In our current real estate boom/bust cycle, these four under-construction projects represent the last insanely-priced luxury towers that'll rise in Los Angeles for some time. Stretching from downtown to Century City, these four will all be finished by next summer (most will be done well before that). If you have the money to spend, the cheapest condo among this group is a $1.4 million unit at the Ritz, and the most expensive is the Century's $30 million penthouse. Other luxury towers may begin construction next year, but "this is the last wave for several years," says real estate agent Brian Adler, who represents Beverly West (#4). "General business sense dictates that what we are going through, nothing like this is going to be built for a while." Surely some people will cheer such news, but for the less cynical, meet the Final Four.
1. Carlyle on Wilshire
10776 Wilshire Boulevard
23-stories, 78 units
Architect: KMD Architects
Prices: $2.5 million-$12.575 million
Finish date: August 2009
Pricechops?: Yes, prices on units have already dropped. The $12.575 penthouse was originally listed at $15 million.
Notable: In a marketing attempt, the building advertised itself as paparazzi-proof, citing its "Israeli-trained VIP bodyguards." Uh, did any celebrities actually buy? "We have a very big celebrity," says a sales rep, who declined to say who it was.
Coming up: The closest proposed luxury tower is the Robert AM Stern-designed Wilshire Gayley project at the corner of Wilshire and Gayley.
2. The Century
1 Century Drive
42-stories, 140 units
Architect: Robert A.M. Stern Architects
Prices: $3.3 million-$30 million
Finish date: End of 2009/beginning of 2010
Coming up: Developer Michael Rosenfeld wants to tear down the Century Plaza for a two-tower hotel/condo project.
3. Ritz Carlton
900 West Olympic Blvd
54-story tower, 224 units
Developer: AEG is the main developer of LA Live, which includes the Ritz
Price range: $1.4 million-$10 million
Finish date: March 2010
Notable: If and when it closes escrow, the $9 million penthouse, which was purchased earlier this year, according to a rep for the project, will be highest priced condo sale in downtown LA.
4. Beverly West
1200 S. Club View Drive
Developer: Emaar Properties
Size: 21 stories, 35 units
Prices: $2 million-$20 million
Finish date: Summer 2010
Pricechops? “Nothing formal, but we are being more flexible in negotiations,” says Brian Adler, listing agent.
Notable: Facing sharp financial losses, Dubai's Emaar dumped US builder John Laing earlier this year, and is now in the midst of a huge merger. Overseas, the developer is also canceling proposed projects and there's speculation more developments could be at risk. Agent Adler seems unconcerned. "The building is fine," he says.
Coming up: Nothing, folks. No towers are currently proposed around this area.