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LA Gets the Luxury Condo Bug

City's vertical trend extends to rich

By Kevin Spak, Newser Staff

Posted Aug 21, 2008 9:38 AM CDT

(Newser) – LA’s multi-millionaires are downsizing. While the wealth and fame in the City of Angels has traditionally expressed itself in estates, preferably gated, now a steady stream of the very-well-heeled are trading in their mansions for high-rise luxury condos, the New York Times reports. “People are ready to live in a more urban way,” says Robert Stern, one of several prominent architects designing such vertical manors.

High gas prices and traffic have been drawing residents from across the payscale downtown recently. But to lure billionaires from their mansions, condos are offering an array of amenities, including 24/7 restaurants, outdoor entertainment spaces, and Israeli-trained security guards to keep out the paparazzi. Even with them, some believe the trend will pass. “Amenities are certainly a draw,” one developer tells the Times, “but are they any better than what they already have?”

[Images (3)]

[Quotes (4)]

The South Group's Elleven, located in downtown Los Angeles, is the first condominium in California to be awarded a LEED Gold certification from the U.S. Green Building Council. (Photo: Business Wire) (AP Photo)

Drywall is moved at a condominium project under construction in downtown Los Angeles Monday, May 14, 2007, where single and two-story residences are being built by Pulte Homes. (AP Photo/Damian Dovarganes)

A new high-rise loft building under construction is seen before dawn on December 15, 2006 in Los Angeles, California. (Getty Images)

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The light went on in their heads. They said, ‘It’s like a great hotel suite.’ - David Mossler, real estate agent

The premium condo market is unproven in Los Angeles. Amenities are certainly a draw, but are they any better than what they already have? - Paul Habibi, real estate developer

People are ready to live in a more urban way. They’re sick of driving everywhere. - Robert A.M. Stern, architect

The city is becoming more interconnected and growing up. It’s a major change in the landscape of Los Angeles. - Delores Conway, director of the Casden Real Estate Economics Forecast

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LA Gets the Luxury Condo Bug