To quote the Legendary Place website, "Finally someone has done it right" . I have to say I agree. Lately I've been a bit soured with the most recent new construction projects that have hit the market, so to me this project is a breath of fresh air. I've been following this development since it was in the initial framing stages. It's right up the street from another project that I have written about and is a personal fave, 1322 North Detroit. What is really appealing about Legendary Place is that it's going back to the basics in the sense that the floor plans are livable and the construction quality feels substantial. There are ample closets, beautiful Viking kitchens (Plug From Your Sponsors at Viking: I swear I should be getting some sort of endorsement deal for as much as I mention them - did you know that Viking makes a mid range line of "affordable appliances"? Neither did I but they are staples in the units and look fantastic...my catch phrase if I were on V's marketing team..."There's just something about Viking..."), hardwood floors, an actual place to put a TV that doesn't require an elaborate yoga pose and an engineer from NASA to mount so one can view.
When I look at new construction in terms of investments for my buyers (who are often first timers), I encourage them to look at property that is going to appeal to a wide range of buyers vs. a "niche" market. To me, an example of a "niche" property is a condo that's very architectural, lofty, and spread out over 3-4 floors. You quickly eliminate the elderly, couples who might be starting a family, people who simply don't like stairs or live with certain physical challenges, etc. 51% of all new home buyers are between the ages of 25-31 (thank you Monica D for that stat - your presentation wasn't in vain) and hold on to a property for 5 years or less. With that said, I think it wise to buy something that could be appealing to almost anyone as you increase your chances for a quick sale if need be. In my humble opinion, Legendary Place has these components.
In terms of pricing, it might be listed slightly higher that what the market is dictating but it has just launched and it's not so over the top like projects I've seen in the past. I've met the developer who is personable, friendly, and seems like he would work with the selling agent (Joe Reichling of Sotheby's who is one of my favorite agents of all time) to make deals happen. This synergy of a reasonable developer, a strong listing agent, and a patient buyer is key to selling a project quickly. All those components are in check and I have no doubt this one will be a winner.
I'll address the pink elephant in the room for those of you who think east of Fairfax is akin to the Watts Jungle - it's not! Something I have noted in the past which bares repeating is that I feel like west of La Brea (or Crescent Heights or even La Cienega) is the new "North of Wilshire" that was such a big deal in the 90's. These is a great pocket of WeHo that offers you quick access to everything: Sunset Strip, Hollywood, Beverly Hills, Runyan Canyon, etc. This area is like a fine wine (not "2 buck chuck" although very clever comeback) - it is only getting better with age!
1411 North Detroit Street, Los Angeles, CA 90046 - From $645,000-$999,00, Sq Ft Ranges from 1380-2085
At Legendary Place, the difference is in the details. Off Sunset Blvd, a few blocks from Runyon Cyn, sits the latest inspired vision from Legendary Developments. Twenty-three residences that unify superior design, modern convenience and a floor plan to suit every desire ... all at the right price. The best materials and building methods have been used to create luxurious surroundings and an exceptional living experience. Finally, someone has done it right!
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