From the January issue: Los Angeles was late to the high-stakes game of building high-rise luxury condominiums for the global elite even though real estate pros in New York City, Miami and Vancouver have been wheeling and dealing in this space for years.
“New development is in its early stages compared to New York or South Florida,” said Susan DeFranca, the CEO of new development marketing at Douglas Elliman. “But there is increasing interest in condominiums due to the convenience and lifestyle.”
Market watchers point to both a historic local preference for single-family homes and a particularly slow and painful recovery from the recession as reasons for L.A’s late entrance to the field.
“It really, really halted the progress that L.A. was making to become an international destination,” Sebastian Wolski, managing director for Nest Seekers’ Serhant Team Los Angeles, said of the Great Recession. “We’ve slowly been coming back, and that’s what you’re seeing today.” [More]