|The idea of living in a part of L.A. where you can walk to restaurants and shops is a dream come true, considering that most people have to commute just to go to a grocery store. The Hancock lofts in West Hollwyood are located at the juxtaposition of Hancock and Santa Monica Blvd., across from the Coffee Bean and above Tender Greens, betwixt La Cienega Blvd. to the east and San Vicente to the west.|
Their 1 to 2 bedroom floorplans range from 1000-1800 square feet and are priced from $895,000 to $1,425,000, with home owner association dues in the $542 to $630 per month range, depending on the size of the unit.
How the developer can hold on to this size of property and keep it vacant for so long, completion was Spring of 2009, is perplexing and unfortunate. The newness of the building is wearing off, and although the amenities (rooftop pool) and finishes appear luxurious and appealing, it doesn't seem to make sense that the occupancy is flaling.
Bringing more people into the area, even at a reduced rate, spurns other local economic growth, not to mention the increase in property-tax paying owners, who may have otherwise remained owners.
Why not sell for fair market value and move on?
By the way, the average price per square foot for condos of comparable size in West Hollywood sold in the last six months is $439.81, which would put the Hancock lofts in a new range of $439,810 to $791,658. But, let's cut the new 31-unit development (with only 2 units sold so far) some slack and give it extra points for architectural significance, amenities and location: $550,000-$850,000 should be the range. Then maybe, just maybe, people could start enjoying the lofts from the inside, rather than just appreciating the facade on a walk or drive-by.