Barker Block Sells 66 of Its 68 Condos

DOWNTOWN LOS ANGELES -When sales of the condominiums at the Barker Block began early this year, real estate watchers were paying close attention. The 68 units in the Arts District were the first new for-sale residences in Downtown to hit the market in more than a year.

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The questions were simple: Would people actually buy a home in post-recession Downtown? If so, how much were they willing to spend?

Now, the answers are pretty clear: The appetite to buy is voracious, and although prices may not have eclipsed the $600 per square foot that they reached before the economy tanked in 2008, they have gotten pretty close.

Sixty-six of the 68 units in the Arts District complex have sold. With many buyers paying more than the asking price, and with a few bidding wars, real estate experts expect the interest in owning in the Central City to remain high.

You no longer have to sell Downtown as a terrific place to live, said Alan Mark, president and founding partner of the Mark Company, a real estate, marketing and sales firm based in San Francisco that tracks condominium sales.

The Barker Block sales were spurred not just by the scarcity of Downtown condos, Mark said, but also by the renaissance of the area, with stores, restaurants and other businesses opening. He also pointed to the walkability of the community and the access to public transportation.

The first phase of the Barker Block, developed by the Kor Group with 242 condos, opened in 2006. Then the recession hit, scuttling plans for the next phase.

It took until spring 2013 for the project to move forward again. Thats when CityView, a development firm run by former U.S. Housing and Urban Development Secretary Henry Cisneros, teamed with investment firm Blackstone on the second phase. The $25 million project (with marketing help from the Kor Group) included units ranging from approximately 675-2,000 square feet.

The highest asking price in the bunch was a two-story residence listed at $739,000. Multiple offers pushed the sale price north of $1 million, said Con Howe, managing director of CityView.

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Barker Block Sells 66 of Its 68 Condos