a glimpse at what multi-millions buy you at the ritz
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It’s not difficult to imagine the city views 54 stories up from LA Live, or the highfalutin perks that come with living atop a luxury hotel.
Sure those things don’t come cheap, but at a whopping $1000 per square-foot (and higher), just how much fancier can a Downtown condo get above others we’ve seen at half the price? Should buyers expect to see diamond-encrusted backsplashes, gold leaf faucets or self-cleaning showers?
Not a chance.
That hasn’t stopped AEG from scoring $260 million in confirmed sales since the project hit the market last year — a number claimed in a report released today by the developer.
The figure may seem impressive, but doesn’t jive with the “two-thirds sold of 224 units” we were fed unofficially back in August.
The Ritz-Carlton Residences at L.A. Live Model Units
12 comments
it must be nice to be rich. to live right next to staples and la live.
$1000 a square foot isn’t “Top of the Line” in LA. There are rumors that the Montage in BH will start in the $2500-3000 a square foot range. Didn’t Candy Spelling’s place go for something ridiculous as well? I don’t think she’ll have “gold leaf faucets” either.
That’s a bargain in Dubai. LOL
if residences get 5 star hotel service, i think $1000/sq ft is considered cheap.
You say that the numbers don’t jive with the 2/3 sold. What is your evidence for that? Care to elaborate? They could have sold 2/3 of the units at a million per and a lot residents at 2 mil and still come up with the $260 in confirmed sales.
Derick, from the prices available, the cheapest unit at Ritz is $1.8m.
That means all the units sold would have to be that price, 144 units at $1.8m to make just under 2/3. In my opinion, that’s a slim possibility.
By the way, I want this project to do very well, I think it will. The building doesn’t open until 2010, so they’ve got plenty of time to sell the remaining units, with the benefit of a recovering market next year (fingers crossed).
Also, I find it a tad bit strange the press release chose to present the sales news in total volume sold - not in an actual percentage. In my opinion (and it’s just one opinion) that’s cause for second guessing.
stephen, i had to leave a little early, did i miss you at their bloggers’ event on monday?
Hi Celia! No, I didn’t make it on Monday — just tuned in after the fact.
Did you take that photo of Downtown Stephen?
Unfortunately no
I’m bound to sidewalks and rooftops. AEG gave me that photo.
Hello, Ritz? I would like to purchase nine square feet please!
Why yes, a closet will be fine. I will sleep standing up. Now where’s my room service?
As for the 2/3 of the units sold before vs. 1/2 of sales prices in total now, they did address that at the bloggers event. They said some of the people who has reservations did drop out (changed mind, bought elsewhere etc.) when the project hit one of its benchmarks.
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