Ritz-Carlton at LA Live: Blue Mosaic Facade Houses Downtown's Best Homes in the Sky

High above the city, at the Ritz-Carlton Residences at LA Live, you'll find plenty of comfort and a box seat to the some of the best views -- and certainly the best amenities -- in Downtown Los Angeles.

The Gensler-designed building offers 224 residences from the 27th to the 52nd floor of this blue, mosaic-clad building that has become a new landmark on the Downtown skyline.

The building is now 60% sold, and closings and occupancy will take place at the beginning of the new year.  There are 1 bedroom ($800,000 and up), 2 bedroom ($1,496,000 and up), and 3 bedroom ($2,124,000 and up) floorplans available, so for those looking for a pied-a-terre or a chic residence in Downtown Los Angeles, you must check out the Ritz-Carlton Residences.

The two-bedroom 27th floor model unit is designed in a warm, classic style that fits the Ritz-Carlton brand perfectly.  The apartment-style layout features two bedrooms which offer some of the most spectacular views from bedside.

This model unit has western views that encompass everything from the Hollywood Hills to the beach to the South Bay.

The kitchen has enough Gaggenau appliances and finishes to rival an outfitted Westside home -- even though you may only use it to heat up the Wolfgang Puck cuisine you order from downstairs restaurant WP24.

Climb to the 44th floor, and check out the views of one of the 3 bedroom corner units.  The space is currently under construction, but clearly, high above LA, you will never want to leave home.

The Ritz-Carlton Residences at LA Live have their own pool and gym, which are shared with the Ritz-Carlton Hotel, but are separate from the Marriott Hotel below.

On the hot summer day we visited, the pool looked particularly inviting.

Residents have access to the Sky Lobby, a floor-length building common area, which looks like a great place to wile away before a Lakers game or a concert at the Nokia Theater or Staples Center below.

Other amenities include concierge service, valet service, and one-stop LA LIVE All Access Living.  Residents get perks from the Ritz-Carlton brand such as free breakfast for two when you stay at Ritz-Carlton hotels.  And since developer AEG is also in the music business, (owning the O2 arena in London and other entertainment venues), residents at the Ritz-Carlton at LA Live get priority access to these events.

We think that Ritz-Carlton at LA Live is an incredible addition to Downtown LA and to Los Angeles itself.  Finally, the excitement and hustle bustle of the city returns to its heart.

The Ritz-Carlton Residences at LA Live

Building Website

tel: (213) 743-8854

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We love the Ritz-Carlton Residences at LA Live and would like to tell you more about it. If you have questions about this or other condo buildings, please call us at (310) 845-6810 or email us by clicking on this link.

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Harper West Hollywood Cuts Prices, Nets Buyers Best Quality, Best Location at Best Value

Harper West Hollywood, a 32-unit new condo complex in one of the best residential neighborhoods in West Hollywood, has cut its prices by a total of 12%, making this the best quality, best value around.  One bedrooms are priced under $500,000 and 2 bedrooms start in the mid-$600,000s.  Buyers take notice.

Look at these units that are for sale:

• Unit 403 - 1 br/1.5 bath- 1,382 sq ft with 481 sq ft terrace - 1st Floor unit - $554,000 ... now $499,000
  
• Unit 411 - 1 br/1.5 bath - 1,326 sq ft with 29 sq ft terrace - 2nd Floor, 2 level unit - $589,000 ... now $519,000
• Unit 413 - 2 br/1.5 bath - 1,367 sq ft with 101 sq ft terrace - 3rd Floor unit - $794,000 ... now $674,000
• Unit 303 - 2 br/2 bath - 1,521 sq ft with 148 sq ft terrace - 2nd Floor, 2 level unit - $719,000 ... now $624,000
• Unit 308 - 2 br/2 bath - 1,451 sq ft with 311 sq ft terrace - Penthouse Loft - $849,000 ... now $764,000

Adner Realty Group is honored to be doing the online and social media marketing for this project and will be updating you with more photos and media on these units. 

Check out a video walk-through of Unit 308 -- Now note the reduced price of $764,000, from $849,000:

And take a look-see at Penthouse Unit 419, which has been reduced to $899,000, from $954,000:



Finally, take a gander at Unit 401, which has been reduced to $514,000, from $589,000:




Harper West Hollywood
1250 N Harper Avenue
West Hollywood, CA 90046

Hollywood Multifamily 2nd Quarter 2010: Same Old Song And Dance, GRMs in 8.4 - 10.9 Range

As we have frequently reported, Hollywood is credited as being the hottest sub-market in the five county Southern California region. With the arrival of the W Hollywood Residences crowning the intersection of Hollywood and Vine (with condos priced just under $1 million and up), the neighborhood has indeed arrived for the 21st century. Hundreds of new rental units have come online, and Hollywood has reasserted itself as a central hub of the city where its residents live, work and play.

Given its rising star, it should come as no surprise that Hollywood racked up some impressive sales during the 2nd Quarter of 2010.

The largest sale was 920 Wilcox Avenue, a 26-unit building that sold for $7,250,000 and a GRM of 10.9. This building has 18,587 sq ft of living area, and built in 1990, is not subject to Los Angeles rent control. The just-rehabbed property also offer its owner the possibility of condo conversion in the future, when better times are at hand.

Another sale that tipped the scale was the "trifecta" of 6228-6234-6238 De Longpre Avenue.  These three buildings, comprising 62 units, were sold as one package for $5,875,000 or an 8.4 GRM.  The structures were constructed between 1925 and 1937 and contain a total of 34,400 sq ft.  The list price for the three buildings was $6.3 million.

1300 N Alta Vista Street, a 10 unit building constructed in 1936, sold for $2,625,000 and a 10.3 GRM.  This property traded at a significant discount to its $3.3 million list price.

823 N Hudson Avenue, with 8 units and 6,795 sq ft of living area, sold for $1,175,000, $75,000 below its $1,250,000 list price. This 1963 building traded at a 10.6 GRM.

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We love Hollywood (among other neighborhoods). If you want to buy or sell apartment buildings here (or elsewhere), please contact us by calling Adner Realty Group at (310) 845-6810 or clicking on this link to send us an email.

You can also subscribe to our quarterly Los Angeles Investment Property Newsletter, by clicking on this link. To see a sample of the newsletter, click on this link.

Westside Income 2nd Quarter 2010: Santa Monica, Palms, Mar Vista Rack Up Modest Sales of Buildings Under 10 Units

Westside income property sales during the 2nd Quarter 2010 were anemic, with only an odd smattering of buildings selling, all under 10 units, and with a top selling price of $1,770,000. This diverges from the 1st Quarter 2010, when three buildings sold for around or above $3 million in Santa Monica.

What is the explanation for this lackluster sales environment? Perhaps it can be explained by the lackluster economy. Or, fears aroused by the downwardly cascading Dow, which lost about 1,200 point during the 2nd Quarter. Or fears about unemployment, which showed no signs of declining. Or fears about the widening trade deficit, decline in residential sales, or ... you fill in the blank. Or maybe it was the product being offered, that failed to inspire investors.

Whatever the cause, the Quarter was characterized by modest trades. All the buildings we analyzed in Santa Monica had six units and sold between 11.2 and 13.1 GRM. This compares to 11.7 - 14.2 GRM during the 1st Quarter 2010. Although the GRM appears to be declining, because of the diverse range of building type and neighborhood, we fail to draw any conclusion about prices dropping.

In Palms-Mar Vista, sales during the 2nd Quarter 2010 ranged between 6 and 9 units, with GRMs between 10.7 to 12.0.

2228 West 20th Street in Santa Monica, with 6 units and 7,539 sq ft of living area sold for $1,770,000 and a 13.1 GRM.

953 21st Street in Santa Monica, with 6 units and 6,249 sq ft sold for $1,700,000 and a 13.2 GRM.

1527 Princeton Street in Santa Monica, with 6 units and 5,864 sq ft sold for $1,665,000 and an 11.2 GRM.

1533 Yale Street in Santa Monica, with 6 units and 4,537 sq ft, sold for $1,246,000 and 11.7 GRM.

3600 Empire Drive in Palms-Mar Vista, with 6 units and 6,657 sq ft, sold for $1,550,000 and a 12.0 GRM. This is a non-rent controlled building.

12731 Mitchell Avenue in Palms-Mar Vista, with 9 units and 7,588 sq ft, sold for $1,475,000 and an 11.6 GRM.

3720 Westwood Boulevard in Palms-Mar Vista, with 7 units and 6,453 sq ft, sold for $1,201,000 and 10.3 GRM.

3737 Vinton Boulevard in Palms-Mar Vista, with 8 units and 6,347 sq ft, sold for $1,151,000 and a 10.7 GRM.

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We have our finger on the pulse of the income property market and our eyes peeled for excellent buys. If you have any questions about income properties, please contact us by clicking on this link to send us an email or by calling us at (310) 845-6810.

You can also subscribe to our quarterly Los Angeles Investment Property Newsletter, by clicking on this link. To see a sample of the newsletter, click on this link.

Century City Watch: Century Plaza Hotel Gets Stay and Two 46-Floor Mega Towers as Backdrop

Conservationists have successfully prevented developer Michael Rosenfeld from razing Century City's historic Century Plaza Hotel, the 1966 mid-century masterpiece designed by Minoru Yamasaki. Now the public can debate the new plan for the site, which encompasses construction of two 46-floor towers, and will be one of the Westside's largest developments in decades.

The site profile by the numbers: 100,000 sq ft of offices, 94,000 sq ft of retail, 290 condos in the towers, and 394 hotel rooms and 63 condos in the Century Plaza Hotel.  The project is anticipated to come online in 2014.

Our reaction to the plan: wow, that's a helluva lot of office space.  And retail space.  And condos.  Is there a demonstrated need for such a mega-project?

During the economic downturn, the average square footage allocated to an attorney has gone from approx. 900 sq ft to 600 sq ft -- and there's still plenty of vacant office space across Westside LA.  What firms are going to occupy these new offices?  And how much retail do we need?  The average worker has become woefully impoverished and is hitting the discount chains, which are unlikely to come to this Century City locale.  Furthermore by 2014, so much retail will have moved to cyberspace, obviating the need for bricks and mortar stores.  Finally, the proposed condos are certain to be in the luxury vein, and the market is currently having difficulty absorbing what has already come on line.

The project will certainly bring much needed construction jobs to the area, but the developers' optimistic view that this project will be supported by an upswing in the economy seems to be another instance of overspeculation -- that got us into this economic quagmire in the first place.

New plan for Century Plaza Hotel adds two 46-floor towers [Los Angeles Times]

Legendary Place West Hollywood Debuts 23 Units with 3- and 2-Bedroom Layouts that Impress

Legendary Place, a new 23-unit condo buildings has just opened its doors at 1411 N Detroit Avenue in the West Hollywood area.  In a city chock-a-block full of condo buildings of all stripes, Legendary Place stands out for its straightforward apartment type floorplans (with a few townhouse-style units thrown in for good measure) with large square footage and high bedroom and bath count.

Prices range from $645,000 - $939,000 (approx. $435 - $535/sq ft).  The four-story buildings, has eleven 3 bedroom, 2.5 bath units and twelve 2 bedroom, 2.5 (or 2.0) bath units.

There is an open courtyard style plan, that eliminates long corridors and walkways.  Get off the elevator and walk into these spacious floorplans that range in size from 1,380 sq ft - 2,085 sq ft.

Kitchens are high-end, with a design neutral enough to appeal to a broad audience.

There are plenty of balconies, and the floorplans are flexible enough to be suitable for a wide segment of the population.  Units are easy to share with family members, roommates and pets.

Baths are clean with all the fittings buyers have come to expect.  Many buyers will find that Legendary Place is exactly what they need: a large, centrally-located building that's not too big and not too small.

Legendary Place
1411 N Detroit Street
Los Angeles, CA  90046

Sold by Sotheby's International Realty

Venice, California -- More Housespotting on Canals, and Beyond, in August 2010

This is a post by Luke Jones.  Venice, California, was founded as a beach town resort in 1905 by Abbott Kinney, a tobacco millionaire. He constructed a pleasure pier and a long arcade street with Venetian architecture and dug several miles of canals so that tourists could tour the area in gondolas. By 1925, Venice was quickly falling into rack and ruin with the sewage systems and roads badly in need of repair. In 1929, wildcatters discovered oil in the area, and as oil waste flooded into the canals, the area deteriorated even further.

By 1950, Venice was known as the ‘slum by the sea’. At this point, Venice started to attract European immigrants and the young counterculture of LA, including artists, writers and poets. With the canals largely filled in or filled with rubbish and prominent gangs in the area, Venice remained largely an impoverished slum until around the late eighties.

A generation later, Venice is now one of the most desirable, vibrant, and eclectic areas of Southern California.  Property prices have skyrocketed and, with a high median household income, this once modest neighborhood is now one of the wealthiest neighborhoods in the city of Los Angeles. Today, only four main canals remain and where once stood small, rundown cottages, you now have magnificent ‘palazzos’ fit for a king.  This week, I checked out a varied selection of properties in the area that, once again, highlight the range in terms of both price and quality that you can find in Venice.

Firstly, we have a short-term lease opportunity. 217 Sherman Canal is a fabulous architectural home with prime canal frontage. It is available for 5 months only from October 1st and comes fully furnished. Ideal for a creative type coming to LA on a work assignment or a family who fancies staying in Sunny California through the winter, it has 3 bedrooms, 3 baths across two stories with an amazing master suite with soaring ceilings throughout. At $8,500 per month, it’s not cheap, but the rent includes a weekly maid and gardener and is fully equipped with built in BBQ, modern kitchen, wifi and satellite TV. The decoration is a cross between modern Spanish and Italian with cherrywood flooring, mahogany cabinetry and tile / granite surfaces. There is a two car garage that will be available for use, as well. If you’re tempted by the lifestyle in Venice but feel you want to dip your toe in the proverbial canal water first, then this could be just right for you.

If, on the other hand, you want to splash into something truly palatial, then why not check out 420 Carroll Canal. At $5,750,000 this is a seriously large home. With 90 foot of waterfront and a lot size of over 5,000 sq ft, this represents a unique opportunity to own three separate buildings that are interconnected via French doors and shared courtyards. The seller basically owned one Spanish-style home and then bought the two buildings beside it to create this rare, triple lot compound.

As it is now, the largest of the three buildings, has 3 beds, 3.5 baths, with high ceilings and French doors that lead to waterfront, and balconies as well as a spacious roof deck. The 2nd home has a full kitchen and large study / living room with canal frontage as well as full guest suite or 2nd master upstairs with an en suite bath. The 3rd house is a single room studio with small kitchen and private bathroom that could be a perfect cabana / studio or office. The property has an ornate courtyard with an outdoor fireplace and koi pond. With parking for 8 cars, this expansive property would be ideal for entertaining or running a business from home or, alternatively, could generate significant rental income from the 2 adjoining properties.

If you’re thinking of something more modest that could also be used to house your business or generate rental income, consider 421 Grand Boulevard. Grand, as the name would suggest, used to be the widest of the canals in Venice. It’s now a fairly busy road in Venice connecting Pacific to the north west and Venice to the south east. The properties on Grand are an eclectic mix of modern architectural homes, small single family homes from the 1970’s, and original beach huts from the 1920’s.

This 2,700 sq ft lot comprises of 2 charming vintage cottages with steep pitched roofs. Each house is pretty much identical with one property facing the street and one out back. Each cottage is about 600 sq foot with a small bedroom in the back, living room / reception in the front, and loft space that could easily be a master bedroom. The small kitchen has a utility space behind it and so if one were to knock down the diving wall, you could feasibly have a nice kitchen / dining room. The bathroom, typical of these kind of houses, is tiled throughout with a shower / bath.

In addition to the 2 cottages on the lot is a spacious 2 car garage that could possibly be converted into an office space. With a front yard and white picket fence, this truly is one of those last remaining vintage Venice cottages. What intrigued me about this property is just how many options one has. You could live in one and rent the other, generating about $2,250 / month of $26k per year to go towards your mortgage payments. You could buy it with a friend or family member as tenants in common and each have a small cottage for half the price of a single family home in the same neighborhood, or you could use one of the cottages as an office / guest home. At just under a million, I think this place is well worth checking out.

For a little more space and even a little less money, take a look at 1412 Oakwood Avenue, a single family home in east Venice. Slightly further away from the beach and in the slightly less salubrious Oakwood district of Venice, this is a property that only a few years ago would have been a fraction of the price. Interestingly, the Oakwood district of Venice was home to one of the most notorious and dangerous gangs in the 1950’s and was the founding place of the Crips in the 1970’s. However, during the 1990’s, wealthy homeowners began revitalizing the area and renovating old houses. In 1994, a deadly battle between rival gangs resulted in around 50 deaths. Subsequently, a ceasefire was called and the area is now fairly calm. So, this area is not necessarily for the faint hearted, but it certainly has character. I’m still surprised, however, at the property prices and I can’t quite believe that the market will be able to hold at this level.

1412 Oakwood Avenue is on a corner lot with a nice front yard and expansive back yard, including a hot tub. With hardwood floors throughout and a large 2 car garage, this is a classic single family home. I mention this property merely because it gives a good indication as to what prices are being set at the moment. I think you could do better, but if your heart is set on Venice, then this property is very typical of what you can get for under a million. Location, location, location!

Next time, I’ll blog about North Venice / Santa Monica. With the new mall about to open at the bottom of 3rd street promenade in Venice, I can see a lot of activity starting to happen in that area.

You can also check out my previous post chronicling my house-hunting in Venice. 

Until then, enjoy the California summer and don’t hesitate to contact us should you have any questions or queries.

Beverly West, Wilshire Corridor, and The Century, Century City Debut High-End, High-Rise Living on the Westside

After many years of construction, two Westside luxury residential towers, Beverly West on the Wilshire Corridor, and The Century, in Century City, have reached completion.

Northeast View from the 17th Floor towards Hollywood Hills

We had the opportunity to take a hardhat tour of the Beverly West and we love the (almost) finished product.

With only 35 units, the Beverly West is intimate, off Wilshire Boulevard (entry and egress is on Club View Drive), and offers incredible views over the green fairways of the Los Angeles Country Club to the Hills, Downtown, and the Beach.

The developers of the Beverly West, Emaar Properties, thought big.  The rectangular-shaped building is carved up into full-floor penthouses of over 8,000 sq ft (Floors 18 - 22) and half-floor plans on the lower floors of approximately 4,000 sq ft (Floors 5 - 21).

The 14th Floor model unit shows off the building brilliantly.  Walk out of the elevator into a private foyer that leads to a huge, open living-entertaining-kitchen area.  To one side is the master suite, to the other side are two bedrooms and two baths.

Wood, marble, stone, and tile, have all been combined in a pleasing, classic palette that will, like a fine, old bottle of Bordeaux, will never go out of style. Imagination is the only limit in terms of how each unit can be customized to the owner's tastes.

The huge master suite offers lots of room.  The model has been modified so that the 3rd bedroom is converted into "his" dressing room (equality of the genders now dictating that the man get equal closet space.)

The master bath offers one of the best views from a sunken tub anywhere in Los Angeles.

Marble in the master bath goes from floor to ceiling, and past the steam shower is the large, finished walk-in closet with exquisite cabinetry.

Since sales have been rolled out in a "soft" opening, prices on certain units at the Beverly West have been lowered.  An 8th floor unit is priced in the $4.5 million range, around $1,150/sq ft.  Prices increase by floor, and by the 17th floor, asking prices are around $1,950/sq ft (around $7.5 million.)  Given the exemplary, "world-class" product and location, these homes have attracted buyers, and units are going into contract.  HOA dues are just over $5,000/month for the typical "half floor" unit.

In other news, the Los Angeles Times reports that The Century, the Robert-Stern designed, 140-unit, 41-story luxury tower in Century City, has been completed, and is now approximately 25% sold. The Art-Deco-inspired Century distinguishes itself by its classic style, akin to the type of building you'd find in Manhattan from the 1920's or 1930's.  The units there have been lowered approximately 25% in price, reflecting the soft market.

We previously reported on the units at the Century and we loved the blend of refined luxury and retro-modernity.  The floorplans, a quadrant of an ellipsoid-shaped building, make for original layouts.  And the views are unobstructed in all directions.

The sales at Beverly West and The Century will both be aided by their completion.  Although virtual tours are great, there's nothing better than seeing a building that is live, up, and operating before laying down a cool (few) million.

Beverly West
1200 Club View Drive 90024
Emaar Properties

The Century
1 Century Drive
Los Angeles, CA  90067
Related Companies

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Adner Realty Group has its finger on the pulse of the Los Angeles condo market. If you have questions about the Beverly West, The Century, or other buildings, please call us at (310) 845-6810 or email us by clicking on this link.