Who is buying condos at the Ritz-Carlton LA?

Posted by Highrises.com Concierge on Friday, September 7th, 2012 at 3:30pm.

There was a recent story in the LA Times about sales at the Ritz-Carlton in downtown LA reaching the 50% point.  There are 224 homes at the Ritz, so we can reasonable deduce that about 112 have been sold, which is great news for the downtown market.  However a little further reading concerns us about the units that have been sold.  For instance:  "Three investors have purchased a combined total of 63 units that they intend to rent to tenants."  OK, so half of the homes they've sold so far have been to investors who are going to rent them out as apartments.  And then there's this interesting tidbit:  "Recent buyers at the Ritz-Carlton Residences include investors from China and South Korea who are purchasing units for use by their children attending USC or the Fashion Institute of Design & Merchandising."  So it sounds like so far the majority of units sold have been to college students and investors who are going to rent them out to tenants.  But wait, there's more:  "About one-third of the owners live there full time while others use their condos when visiting Los Angeles or attending events such as basketball games at Staples Center or concerts at L.A. Live."  Now, we're sure that the management at the Ritz-Carlton will keep everyone in line.  But personally we would not want to pay $1M+ to live next door to someone who might end up just using their condo for after-concert and after-game parties.  We think anyone considering actually living full time at the Ritz Carlton should keep all of this info in mind.

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