Ritz-Carlton Residences at L.A. Live Close First Escrow
Sign for the Ritz-Carlton Residences at L.A. Live
DOWNTOWN LOS ANGELES — The first unit in the Ritz-Carlton Residences at L.A. Live closed escrow on Tuesday, a mere 1,355 days after the 54-story building had its official groundbreaking on June 1, 2007.
That's a big deal for those involved in the 224-unit condominium project.
"We're now a living, breathing building with homeowners who will be living here," explained Laurie Miskuski, Director of Sales and Marketing for the project. "The whole dynamic of the building changes when you have people who actually live here."
Prices in the tower range from $850,000 to $9.3 million. Approximately 60 percent of the building's units are under contract. Miskuski expects the closing process for those units to last through April.
Many of those units will be going to buyers who have spent a long time waiting for the building—which opens almost a year later than originally scheduled—to be completed.
"We did our first contract in August of 2007. A lot of our homeowners have been with us since 2007," said Miskuski. "The fact that we've been able to maintain those buyers for as long as we have to me is a strong statement, and is another proof-point that those buyers believe not only in the project, they believe in Downtown L.A."
Given the economic climate one year ago, not opening on the original schedule might not have such a bad thing.
"We definitely felt a huge difference in January from even what we did in November," Miskuski said. "People are moving forward, and they're not sort of as hunkered down as they were in 2009 and 2010."
Also helping the sales effort is press around AEG's proposal to build an NFL stadium and events center adjacent to the condo tower. While she says that the investment in Downtown is important as a signal to potential residents that the neighborhood is a safe buy, Miskuski said that having more games next door doesn't hurt.
"Having it across the street and potentially being able to watch football from your home ... is a nice plus."