LOS ANGELES—Century City has been hit with a bevy of new development and redevelopment that is expected to transform the market into a live-work-play destination. The new activity is giving a bump to the current residential market, according to Jill Epstein, a broker with Nourmand & Associates, who said in an earlier story that the market's vintage low-rise condo stock were seeing new demand from young professionals. With new high-rise towers on the way, the vintage high-rise market is also seeing new activity from younger homebuyers looking to get a good deal before the new product comes online.
“There are also two high-rise towers that are older: Avenue of the Stars and The Century Towers,” Epstein tells GlobeSt.com. “Those are high-rise buildings and they are also coming into higher demand because they have views and lower pricing. At Avenue of the Stars, which is considered to be a better building, you can buy a unit anywhere from $1.2 million to $2 million plus. This is absolutely still a discount to the newer high-rise buildings that are coming to the market.”
The other vintage condo complexes in the market are guard-gated low-rise communities with bigger units and more space, and they are going for similar prices. For the high-rise towers, buyers are paying for the view. Many of the units in both the low and high-rise properties need to be remodeled.
Aside from the lower prices and the views, Epstein says that the older construction is actually helping to fuel demand of the older units. “There is something to be said about older construction,” she says. “Nothing is without problems, and with an older project, you already know what the issues are. Just because it is new construction doesn't meant that you are not going to have the problems that you might have in an older buildings.”
Younger buyers and small families are showing up for opportunities in these vintage properties. While Epstein hasn't seen multiple offers yet, the units are often selling in less than a week and are competitive.
LOS ANGELES—Century City has been hit with a bevy of new development and redevelopment that is expected to transform the market into a live-work-play destination. The new activity is giving a bump to the current residential market, according to Jill Epstein, a broker with Nourmand & Associates, who said in an earlier story that the market's vintage low-rise condo stock were seeing new demand from young professionals. With new high-rise towers on the way, the vintage high-rise market is also seeing new activity from younger homebuyers looking to get a good deal before the new product comes online.
“There are also two high-rise towers that are older: Avenue of the Stars and The Century Towers,” Epstein tells GlobeSt.com. “Those are high-rise buildings and they are also coming into higher demand because they have views and lower pricing. At Avenue of the Stars, which is considered to be a better building, you can buy a unit anywhere from $1.2 million to $2 million plus. This is absolutely still a discount to the newer high-rise buildings that are coming to the market.”
The other vintage condo complexes in the market are guard-gated low-rise communities with bigger units and more space, and they are going for similar prices. For the high-rise towers, buyers are paying for the view. Many of the units in both the low and high-rise properties need to be remodeled.
Aside from the lower prices and the views, Epstein says that the older construction is actually helping to fuel demand of the older units. “There is something to be said about older construction,” she says. “Nothing is without problems, and with an older project, you already know what the issues are. Just because it is new construction doesn't meant that you are not going to have the problems that you might have in an older buildings.”
Younger buyers and small families are showing up for opportunities in these vintage properties. While Epstein hasn't seen multiple offers yet, the units are often selling in less than a week and are competitive.
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