In what one imagines is a PR battle to combat today's somewhat negative and worrisome story from the Los Angeles Times about condo sales in downtown Los Angeles, a press release from South Group, developer of those glossy and glassy buildings in the South Park area, just hit the InBox. Headline: "SILVER LINING IN DOWNTOWN L.A. DOWNTURN: South Collection Sales Steady."
LOS ANGELES, CA – March 13, 2008 – Bucking the trend of downtown Los Angeles’ delayed developments, rising residential inventory and sagging home sales, The South Group announces that residences at its chic new South Collection high-rise community are selling steadily.
The South Collection, located in the heart of South Park near STAPLES Center and LA Live, consists of a trio of residential buildings: Evo, scheduled for completion in summer 2008; Luma, occupied, final few residences now selling, and Elleven, fully occupied and California’s first LEED Gold certified condo. Luma and Evo are also expected to be LEED certified later this year, targeted for Silver.
Known for its award-winning, eco-conscious design and organic approach to urban transformation, The South Collection continues to attract Angeleno homebuyers, especially since the beginning of the year.
By the numbers:
· Since January 2008, 20 residences in Luma have sold; an equivalent of 11% of Luma’s total number of units (236).
· Luma is nearly sold out with only three units remaining.
· Luma averages eight sales per month.
· The South Sales Center’s traffic-to-sales conversion ratio is an impressive
1 in 21 (compared to current market absorption of 1 in 55).
Why have potential new homebuyers been turned on to South?
That’s the number one reason, according to a recent survey of Luma homebuyers. Almost 82% of those polled picked South because of its convenient downtown setting.
And who are these new homebuyers?
Well-educated and successful professionals – a majority of which are first-time homebuyers. The South survey shows that 85% are college graduates, 38% of whom hold Masters degrees. The top reported occupations are entertainment (11%) and finance/accounting (11%), followed by legal and high tech (both at about 9%) and medical.
A major finding was that 38% of Luma buyers work in downtown L.A. and 24% work 15 miles or less from the city centre.
“Our survey clearly reflects Angelenos’ desire to live, work and play in the heart of downtown and cut down considerably on driving” said Rhonda Slavik, director of marketing. “We’re also hearing that our model ‘green’ community is highly appealing to homebuyers. It’s also within walking distance to the Metro and L.A’s major civic, financial and educational centers.”
The South Collection is not only downtown L.A.’s first new residential development in 24 years, but a sustainable one at that, incorporating numerous eco-friendly, energy efficient measures to maximize energy savings. Evo, Luma and Elleven were designed to save approximately 3.7 million kWh a year which translates into 2.4 million lbs. of CO2 offset.
“People’s home buying choices are affected by their desire to live in a true neighborhood. South is more than just buildings,” Slavik explained. “We’ve created a 24-hour neighborhood of pedestrian paths, gardens and a lively streetscape of retail shops and services where residents can mix and mingle. The entire city is at their doorstep. That’s highly attractive to homebuyers.”
For more information on The South Collection and available residences in Evo, call (213) 622-5400, log onto www.southcollection.com