Wednesday, December 06, 2006

Broadway Lofts: Apartments, then Condos, now Apartments Again

Those of you who follow the downtown market will be interested in knowing that the historic building on the corner of 5th and Broadway which was going to converted into apartments and then into condos is now back to being apartments again.

The project never had any dedicated parking which would probably be better as inexpensive rentals for students and service workers who live and work downtown or off the trolley line.

Broadwaylofts.com rental information

4 comments:

Mark in San Diego said...

Funny - I walked past Broadway Lofts today, and saw an agent putting sign up for rent. . .I can't imagine they sold any without parking. Speaking of conversions - on my little afternoon walk, I went past the Lofts or Condos? on Cortez Hill - new construction about finishing up on 9th. . .they used to have huge signs for sale, but I don't see any signs at all. . .wonder if this is going to be rented also. . .on another note - I also was interested in asking some prices on The Mark, Aria, etc. . .I walked past a least 3 sales offices, and they were either closed, or lights were on, no one home. . .not a good way to sell condos. . . a few Sundays ago, I walked past Park Terrace, across from Petco, and they had a sign-shaker, but I waited around 15 minutes, and no one was in the sales office. . .I guess real estate agents are on perpetual coffee breaks?

Anonymous said...

I'm been interested in Downtown but since i don't live there, i don't know it very well. What's a good place with a large units and minimal (near zero) amenities with low HOA? I'm looking at buying when the price is right.

Dave said...

(Note: I pasted this from a post I made today on Piggington about Broadway Lofts.)

This building has 84 units that are purportedly "New York" in style. Originally the units were going to be sold - but whoops! - the market went south and now they're being rented out. This is near my office so I went in the other day to see what was up (or down, as the case happened to be).

There are 84 total units on 12 floors with sizes ranging from 765 sq.ft. to 907 sq.ft. There are ZERO, and I mean ZERO, amenities - no gym, pool, clubhouse or even parking. In other words, learn to love your unit. I was completely underwhelmed, particularly with the bathrooms (no glass shower door) and closets (horrible use of space). It looks like the developer realized that they weren't going to be able to make money selling these things so they just slapped together everything at the end once they realized they would be rentals. Fantastic views from some of the upper floors - I'll give the building that. But everything else - marginal at best. The rents range from $1250/mo. (765 sq.ft. on the 2nd floor) up to $2500/mo. (907 sq.ft. on the 12th floor). And, of course, parking (not covered) will cost at least another $180/mo. and you'll probably be a couple of blocks away. These have been for rent for two months and they've rented out 15 of the 84 units.

The rental guy told me he thought the developer was "having some financial struggles." Translation: this developer is taking it right in the a**.

Mr. Brightside said...

Anon,

Low HOAs are hard to come by downtown. That said any building by CityMark will have very sparse if any amenities, perhaps a small gym, this tends to lead to lower HOA fees. They actually do a nice job on their projects.

Also the cheapest HOA to square footage ratio is probably at an older apartment conversion project on Cortez Hill called Park at 10th. I'll post the details if you are interested in an entry level type of condominium.