LA catches a condo fever

New condo projects test the limits of a young market in a rush to grow up

TRD LOS ANGELES /
Jan.January 27, 2017 08:30 AM

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]


Related Articles

arrow_forward_ios
Clockwise from top left: 13224 Old Oak Lane, 4425 Haskell Avenue (center), 656 Lachman Lane, 375 N. Saltair Avenue and 1200 Club View Drive

The Weeknd’s Beverly West condo tops LA County resi sales

The Weeknd’s Beverly West condo tops LA County resi sales
Pasadena KOAR International is betting on a luxury condo complex for active, LGBTQ seniors (Credit: iStock)

KOAR will spend $70M on condo complex for LGBTQ seniors in Palm Springs

KOAR will spend $70M on condo complex for LGBTQ seniors in Palm Springs
Greenland Holdings has already decided to sell one downtown Los Angeles Metropolis tower and convert another into apartments, as it struggles to sell two others.

Can influencers and college students save Greenland’s Metropolis?

Can influencers and college students save Greenland’s Metropolis?
Abel Tesfaye, AKA The Weeknd, will be rocking out at a Beverly West penthouse (Credit: Google Maps and Getty Images)

The Weeknd drops $21M on Beverly West penthouse

The Weeknd drops $21M on Beverly West penthouse
Woodridge Capital Partners’ CEO Michael Rosenfeld and Sales Director Mary Ann Osborn with a rendering of the project

A $2.5B litmus test for the Century City luxury market

A $2.5B litmus test for the Century City luxury market
4Site Real Estate’s Todd Wexman and the entryway at the Cha Cha Cha condo building

“A slap in the face”: LA developer criticized for condo project name

“A slap in the face”: LA developer criticized for condo project name
Los Angeles Luxury Condo Market Amenities (Credit: iStock)

Amenity insanity in LA luxe condo market

Amenity insanity in LA luxe condo market
Erin Anderson, development manager at Palisades Capital Partners and The Liddel on Wilshire Boulevard

Big trouble at The Liddel: Carpet USA sues over unpaid work at luxury condo

Big trouble at The Liddel: Carpet USA sues over unpaid work at luxury condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...