DTLA LIFE MAG #32 | SPRING 2017 - Page 4

Here comes Spring, my favorite time of the year, flowers are blooming, the weather is just perfect, and opportunities always arise. This year Downtown LA is about to see a new milestone in its revival. It will be the first time since the recession that we will see a new boost in the condominium real estate market; according to the Wall Street Journal, condo developments are at an all-time high. With about 2,000 new homes on the market or under construction selling at an average of $1,060 per square foot, the demographic is about to evolve again with even more high-income homeowners attracted by the perfect lifestyle of our city-center. A few years back, when the Ritz-Carlton Residences opened, the value of Downtown condos jumped by nearly $150 per square foot. Two major proj- ects are starting to close, and more than 400 units are expected in the next three months at a significantly higher price that the current offering, which will certainly increase home value by the summer. Los Angeles buyers are known to purchase more real estate during the Spring and early Summer season. This past March, data shows that Down- town LA’s activity is increasing dramatically. More Buyers, low inventory, higher prices on new condos, along with inter- est rates likely to go up soon, these circumstances lead me to encourage everyone to act quickly. Alex LiMandri Editor-in-Chief DTLA LIFE MAG ® www.dtlalife.com alex@dtlalife.com (213) 626 LIFE (5433)