600 S Ridgeley Dr | The Museo

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The Museo
600 S Ridgeley Dr
Los Angeles CA 90036

The Museo is one of my favorite buildings in Miracle Mile. It is newer construction done in an Architecturally Innovative modern style. The building is exceptionally well located, across the street from the La Brea Tar Pits, and Park La Brea Apartments, this condo is walkable to an upcoming Subway stop and a bunch of street-level restaurants on Wilshire. The developer was Canfield Development.  El Museo is 52 condos on 4 floors, the penthouse floor, and first-floor condos have lofts. The condos were built in 2009. This is one of the only newer construction buildings in the area. I really do like the landscaping of this building especially the lush central courtyard out from the lobby.

Location

They call it The Museo because it is right smack dab on Museum Row, with several major museums nearby. I personally love museums and think being close to so many and some park-like grounds is a desirable amenity. The museums are LACMA, Petersons Automotive, Academy of Motion Picture Arts, and the La Brea Tar Pits. LACMA in the summer has free Jazz night and salsa night each Friday and Saturday.

Being in Miracle Mile, you are close to all the great miracle mile stuff: The Farmers Market, The Grove, Beverly Center. Hollywood, West Hollywood, and Beverly Hills are 10 minutes away.

The Museo is located on Ridgeley just south of 6th Street. You have two major thoroughfares nearby: 6th St and Wilshire Blvd. Wilshire Blvd has restaurants and an upcoming Metro Transit Stop.

The block is short and has a sidewalk. I see a lot of people walking their dogs. Many of the buildings nearby are 2 story apartment buildings. That means that owners on the 3rd and especially 4th floor have nice city views, especially of the old variety building, now has SBE logo.

The streets are very well lit, and this neighborhood feels very safe to me. The building is secure access. Stumbling distance to Tom Bergin’s for my Irish pub lovers, and Wilshire Hotel Rooftop Bar, and Trivia night at the Little Bar. And Classic Buzbys! (they have great halloween contest)

Real Estate

Price Range: $750,00 (1br) $800,00 to $1,000,000 (2br)

Turnover Ratio: 6%

Record Sale: 1,050,000 5/30/2018

The Floorplan in Museo Condos on floors 2-3 are all single story, and the first floor and the Penthouse Level has stairs to a loft. The Condo Mix for the building is (9) One bedroom + one and a half bath. (43) Two bedroom + two bath- so most of the condos are 2 bedrooms. SQFT ranges from 1,000 to 1,500 sqft for the 2 bedrooms and 800 to 1000 sqft for the 1 bedrooms.

The Modern finishes are great! I really like the hardwood flooring, the large living rooms, and open concept kitchens. The Kitchens have Blum cabinets, white quartz counters, and whirlpool gold appliances. The Overhead cabinets lift up which is pretty cool. I will say the kitchens are on the smaller side, but that gives a larger living room. The floor plans have huge living rooms.

Sorry closet lovers, no bedroom walk-in closets. All of the bedroom closets are reach in, however, the condos have good closet space, so they do not lack closets, you just won’t get a master walk-in closet.

The living room original sconces are terrible in my opinion. I think owners should change them. They work perfectly fine, but I think you could do much better, and it doesn’t need to be a large expense.

The front doors have 4 daylights in them with clear glass, which creates an interesting effect. If you want more privacy you can put an opaque film on them.

Many of the condos have a Balcony.

I’m going to say the Bathrooms are pretty nice. The finishes are very sleek, and the master has a huge bathtub. Double vanities, and a frameless shower.
The original sell-out prices for the Museo were abysmal because this building was completed in a very difficult real estate market in 2010. The original sell-out prices were in the high four hundred thousand to low 500,000s.

One unique thing about the penthouse floor plans is the Lofts. They are an open bedroom with a closet and a full bathroom. There is a cable tie railing to the living room below. Central HVAC.

The Museo has a not so common Natural Hazard- this area was once all oil fields, and the tar pits have big pits of oil in them. Have you ever seen tar bits bubble? The are bubbling out Methane Gas trapped below the earth that is escaping from the ground of these tar pits- for buildings with Large underground parking garages, there is a risk that the escaping methane gas, instead of being released into the atmosphere, could get trapped and build up, and then explode. No need to worry though, the methane sensors installed in the Museo will sound an alarm if they detect methane gas building up.

Amenities

Lobby

Lush Central Courtyard

Gym

Elevator

Security- Security cameras

Parking & Laundry

Laundry in the unit in a stacked washer dryer room.

The building has a two-level subterranean parking garage. There is a nice wide entrance for pulling in and out. Almost every condo has 2 parking spaces, some are side by side and some are tandem. A few 1 Bedrooms only get 1 parking space. There are 12 guest parking spaces. Owners are allowed at this time to install storage behind their parking spaces.

Home Owners Association

The HOA recovered approx. $500,000 from a construction defect lawsuit. One of the things mentioned was cracks on the stucco, which are being repaired. As a result, the building has a huge reserve and is 160% funded currently. Never seen that before. The HOA dues are very low – but should probably be $200 higher in my opinion, they are under $400/mo. The HOA just voted to get Earthquake insurance for 2019.

In the HOA documents, they refer to the building as MidCity Lofts. I am not sure if this name was ever used in marketing the building.
The HOA recently installed a water softening system in the building, so owners don’t get hard water.

HOA dues Monthly Cost? $350 -$400/mo.

HOA dues cover? Trash, Water, Building Insurance, Reserves, Common Area Maintenance, EQ Insurance

Owner Pays? Electric, Gas, Internet, Condo Insurance

Any special assessments? No

Pet Policy? 2 dogs or cats, no weight restriction

Rental Policy? Lease in writing at least 30 days (very landlord-friendly)

EQ Insurance? Yes as of 2019

CCRs? https://www.dropbox.com/s/04puwi5pd9chv45/600%20S%20Ridgeley%20CC%26Rs.pdf?dl=0

Building Reserves? 600K 160% funded

Special move in instructions? $500 move-in/move out fee

Can you have a BBQ on the balcony?

Who is the Management company?
Ross Morgan & Company
www.rossmorganco.com
818-907-6622
Community Manager:
Monica Cooper extension 271
monica@rossmorganco.com

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