Condos at L.A. Live Scheduled to Open Soon
By Jessie de la O/Special to LAistThe much-anticipated condos at L.A. Live are scheduled to open starting this month. The first escrow is set to close on Tuesday in the high-rise, luxury condominium complex located at the Ritz-Carlton Hotel in downtown Los Angeles, according to the LA Times.
Last summer, developer AEG reduced the prices on the condos between 10% to 20%. The one-to-three bedroom units, which range in price from $850,000 to $9.3 million for a penthouse, have been under construction since approximately 2006. The Times reports that some owners will be allowed to move in to their condos sometime this month, while work will continue on other units through late April.
Although AEG is not revealing the identities of the new condo owners, they have acknowledged that they include entertainers, pro athletes and the working professional. In addition, the homeowners will have preferred access to all amenities at L.A. Live, such as to restaurants and events, as well as have access to AEG Global events—including concerts.
After a decline in the downtown condo market, business is beginning to improve again and it’s due to the Baby Boomers and Generation X, who are in favor of living a slightly different lifestyle in comparison to how their parents grew up.