Century City Real Estate Report - Luxury Condo Options Expand
Century City Real Estate Report - Luxury Condo Options Expand
Century City Luxury
This latest development project includes the 400 room Fairmont Century City Hotel with 63 exclusive condo residences as well as two high rise 44 story towers, "211 Elm” and "115 Park”. There will be a total of 331 luxury condominiums in the project including the hotel and high rise residences. The hotel residences at 2025 Avenue of the Stars are expected to be completed Spring 2020 and the high rise towers are expected to follow in Spring 2021.
Prices range from Two Million to approximately Fifty Million Dollars. Hotel residences include the option of single or double story plans. Residential owners will have access to amenities including spa, rooftop pool, terraces and bar as well as the convenience of a French brasserie.
The 2 condo towers in progress are expected to offer 6 penthouses of about 11,000 square feet each with private roof top access.
The demand for these ultra high end condominiums is a positive indicator for all of the luxury communities in Century City.
Currently 2 bedroom units at the Century Park East high rise towers start at about $749,000 and 2 bedroom condos in a low rise guard-gated community here can be found under the One Million Dollar mark. Century City townhomes start at about $1.3 Million.
These more moderately priced Century City units also provide luxury resort style condominium living with amenities that include swimming pool, tennis court, and gym facilities and more. The recent Q3-2019 Douglas Elliman Sales Report shows the median condominium sales price in the Century City/ Westwood area at $926,000.
Once the Century Plaza hotel project has been completed with retail and dining services, it is expected to add value to all of the other Century City residential complexes.
Westfield’s One Billion Dollar revamped Century City Shopping Center with its well curated selection of retail, entertainment and wellness oriented services as well as casual to more sophisticated dining options has created a vibrant eclectic atmosphere benefiting the neighboring residential area.
The country has been in a decade long recovery from Spring 2009, the bottom of the Great recession to now. According to CoreLogic home equity values have nearly tripled from Q1 2009 to Q1 2019. The average equity per homeowner rose from $73,000 to $171,000 over that period.
There have been reports that more and more buyers are facing affordability issues leading to a drop off in volume of sales and price appreciation. Among the hardest hit have been the California coastal regions.
However, despite rising costs for builders and affordability issues for buyers with generally reduced volume of sales activity, well esteemed economists from CoreLogics looks to positive driving forces going forward including lower interest rates making mortgages more affordable. They report home prices appear to be leveling off at the national level, rising about 3.6% year over year so far in 2019.
These experts explain that with prices neither rising too fast or too slow and with a growing stream of young households looking to buy homes over the next two decades, the long term view for real estate looks healthy.
c. Bess Hochman 2019
For a free courtesy consultation Contact Bess Hochman, a top Westside Real Estate Broker for over 20 years. Bess is also distinguished by holding a law degree. Contact Bess at:310.291.4111 or .E-mail:
Bess.CenturyCityNews@yahoo.com
- Century City News
Condo Options Expand
Demand continues for luxury condominiums in Century City. The appetite for ultra luxury living here is reflected in the more that $200 Million Dollars worth of condo pre-sales for new residences in the Century Plaza Hotel $2.5 Billion Dollar redevelopment project now underway.
This latest development project includes the 400 room Fairmont Century City Hotel with 63 exclusive condo residences as well as two high rise 44 story towers, "211 Elm” and "115 Park”. There will be a total of 331 luxury condominiums in the project including the hotel and high rise residences. The hotel residences at 2025 Avenue of the Stars are expected to be completed Spring 2020 and the high rise towers are expected to follow in Spring 2021.
Prices range from Two Million to approximately Fifty Million Dollars. Hotel residences include the option of single or double story plans. Residential owners will have access to amenities including spa, rooftop pool, terraces and bar as well as the convenience of a French brasserie.
The 2 condo towers in progress are expected to offer 6 penthouses of about 11,000 square feet each with private roof top access.
The demand for these ultra high end condominiums is a positive indicator for all of the luxury communities in Century City.
Currently 2 bedroom units at the Century Park East high rise towers start at about $749,000 and 2 bedroom condos in a low rise guard-gated community here can be found under the One Million Dollar mark. Century City townhomes start at about $1.3 Million.
These more moderately priced Century City units also provide luxury resort style condominium living with amenities that include swimming pool, tennis court, and gym facilities and more. The recent Q3-2019 Douglas Elliman Sales Report shows the median condominium sales price in the Century City/ Westwood area at $926,000.
Once the Century Plaza hotel project has been completed with retail and dining services, it is expected to add value to all of the other Century City residential complexes.
Westfield’s One Billion Dollar revamped Century City Shopping Center with its well curated selection of retail, entertainment and wellness oriented services as well as casual to more sophisticated dining options has created a vibrant eclectic atmosphere benefiting the neighboring residential area.
The country has been in a decade long recovery from Spring 2009, the bottom of the Great recession to now. According to CoreLogic home equity values have nearly tripled from Q1 2009 to Q1 2019. The average equity per homeowner rose from $73,000 to $171,000 over that period.
There have been reports that more and more buyers are facing affordability issues leading to a drop off in volume of sales and price appreciation. Among the hardest hit have been the California coastal regions.
However, despite rising costs for builders and affordability issues for buyers with generally reduced volume of sales activity, well esteemed economists from CoreLogics looks to positive driving forces going forward including lower interest rates making mortgages more affordable. They report home prices appear to be leveling off at the national level, rising about 3.6% year over year so far in 2019.
These experts explain that with prices neither rising too fast or too slow and with a growing stream of young households looking to buy homes over the next two decades, the long term view for real estate looks healthy.
c. Bess Hochman 2019
For a free courtesy consultation Contact Bess Hochman, a top Westside Real Estate Broker for over 20 years. Bess is also distinguished by holding a law degree. Contact Bess at:310.291.4111 or .E-mail:
Bess.CenturyCityNews@yahoo.com