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Saturday, November 22, 2014

No sale for Eagle Rock condos

What was wrong with the Oxy Lofts? Were the original asking prices in the $400,000-range too steep for Eagle Rock?  Did the aroma wafting from The Bucket burger stand next to the Eagle Rock Boulevard condos scare off vegan buyers? For whatever reason, the developer of the 32-unit Oxy Lofts were forced to sell the entire project into a short sale. The new owner, a San Diego investment firm, paid $8.6 million for the development but does not plan to sell off the condos. Instead, the firm will lease out the units and perhaps consider selling them at a later date, according Marcus & Millichap agents Paul Darrow and Ron Harris.  While buyers were scarce for the individual units, selling the project as a whole attracted more interest, with 10 offers being submitted.

 



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  1. Wasn’t this Rudy Martinez’s brainchild? Another overly optimistic developer ends up dumping a property in Eagle Rock. At least these are finished.

  2. The three reasons that this project failed are location, location, and location (with too high of a price point thrown in to boot). These units are on a commercial street with no integration with a neighborhood. Why buy here when you could get a dwelling in a desirable non-commercial area. This project would be better suited for Pasadena, or Silverlake……not ER.

  3. Simply put the style does not fit the town.

  4. This is the first construction job in E.R. that dug down for a parking garage. Low and behold they hit the water table and to this day they are pumping out water as we speak, (It’s just hidden now). Never mind all the damage they did to my in-law’s property next door in which they have done a weak patch job to correct. This place is literally a pit. I don’t know how they got away with permits to dig two stories down in Eagle Rock! This is also probably something they never even told the public about… Also, can you say gentrification, boys and girls?

  5. Although Auntie Em’s is across the street, I agree with Robert Rivera that the location leaves something to be desired. Between the bikers roaring up to The Bucket and the plethora of auto body shops as neighbors, it is not a desirable section of an otherwise attractive neighborhood. That said, it is well situated for lease to Oxy students and faculty which means it will be a ghost building during the summer.

  6. Gentrification is good. Then maybe ER can get rid of some of the auto body shops.

  7. Bring on the gentrification. Please!

  8. Raped and left for dead

    They look pretty cool but I agree, Eagle Rock Boulevard is the pits for transportation etc.
    Would be convenient for a Bucket Burger though.

    Maybe the nails in the facade left over from Rudy’s campaign drove away potential buyers?

  9. not Rudy Martinez development- its PIEDMONT, the same people that brought us that abandoned POS by the 134 on ramp. Thanks Jose Huisar !!

  10. We live in a modern development in Eagle Rock, and were curious about these and went to tour them. The location and appearance of them wasn’t the issue, it was the bizarre layouts (tiny under stairs closets with two doors, what?) and extremely cheap-o construction materials (like they grabbed whatever was on sale at Home Depot to do the counters, doors, floors, etc.). If you’re into the modern loft aesthetic, you’re not going to settle for these shortcuts.

  11. These units suck. That’s the problem. They’re chincy, badly designed, and sit facing a busy street in a loud, fugly part of town. I toured them and COULD NOT believe what I saw.

    I live at Rock Row, a much more upscale modern development in Eagle Rock which saw every unit sell in under 10 days when it went on the market. Demand for these units is still high and the developer, Heyday, has had continued success with similar developments around Eagle Rock and Echo Park.

  12. You can see my take on both Oxy Lofts and Rock Row here.

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