“Last year, 59 percent of new home sales were condos.”
According to the New York Times, in which city is that statement true?
Would you believe Los Angeles?
Los Angeles is becoming a more vertical area at all income levels as land for development becomes less plentiful and traffic congestion, and now high gas prices, steer more people to cluster around mass transit stations and more community-like sections, like downtown and West Los Angeles, said Delores A. Conway, director of the Casden Real Estate Economics Forecast at the University of Southern California. For 2006 and 2007 in Los Angeles County, condos sold better than single family homes, even as the market was dipping …
That’s pretty much what I was anticipating in Price Tags 89.
An article in yesterday’s LA Times says actor Nicolas Cage is buying into (or at least leasing) downtown Los Angeles condo life.
http://www.latimes.com/classified/realestate/la-hmw-hotpropcage21-2008aug21,0,3075787.story?track=rss
So much for celebrities being all about mansions in Beverly Hills.
Candy Spelling just bought 2 floors of a new ultra luxury building for 47 million – she is selling her giant home for around 150 million.
http://latimesblogs.latimes.com/lanow/2008/07/tori-spellings.html