When you think of luxury high rise condos, you may not think immediately of Downtown LA, but you should according to top Realtor Yvonne Neustadter. “The prices will be more competitive than West Hollywood and Century City areas and for those that are working in Downtown or in the vicinity, it’s a spectacular option,” says Yvonne, owner and broker of The Property Lab, the top luxury real estate agent in Downtown LA.
Yvonne is a Realtor that has dominated the luxury real estate market in Downtown Los Angeles pretty much since luxury entered the DTLA market with The Ritz Carlton Residences Los Angeles around 2010. Since The Ritz came on the scene, the newest competitor has been The Metropolis Towers by Greenland but those are 4 star, not 5 Star like the Ritz Carlton.
“It’s really about the type of services and cache the buyer wants as to which building they will choose,” says Yvonne. “Both are gorgeous buildings and The Ritz Carlton and Metropolis are known to be the most luxurious and amenity full in Downtown Los Angeles. Buyers hit both of these buildings most typically when searching for a new luxury high rise home in the Downtown Los Angeles area.”
As far as seeing a resurge, Quarter 1 and 2 at The Ritz Carlton were bleak but come Q3, sales started to hit and most of them happened in September 2023. Yvonne is closing out the biggest sale of the year at The Ritz Carlton Residences Los Angeles as of late December 2023 at $2,100,000 with 900 W Olympic Blvd 47F near $1000 per square foot. The previous Ritz sales for the year were mostly in the $700s/$800s per foot so this is a fantastic transaction to close out 2023 she says.
“I feel this signals what’s to come in 2024. I’ve been predicting the real estate market will strengthen further in the new year but in particular I feel there will be a bigger rise in sales for more up and coming / gentrifying areas like Downtown LA and Hollywood. Now is the time to buy before prices increase further. I also see the W Hollywood sales rising as they are remodeling and making it the West Coast Flagship. Exciting things to come,” says Yvonne.