DOWNTOWN LOS ANGELES — From a press release that ran yesterday on Business Wire:

The South Group sold all 191 available units in Luma, its second downtown condominium high rise, in a mere seven hours during last weekend's reservation event.

The sales represent over $160 million in product.

The Luma tower's residences, on the corner of 11th and Hope Streets, sold from $440,000 for an 850-plus square foot softloft to over $2.4 million for a 2700-plus square foot penthouse in the 19-story building.

That's amazing. Apparently word of a possible future "correction" in housing price hasn't reached these buyers.