There are many reasons not to buy a loft here, but the neighborhood is probably foremost. Over the past three years "Little Tokyo" has devolved alarmingly (note: this building is actually located in the Toy District). Where there was once merely rubbish and rats after sundown, there are now rows of cardboard huts, torn tents, and shelterless addicts shuffling after the passers-by. The corner of 4th and San Pedro has become a public toilet, and most evenings there are pools of urine on the sidewalks and sometimes piles of feces next to the electrical box. I'm no expert on these matters, but I would guess that the proximity of the downtown detention center and multiple homeless shelters (including the women's shelter moving in right next door), taken with the fact that the police station is moving out of the neighborhood to the tonier area near the Staples Center does not bode well for future resale values. The interior of the building is nice, but the old windows are poorly made and do not block much street noise. Stand in front of them and you can actually feel a breeze. Also, be careful of the units along the exterior walls -- brown water spots bloomed on the walls in many of these units during last winter's rains, which means the building is probably in need of some serious and costly maintenance work.

In sum, buyer beware. The naive buyer who doesn't investigate the location thoroughly, who doesn't bother to view the neighborhood after sunset, who simply listens in awe to the rosy but increasingly unlikely predictions of the sales staff probably deserves to own property on Skid Row in a deflating market.

But hey, those hardwood maple floors lovely, aren't they'

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