Ever since The Agency--the high-profile real estate firm started by Beverly Hills Househusband Mauricio Umansky (pictured), along with Billy Rose and Blair Chang--took over sales and marketing at the Ritz-Carlton Residences at LA Live last fall, a growing number of the one percent (and those with the credit to pretend) has moved into the luxury tower. The Agency reports that 11 units have sold in the past month, totaling more than $14.5 million. They describe the new owners as "Downtown executives, students attending nearby schools, and sophisticated international buyers" (quite a step up from the dorms as the cheapest unit goes for about $800k). The Agency says "a total of 53 homes have closed since February 16, 2011, amassing approximately $96 million in sales" (it's not clear if that includes any of the most recent 11--when it was reported in November that The Agency was taking over sales, they indicated 45 units had closed). The sales are good news for The Agency and the Gensler-designed Ritz, which opened to a slow sales start last year. It was reported last summer that several units had sold to executives at LA Live developer AEG.
The Agency, which has a New Development Division devoted to high-end, high-rise condo sales, is bullish on Downtown, playing up developments like the proposed NFL stadium, the Wilshire Grand hotel redevelopment, the FIGat7th shopping center makeover with Target, and the Broad art museum. "The time to live and invest in Downtown L.A. is now," Agency prez Billy Rose says in a press release. "The appeal among affluent buyers both here and abroad to own high-end, high-rise homes in Downtown L.A. is greater now than ever."
· Downtown In Demand: 11 Homes Sold In Past 30 Days at The Ritz-Carlton Residences at L.A. LIVE [TheAgencyRE]
· The Agency Takes Over Sales at Downtown's Ritz-Carlton [Curbed LA]