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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (17224)	2/12/2004 8:31:26 PM
From: Elroy Jetson	Read Replies (3) \| Respond to of 306849

You see exactly the same bifurcated rental market in Los Angeles. Individual owners renting two bedroom units for $1,100 while REIT owned complexes are asking $2,800 for a comparable apartment and sitting 95% empty. It's like the office market in the late 1980s in Los Angeles. The WCT tower on Wilshire was completed in 1986, just after office rents had tanked. The owners would not accept less than the rent-roll they had anticipated. The only "tenant" was the building manager for more than ten years.