It's been a pretty bumpy couple of years for LA's new luxury condo development scene: The Carlyle on the Wilshire Corridor is now advertising some of its units as rentals; the Beverly Wilshire is still on a mysterious hiatus; The Century was very quiet until Candy Spelling closed on her penthouse; the condos at The Montage weren't exactly flying out the door (as of last fall); and if the sales team at the Ritz promise that tower is more than 60 percent under contract, closing and move-ins aren't expected to start until next month.
On the other hand, all those luxury projects appear to have successfully avoided bankruptcy, and that's saying something.
But what will the new construction luxury market look like in 2011? Let's ponder the status of La Terrasse, that 20-unit condo project at the edge of Beverly Hills and West Hollywood that's been on the MLS for nearly a year. A web site is now up and running, and far as a price example, a 3,949-square foot three-bedroom is asking $4.1 million. Via the web site: "Five unique floor plans designed for today’s lifestyle including four approximately 4,000 square-foot Penthouses are just the beginning of La Terrasse living....The Beverly Hills School District and services of the City of Beverly Hills are invaluable assets to our Homeowners. La Terrasse – having it all and loving it.
· La Terrrasse [Official Site]
· La Terrasse Hits the Market in Beverly Hills [Curbed LA]