The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Elroy Jetson who wrote (6287)	10/27/2002 1:31:52 PM
From: ild	Read Replies (2) of 306849

Almost every week in LA Times I read that Donald Sterling has bought another hi-rise apartment building on Wilshire. Is he genius or idiot? In today's paper he bought 1,000,000 sq.ft. ultra luxury 25 story 348 unit apartment for $40 mil. It's 691 S. Irolo, Wilshire at Normandie. If the numbers are correct then one unit is around 2,800 sq.ft. and was purchased for $115K. I find this as very cheap. I'd guess that this kind of a unit can be easily rented out for $3,000 a month (or may be a lot more). Unless the building requires $100 mil in improvements I think its a steal.

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