Does the Century Prove the Luxury Condo Model?

The Century property is landscaped, and features popular dining destination Hinoki and the Bird, on the ground floor.

LOS ANGELES—Condo development has been making a slow comeback in Los Angeles as of late, but one developer—Related California—was way ahead of the curve. In 2010, with the great recession still visible in everyone’s rearview mirror, the Los Angeles-based developer completed the Century, an ultra-luxury 42-story condo complex in Century City. Since, the property has experienced enormous success, with resale values up 30.5%, with average prices of $5.08 million. Compare that to the $3.89 million average price tag at the opening of the complex. If the property is any indication of the market, condo demand, at least in this Westside market, is an incredible investment.

However, don’t be so quick to join the luxury condo charge, because according to some, it might not be easy to replicate this business plan. “There is currently strong demand in the high-end condominium market, but it’s completely dependent on location,” Gino Canori, EVP of Related California, tells GlobeSt.com. “Other luxury buildings in less desirable and less walkable locations have struggled to sell or resell.  Both The Century and Ocean Avenue South are located in two of the best locations in Southern California. The Century is the only ultra-luxury high-rise tower in Century City offering every lifestyle and service amenity buyers come to expect.  Ocean Avenue South has redefined the iconic coastal town of Santa Monica with unparalleled residences, upscale retail and a variety of notable restaurants.”