The Agency’s co-founder and CEO Mauricio Umansky appeared on FOX Business this morning to discuss current trends in the real estate market, including the growing number of affluent buyers who are opting for “vertical living” in luxury high-rise towers such as The Carlyle Residences and The Ritz-Carlton Residences at L.A. LIVE.
Umansky also responded to Robert Shiller’s statement today that many more people have changed their minds about the American dream of owning a home and will be permanent renters. Shiller is the co-author of the Case-Shiller Index.
“I don’t really believe it,” said Umansky, in response to whether Shiller’s conclusion is correct. Asked why it is the American dream to own a home, Umansky replied, “Home ownership is … one of those signs that you can say: ‘Okay, now I’ve been successful.'”
“It’s the right investment,” continued Umansky. “We’re still seeing a lot of upside, especially in luxury real estate.”
Umansky also spoke about the lack of inventory and how more and more speculative developers are building single homes, with homes often selling before even going on the market.
“Finding the realtor who can get you to the home prior to hitting the market” is critical, said Umansky.
Finally, Umansky spoke about the trend of high-rise living in Los Angeles, noting that there is a lot less land available in L.A. to build homes on large properties and that many homeowners are drawn to the amenities and convenience of luxury condo homes.
Watch Mauricio Umansky’s appearance on FOX Business above or here.