Condo turnaround?

We're seeing a few signs that projects put in the deep freeze a few months back due to financing problems are being thawed out. Case in point: Curbed LA reports that the Madrone, a 180-unit condo at the corner of Hollywood and La Brea, recently sold at a trustee sale for $20 million. The only bidder was Resmark Equity Partners, a local firm that was one of the original investors for the Madrone. It's now being called 1633 North La Brea. Reviving the project is certainly good news for the Hollywood area - a deserted construction site at such a trafficked corner is not exactly a welcoming sign. Look for other such resurrections in the months to come as the credit markets loosen up.