Downtown L.A. Luxury Real Estate Market ‘In the Midst of a Boom’

variety.com:

Kathy A. McDonald The pandemic rocked downtown Los Angeles’ luxury residential real estate market. Because office towers were vacant and nightlife shut down, the allure of urban core living faded significantly.

Throughout 2020 and into 2021, discounts and incentives were on offer for luxury rentals. Residential sales slowed. The highly visible project, and what was to be L.A.’s tallest residential tower at Oceanwide Plaza across from the Crypto.com Arena, completely stalled after halting construction in 2019.Condominium development did continue apace, and several of those projects are now on the market, such as the 450-unit Perla on Broadway and the Metropolis Tower, with more in the pipeline.

Residential towers are reshaping the skyline as vertical living gains traction from South Park to the historic core and across the Arts District.

The coming launch of the 45-story the Grand by Gehry from architect Frank Gehry and Related is much anticipated because it will bring a signature residential tower to Grand Avenue, along with retail, restaurants and the 305-room Conrad Los Angeles hotel. “People wrote downtown off but it is a very resilient community,” says real estate agent Media Moussavy of the Agency, who’s an expert on downtown residential leasing and sales.