In a recent story in the Los Angeles Times, the city is seeing an evolution in the housing scene. In a city where homebuyers are often looking for a perfect home in a well-established neighborhood, a new kind of lifestyle is unfolding. Much like is seen in China and other large cities throughout the world, LA has plans for several building projects that will include luxury high-rise living spaces. These 30 plus story buildings will provide housing for thousands in modern, large condominium style living. Chinese builders and investors saw the potential of the hot housing market in Los Angeles and acted quickly. Developers such as Greenland, Oceanwide and Shenzhen Hazens are spending billions of dollars investing in these new types of “neighborhoods”.
These extravagant buildings will add thousands of residential units in skyscrapers throughout the city. Their plan is to create a new style of living that will drastically change the LA skyline. The developers surveyed the city and found multiple sites where there was no movement on usable land. Through a series of land purchases they found several suitable parcels of land to build these new “cities within cities.” They are taking principles that have worked in Bejing and Shanghai and bringing them to Southern California.
In 2014, Shanghai’s Greenland Development Company bought a plot of land for $150 million with the intention to build a skyscraper with 70,000 square feet of retail space, an 18-story boutique hotel and 1,500 residential units in three condo towers, many with picturesque ocean views. Properties were set to sell between $500,000 and $6.9 million. Since 2014, several additional deals have been brokered and planning and building are underway.
It is expected that a portion of homebuyers will come from Chinese cities in search of a more stable real estate market offered in Southern California. Buyers view the stability of the LA housing market as a welcome alternative to the unstable real estate atmosphere in China. This opportunity serves as a way for Chinese middle and upper class to bypass the countries slowing economy and buy into a growing community.
This trend has interesting implications for the Los Angeles housing market. When looking for a home in Los Angeles, there are many different options that come to mind, but high-rise living has not traditionally been a typical option. This new style of living opens doors for a whole new market of buyers. For homebuyers seeking posh spaces with a high number of amenities and perks, living in a luxury high-rise is an ideal option. These homes are modern, sleek and cater to homebuyers who want to be on the cutting edge of LA real estate.
If you would like to learn more about the many luxury real estate options in Los Angeles, reach out to our luxury real estate team. We specialize in the communities most exclusive properties throughout Southern California.
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(all data current as of 8/17/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.