11/10/2005

Press-Telegram Building - More Lofts for Downtown



The growing trend for residential re-use of older office buildings now includes the long-time offices of Long Beach's Press-Telegram newspaper. This site has yet to complete the approvals needed for the conversion process and will not complete escrow for several months. Downtown Long Beach and Los Angeles offer more and more opportunities for loft living, a newer form of affordable housing and the preference of those who like the ambiance of residential living near shopping and transportation. These lofts are scheduled to range starting at $200,000 for a 700 sq. ft. one-bedroom to $500,000 or more for a 1500 sq. ft. unit. Considering that in nearby neighborhoods one-bedroom condos are now selling for more than $350,000 and up, it's a breaking opportunity for the first time buyer.

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