Los Angeles Real Estate on the Rise
The affluent consumer market is on the rise. The Luxury Consumption Index (LCI) shows that consumer confidence is increasing, as the average dollars spent on luxury goods is up ytd and from first quarter to second quarter of this year. Buyers, brokers and developers alike express optimism, forecasting that the more than two-year decline in homes sales is over and that the consumer market is emerging from the recession, putting purchasing power back on the market. Marked by August posting a third consecutive month-to-month gain in Los Angeles home prices, the real estate market is gearing up for a bright fall with brisk sales.
According to Valerie Fitzgerald, luxury real estate broker and head of sales at The Carlyle Residences – “Buyers are back – but expectations are higher. No longer in a wait-and-see position, they are ready to buy but want better quality and a stronger investment value, which has forced the marketplace to re-evaluate, adjust and deliver on its promises. In real estate, true luxury stems from a combination of Location, Space and Finishes. Properties that can deliver on all three are seeing buyers returning, ready to make a purchase.”
The Carlyle Residences, by the ELAD Group, developer of New York’s venerable Plaza Hotel, is one such property. The newest luxury high rise on the Wilshire Corridor, it is located on one of Los Angeles most coveted addresses, The Golden Mile. Once again enjoying the high life, with a lineup of posh new developments, this two-mile stretch of the corridor is making its biggest play yet to become the Lake Shore Drive of the West. Residents at the Carlyle can expect the unexpected, as the 90024 zip code is no longer the home of tradition, but rather a trendsetter in the marketplace, attracting the highly successful international elite, young Hollywood and business moguls alike.
The investment value at the The Carlyle Residences is apparent from the street, the crescent shaped building set back with a generous and glamorous driveway leading up to an architectural porte crochere. The all-important Grand Lobby, the calling card of every luxury high rise, is lavishly appointed in exotic wood and stone, with a $1Million Dale Chihuly chandelier the focal point of the circular shaped space. Each residence is accessed by an individual elevator, opening into a private foyer. The residences are intelligently laid out for the modern lifestyle, with the highest quality Poggenpohl kitchens and baths, his and her bathroom and closet suites and soaring ceilings with walls of glass, bathing the space in California sunlight.
The Carlyle is seeing brisk traffic and multiple offers, attracting the most discriminating homeowners who are seeking the perfect retreat from the rigors of the city – yet within easy reach of the beaches, Beverly Hills, Century City and Downtown.
To further facilitate the sales, ELAD Properties, one of the world’s leading real estate developers, has secured a financing facility with its construction lender, HSBC, to provide mortgage financing for qualified buyers of its luxury residences. Buyers are able to finance their purchase, avoiding the financing restrictions most often associated with new construction, making The Carlyle Residences the best positioned and most secure investment value in Los Angeles luxury, multi-residential market today.
The Carlyle Residences offers quality, glamour, the ultimate privacy and security, as well as concierge services that are unmatched. Among the Carlyle’s unique features are collaborations with world renowned luxury brand Fendi CASA, offering residents a grand lobby, common spaces and private dining room appointed by Fendi furnishings, and with Sports Club LA, designing and powering a health spa with lap pool, surrounded by lush landscaping, as well as a wine cave, concierge services, valet and doorman.
The Carlyle Residences is the last permitted high-rise on the Wilshire Corridor. It is located at 10776 Wilshire Boulevard, in Los Angeles, California. A 24-story crescent-shaped tower, showcasing spectacular views from the Santa Monica Mountains to the Pacific Ocean, the Carlyle Residences offers 78 residences ranging in size from 2,700 – 5,000 sq. ft., each with private elevator entrances. For more information, please call 310.208.1300 or visit www.carlyleonwilshire.com.
The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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