For a while there, the swanky condo developments around town that had the unfortunate timing of opening in the middle of the Great Recession was struggling badly, but now the Los Angeles Business Journal (sub. req.) has a sales update and finds that business was pretty damn good in 2012. While condo sales were up 6 percent in LA at the end of last year, things were rosier still at the Ritz-Carlton (Downtown), The Century (Century City), The Montage (Beverly Hills), and W (Hollywood). All but The Montage had to engage in a little pricechopping to get things moving, but none of the buildings offered what you might call a bargain; the prices per square foot across the board were waaay above the county condo average of $242. Here's a look at how each building fared last year:
Units sold in 2012: 99
Average price: $2 million
Percentage of units sold: 70 percent
Pricechops: Reportedly an average of 20 percent in 2010
Other notes: "At the Ritz-Carlton, more than 60 units have been sold to three investors. Prices were not disclosed, but bulk sales are generally considered a sign that a developer is making concessions on price to move units," according to the LABJ.
Units sold in 2012: 36 (up from 14 in 2011)
Average price: $1,225 per square foot
Total units sold: "About half" of the 140 total
Pricechops: In 2010, all prices were dropped 15 to 30 percent
Units sold in 2012: 6
Average price: $2,300 per square foot
Total units sold: 18 of 20
Pricechops: Not so fast: The Montage actually raised prices by 10 to 20 percent in 2010 and again in 2012.
W Hollywood Residences
Units sold in 2012: 43 (up from 11 in 2011)
Starting price: The cheapest units started around $700,000
Pricechops: 30 percent in 2011
Other notes: The W "spent $1.5 million renovating its rooftop pool and building a dog park in 2011 to attract more residents."
· High Time: Luxury Condo Sales on Rise As Economy Picks Up [LABJ]