Stan Ross, Chairman of the Board of the USC Lusk Center for Real Estate and Distinguished Fellow was quoted in the June 5, 2009 edition of the Los Angeles Downtown News
Condo Tower Proposed for Jewelry District
Los Angeles Downtown News
By Anna Scott
...Despite the recession and an unsettled residential market, a local developer is moving forward on plans for a 31-story condominium tower in the Jewelry District...
...Depending on how quickly the project moves forward, the developer may have to provide a large portion of the project's construction budget up front, said Stanley Ross, chair of USC's Lusk Center for Real Estate. "They're not going to get traditional financing," he said. Furthermore, Stanley added, even after the economy improves the condo market could take longer to catch up. "For condos, we still have a longer-term excess supply that would carry over, so I'd be a little nervous," he said. "I'd wait out another year or two even just to get a sense of how the market absorbs the condos that are out there. I wouldn't even start talking about it before a year..."
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June 5, 2009