And why wouldn't they? Valet parking, 24-hour concierge services, resort-style swimming pools, lounges and fitness centers, all at a moment's notice for many condominium owners in downtown Los Angeles.
Even the Ritz-Carlton Residences at LA Live includes a free breakfast buffet daily to all condo owners. And this is simply commonplace in many of these downtown buildings. It's the enhancement and enticement that are making buyers think twice about buying a single-family home. Yes, we still have the issue of condo association fees, which single-family home buyers don't have to deal with, but, if a single-family home costs twice as much is a condominium in the condo provides a variety of perks, which do you think buyers will choose?
Many downtown residents feel that once you stay in a condo environment, it gets very addicting. Simply pick up the phone and asked for recommendations, reservations, or enjoy life as if you were on vacation 24 hours a day seven days a week.
Many prices for downtown Los Angeles condominiums have rebounded greatly from postrecession lows and even though they have often outpaced single-family homes, they are still much more enticing with all the added extras the condos provide.
The average price per square foot for a luxury condo is about $1100. The average price per square foot for a single-family home in LA is $562. However, most of those homes are not in downtown nor are they close to shopping, dining and entertainment. Luxury condo prices could be comparable to some properties in places like Beverly Hills, Bel Air, or the Sunset strip.
Condo and single-family home buyers are two completely different types of buyers. Most people that are dead set on a home will purchase that home regardless of the amenities or "extras" whereas condo buyers are buying for the convenience, luxury and those extras that many buildings provide. It's also low maintenance; you don't have to mow the yard or paint the house when the time comes.
Living in a condominium that offers 24-hour service is something that many condo owners are looking for in order to make their busy lives work better. Many buyers are in their 30s and 40s and travel often, so having a convenient place to take care of a lot of your necessities is very attractive to these types of buyers.
If buying a condominium sounds like your cup of tea, contact our office today. We'd be happy to go over some condominiums in the neighborhood of your choice that fit your budget and your lifestyle.