It seems the renaissance in Downtown Los Angeles is in overdrive. In the past 30 days, The Ritz-Carlton Residences at L.A. LIVE has sold 11 homes – more than $14.5 Million total in sales – to Downtown executives, students attending nearby schools and sophisticated international buyers looking to own a luxury residence in Downtown Los Angeles.
The recent sales come on the heels of the The Ritz-Carlton Residences at L.A. LIVE celebrating the one-year anniversary since its first homeowner moved in. A total of 53 homes have closed since February 16, 2011, amassing approximately $96 Million in sales. Compared to any other luxury high-rise development in Southern California, more million-dollar-plus homes have closed at The Ritz-Carlton Residences at L.A. LIVE in the past year than anywhere else.
“The time to live and invest in Downtown L.A. is now,” said Billy Rose, President of The Agency. “The appeal among affluent buyers both here and abroad to own high-end, high-rise homes in Downtown L.A. is greater now than ever, and nothing comes close to what The Ritz-Carlton Residences at L.A. LIVE has to offer, from the way homeowners are pampered 24-hours a day by the legendary Ritz-Carlton Hotel services to the prime location high above L.A.’s preeminent entertainment and sports complex.”
At this point, the continued renewal Downtown seems not just unstoppable, but accelerating. The area’s residential, entertainment, culinary, nightlife, retail, hospitality, arts and cultural offerings are thriving like never before, and the current level of commitment to — and investment in — the future of Downtown is unprecedented. Downtown L.A. has already seen $15 Billion in development efforts over the last 10 years, and another $3.5 Billion in downtown development is either currently under construction or pending approval. Projects already underway include: the $1.1. Billion, 2 Million-square foot Wilshire-Grand mixed-use hotel project; the $40 million, 340,000-square foot FIGat7 retail mall with a 104,000 square foot Target store as its anchor tenant; and the $100 million, 120,000-square foot Eli Broad Art Museum.
But, perhaps most exciting for the new residents of The Ritz-Carlton Residences at L.A. LIVE is the development of the highly-anticipated Farmers Field, which will serve as the home of Los Angeles’ new NFL football team. Replacing the aging Convention Center, the new stadium is just a stone’s throw away from the Residences – so close the residents will be able to practically watch games from their windows. AEG, the developer/owners of The Ritz-Carlton Residences at L.A. LIVE, hopes to break ground on Farmers Field before the end of the year.
You can learn more about The Ritz-Carlton Residences at L.A. LIVE here.