I work in the vicinity of Alameda and First st. The new loft spaces are small and pricey. The neighborhood is shady (especially in the evenings) and Skid Row is on your doorstep. Nobody ever mentions the sheer amount of industry still going on in the area either, add the congestion of the freeways close by (101, 5, 10 & 60) and your spending North of 500k to expose your health to greater harm from all of the pollutants and manufacturing activity along the river and neighborhoods. The developers built all these properties before really thinking about the community. Skid Row, Pollution, Industrial activity, Transportation and lack of resources (Supermarkets, Pharmacies etc). If the neighborhood was given an opportunity to grow like Williamsburg and Green point in New York with cheaper rents and property prices to attract people who will slowly develop the neighborhood it could be a good thing. Instead the developers have come in with really high entry level prices and the properties are remaining vacant because of this. My work colleague previewed a loft at the Biscuit Company Building (One of the nicer properties
http://www.biscuitcompanylofts.com/) and said the price for the amount of space in that neighborhood is laughable.