The pandemic put a damper on high-rise living, as a highly infectious airborne virus made close proximity to neighbors suddenly unappealing. But the condo market has come roaring back, particularly at the high end.
, a new hotel-condo hybrid opened by Montage Hotels & Resorts. The $500-million complex built on the former site of the House of Blues is one of multiple projects coming to the Sunset Strip as developers look to lure buyers into luxury condos loaded with high-end amenities.
“Condo living is a newer concept for L.A. We’re a culture of swimming pools and backyards,” said Jim Jacobson, the senior vice president for Douglas Elliman’s development marketing. “But now that people can tour the units in person again, they’re buying everything.” “They’re unique because they live like a home but are set within this urban environment,” said Tina Necrason, Montage’s executive vice president of residential development.Take a look at five condos on the market for $400,000 around Los Angeles.
Douglas Elliman recently sold out the Residences at the West Hollywood Edition, another hotel-condo hybrid with 20 luxury units ranging from $5 million to $25 million. Jacobson credited buyer response to the high-end amenities of the units and to the scarcity of inventory, with demand vastly outweighing the supply of luxury condos on the market.The coming years will see a bit more inventory in the form of One Beverly Hills, a 17.