DOWNTOWN LOS ANGELES — From an article entitled "Apartments Are Found to Pay" in the March 12, 1911, issue of the LA Times:

The great number of new apartment-house projects in the city reveals clearly what investors think of the future of Los Angeles. There is absolutely no limit apparent to this class of building and promoters and capitalists declare that first-class structures with modern appointments fill up readily with tenants shortly after completion.

Of course today the projects are a little bigger than the two- and three-story buildings the article mentions. But today you don't even have to wait for completion, your condos can sell before they're even built.