Downtown switching to renters

How do you unload downtown condos that have gone begging because of a sluggish real estate market? You rent them, of course. Real estate folks are telling the Downtown News that this might not be such a bad thing because rental units are in demand (young hipsters might not be ready to buy) and because it services the construction debt. Rents are running from $2,000 on up - well above the countwide average of $1,470, but somewhat below many parts of the Westside. The L.A. Live project and a new supermarket continue to raise expectations about the "cachet of downtown."

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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