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Ritz-Carlton residences are actually selling-- but who's buying?

By Hayley Fox
Published: Wednesday, March 14, 2012, at 09:48AM
Flickr via staxnet

The Ritz-Carlton residences tower above the J.W. Marriott at L.A. Live.

In a time when many people are still losing their homes to foreclosure, a lucky few have managed to climb out of the red and into the green -- and recently purchased homes at the Downtown Ritz-Carlton residences.

In the past 30 days, 11 homes have been sold at this L.A. Live luxury residence and hotel. From floors 27 to 52, the theme is decadence and grandeur and the Ritz website describes the tower as:

"a stunning new residence poised high above a vibrant entertainment complex where you'll enjoy VIP treatment on the most exhilarating block of the most exciting neighborhood in the most exceptional city."

The pictures online paint a scene of stainless steel appliances, marble and granite counter tops and floors, and sweeping city views. These skyscraper homes start at $800,000 for a one-bedroom condo and include a domestic experience that sounds like an extended hotel stay: concierge service, a private lobby and a pool on the 26th floor named "Blue."

The most expensive standard home option is a large three-bedroom penthouse that comes in at a cool $4.5 million price tag. Penthouses are listed at as high as $9.3 million.

The smallest 1BD is approximately 1,000 square feet, and the largest 3BD they've sold is over 4,300 sf. The average unit sold is about 2000 sf.

Real estate brokerage The Agency says that these recent sales totaled $14.5 million and buyers included "Downtown executives, students attending nearby schools and sophisticated international buyers."

The Agency became the exclusive brokers for the Ritz residences in the Fall of 2011, Curbed LA reports, as well as being a sales and marketing partner.

A total of 53 of the homes have closed since February of last year. Further proof that the recession is definitely over for some who now literally look down on LA.


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