s pretty much a retail dead zone. Just before Christmas I was trying to sneak in some lunch-hour Christmas shopping, and after a couple of attempts came to the conclusion it couldn’t be done downtown, which surprised me. I don’t know of another big American city where that’s true.

Thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo Credit: L.A. Times.