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253 S Broadway 508, Los Angeles, California 90012, Los Angeles, 90012 - 1 bed, 1 bath

253 S Broadway 508, Los Angeles, California 90012 home-pic-0
ACTIVE$995,000
253 S Broadway 508, Los Angeles, California 90012
1Bed
1Bath
1,330Sqft
13,327Lot
Year Built
1897
Close
-
List price
$995K
Original List price
$995K
Price/Sqft
$748
HOA
$962
Days on market
-
Sold On
-
MLS number
25527381
Home ConditionGood
Features
Excellent View: City Lights, Courtyard
ViewCity Lights,Courtyard

About this home

We found 3 Cons,5 Pros. Rank: price - $995.0K(96th), sqft - 1330(81th), beds - 1(38th), baths - 1(42th).

Welcome to this rare and inspiring penthouse loft in DTLA's second oldest building, the Pan American Lofts. Historic Cultural Monument (No. 544) houses an exclusive 40-unit Mills Act community, offering up to 70% in property tax savings. This home features soaring 17-18' ceilings that enhance the open feel, a lofted bedroom area with high ceilings, a remodeled kitchen and bathroom with in-unit laundry. Six large north- and south-facing windows fill the space with natural light, cross breezes, and views of the LA Times Building, City Hall, and Frank Gehry's The Grand. Enjoy a Juliette balcony, bamboo floors, and a spiral staircase leading to your bedroom and private 210 sqft rooftop oasis with stunning city and mountain views perfect for relaxing or entertaining. Additional perks include a deeded tandem parking space, large enough to comfortably fit two vehicles, and access to a communal courtyard, enhancing the warm, intimate feel of this well managed and funded boutique community. This unit is ideally located in the heart of the Historic Core, next door to Grand Central Market, The Bradbury, Million Dollar Theater, newly opened historic broadway station Metro station, Little Tokyo, financial district and a plethora of DTLA dining and entertainment.

Price History

Date
Event
Price
10/23/15
Sold
$900,000
07/25/11
Sold
$410,000
Condition Rating
Good
This penthouse loft, despite being in a building built in 1897, has undergone significant and high-quality renovations, particularly in the kitchen and bathroom. The kitchen features modern grey shaker cabinets, stainless steel appliances, and contemporary finishes. The bathroom boasts a sleek floating vanity, modern black fixtures, large format tiles, and a new stacked washer/dryer unit. Bamboo flooring throughout the main living areas and carpet in the lofted bedroom are in excellent condition. The overall aesthetic is modern and move-in ready. However, the property's age and the explicitly stated 'Lack of Central Air Conditioning' prevent it from achieving an 'Excellent' rating, as a key modern comfort system is missing. The extensive recent updates, however, firmly place it in the 'Good' category.
Pros & Cons

Pros

Significant Property Tax Savings: As a Historic Cultural Monument (No. 544) within a Mills Act community, the property offers substantial property tax savings of up to 70%, significantly reducing ownership costs.
Unique Penthouse Loft Design: This rare penthouse loft boasts soaring 17-18' ceilings, a distinctive lofted bedroom area, and a spiral staircase, providing an inspiring and architecturally unique living space.
Private Rooftop Oasis & Views: The unit includes a private 210 sqft rooftop oasis with stunning city and mountain views, a Juliette balcony, and panoramic views of iconic DTLA landmarks from its large windows.
Prime Historic Core Location: Ideally situated in the heart of DTLA's Historic Core, offering exceptional walkability to Grand Central Market, The Bradbury, Metro station, financial district, and numerous dining and entertainment options.
Modern Upgrades & Deeded Parking: Features a remodeled kitchen and bathroom, in-unit laundry, bamboo floors, and a valuable deeded tandem parking space large enough for two vehicles, enhancing convenience and value.

Cons

High Monthly HOA Fees: The association fee of $962.00 per month is substantial and adds significantly to the overall monthly cost of ownership, which may deter some potential buyers.
Lack of Central Air Conditioning: While cross breezes are mentioned, the property description does not indicate a dedicated cooling system, which could be a significant drawback during Los Angeles's warmer months.
Lofted Bedroom Layout: The open, lofted bedroom design may not appeal to all buyers who prefer a fully enclosed, private bedroom space or those with specific accessibility requirements.

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