Sales of condominiums in downtown Los Angeles are really heating up, as more wealthy buyers are finding it increasingly attractive to be near such attractions as Staples Center and the variety of restaurants and museums in downtown.
According to a report from Southern California Public Radio, there are now 52,400 people living in downtown Los Angeles. That number is up by more than 7,000 just since 2011.
To illustrate the booming downtown Los Angeles condo market, the report points out the Ritz-Carlton—which opened in 2010—has sold nearly all of its 224 condominiums, which are located on the 27th floor and above. Condos at the tower were first put up for sale in 2007, but the first sale didn’t even close until 2011. Things have picked up so dramatically that now there are just six penthouses still available for purchase at the downtown Ritz-Carlton.
An official with AEG, which designed the tower that houses the Ritz-Carlton and JW Marriott, said about one-third of downtown condo buyers use them as their permanent residence. Another one-third of people use them as a second home, and the remaining one-third of buyers purchased the condos as an investment into the future of downtown Los Angeles.
Condos in the Ritz-Carlton range from around $2.7 million to nearly $8 million. Most experts in the report believe as downtown continues its renaissance with the addition of more stores, market, etc., the demand for downtown condos will only increase.