Vincent Gallo Selling L.A. Loft -- It's Gritty and Overpriced

vincent galloActor and director Vincent Gallo is just the type of Hollywood personality who would eschew Malibu for the industrial grit of downtown Los Angeles.

Best known for directing Buffalo '66, Gallo has apparently had enough of the low life and has put his 1,650 square-foot live/work loft space in the Toy Factory building on the block (see photos below).

Trouble is, his $698,000 asking price is off the mark. "It's high,'' says René Avedon, a real estate agent at Prudential California Realty. "Based on the comps and last sales in the building, it's high. But don't tell him that.''

Sellers with a connection to Hollywood shouldn't make the mistake of thinking their star power will add anything to a property's value, says Avedon.

See Photos of Vincent Gallo's L.A. Loft
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Vincent Gallo Selling L.A. Loft -- It's Gritty and Overpriced

No matter who the owner is, real estate is always about location, location, location. And downtown L.A. has been hit even harder by the downturn than other areas in greater Los Angeles.
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During the boom years, developers poured resources into buying up landmark properties downtown and turning them into condos. But the expected renaissance of the area -- and rising real estate prices -- never quite materialized.

Gallo's two-story home is located on the ground and first floors of the loft complex. The unit has soaring 18-foot ceilings, a windowed gym and rooftop with a pool, fireplace and green spaces.

Nico Valentino, commenting on the sale at Curbed L.A., sums it up succinctly: "I like the unit ... pretty good, decent layout. However, it's overpriced, location sucks, and sleeping under a bunch of sewer pipe has gotta be bad feng shui." Ouch.

Indeed, the listing for the 1-bedroom, 1-bath loft implores would-be buyers to consider that "the seller will finance up to 70 percent of the sale.''

For more on home prices and related topics see these AOL Real Estateguides:
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