Choosing A Condo Over A Mansion
‘It’s like a great hotel suite.’
New York-style luxury high-rise lifestyle is creeping into the wealthiest echelons, fed by trends like people looking to own more than one home, foreigners drawn by the weak dollar to invest in Los Angeles. For 2006 and 2007 in Los Angeles County, condos sold better than single family homes, even as the market was dipping, real estate data shows, although sales above $5 million are still few.
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
Competing to lure the ultra rich out of their grand homes and compounds is a new generation of high-end high-rises, with hundreds of units already under construction or planned that promise a higher level of services and more square footage than the typical luxury condo here, which usually sold for under $10 million.
