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CurbedWire: Ritz Carlton Residences Certainly Not Dropping Prices

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DOWNTOWN: Given that many downtown condominium buildings are dropping prices on units, we wondered if the Ritz Carlton-Residences At LA Live had dropped their prices at all. Not so much. Laurie Miskuski Director, Sales and Marketing AEG, replies via the following statement: "The Ritz-Carlton Residences at L.A. Live have not reduced prices nor given concessions/incentives. This is a very unique property with a tremendous value. We believe in this project and LA Live as a whole and do not plan to reduce prices. We are continuing to build ahead of schedule and are continuing to sell residences. We recently sold one of our PH units for $9 million."

According to the Ritz people, the property, which has units priced from $1.4 million to over $9 million, is now 65 percent sold out. If you're scratching your head, wondering why AEG CEO Tim Leiweke stated that the Ritz-Carlton was two-thirds sold out back in April 2008, well, we were wondering about that two-thirds figure, too. Finish contingency, people. Miskuski writes: "We had a finish contingency in our contract last year because when some of the buyers wrote contracts it was prior to our having finalized the finish selections. During the finish contingency release we had some buyers pull out and have since resold enough units to make ujp for what we lost. That being said we no longer have any contingencies in our contracts and the contracts we do have are not 100 percent binding." [Curbed Staff]