Buying a Condo in Los Angeles
The true value is always in the land in areas like Los Angeles, Santa Monica Beverly Hills. For instance, a home purchased in the 1970s in Beverly Hills might have been the jewel back then now be outdated, but its land value could have skyrocketed. This principle is vital when considering long-term investment potential. Land value is where the money is.
Resale Value Prioritization: If your goal is a high resale value, focus on properties with exceptional views and amenities. Houses generally offer better resale potential than condos, but if downsizing or simplifying your lifestyle is your aim, a condo could be a perfect choice if you don’t care about the resale value. Homes will always be superior for appreciation.
Location, Location, Location: When selecting a condo in Los Angeles, the importance of location, including the neighborhood and specific site, cannot be overstated. Opt for areas rich in amenities and high in walkability, as these features significantly enhance your living experience and the property's value. Furthermore, consider potential future developments, such as the new Google campus built at Pico and Overland. Such significant projects can dramatically transform a neighborhood by attracting a skilled workforce and stimulating local businesses, leading to an increased demand for housing. This uptick in demand can subsequently cause a surge in property values, making an investment in these areas particularly strategic. Notably, the presence of a major entity like Google not only promises immediate economic benefits but also contributes to the long-term attractiveness and prestige of the area, making it an ideal location for both a valuable investment and a desirable place to live. Culver City and Playa Vista are known for their numerous employment opportunities and excellent schools, making them ideal areas for investment. It's important to research the specific location of your purchase to ensure good future resale value.
HOA Considerations: When considering a condo purchase, it's essential to know the Homeowners Association (HOA) fees, as these can differ significantly depending on the property's location and the amenities it offers. For instance, condos near waterfront areas, such as Marina Del Rey, often incur higher HOA fees, possibly due to unique circumstances like land leases. Additionally, it's important to recognize the type of ownership you're entering into – whether it's a standard condo, a co-op, or a tenancy in common. Each ownership type has distinct implications for taxes and overall ownership responsibilities. Fully understanding these differences is vital, as they can substantially impact your financial obligations and the long-term outcomes of your investment.
Choosing the Right Condo Type: Decide on a condo type that aligns with your lifestyle. Whether it's a high-rise in the city center, a cozy low-rise, a stylish loft, or a more suburban setting, your choice should reflect your preferences and needs. Consider what building amenities are essential to you as well.
Long-Term Value Analysis:
Remember to consider the long-term potential of your investment. Generally, land value increases over time, but the structure's value might decrease. For instance, a building that was trendy 20 years ago might not be as appealing now, yet having great views can still attract buyers. Purchasing a condo with no views, facing an electrical pole or a wall, or one that's dark inside, is usually a poor investment choice.
Types of Condo
In a condo, you own a specific unit, share common areas, pay a homeowners association fee, and follow set rules. It can be financed with conventional mortgages. It is the easiest one to finance and has the highest appreciation rate.
With Tenancy-in-Common (TIC), you own a part of a multi-unit building, live in one unit, and share common areas under a TIC agreement. You are on the hook if someone does not pay the taxes since it is shared.
A co-op involves buying shares in the corporation that owns the building, paying a monthly fee for a unit, and getting approval from the board of directors, with possible shared common areas. Make sure you understand the differences. In Los Angeles, Co-ops and Tenacy in common are bad investment choices.
List of Luxury Condos in Los Angeles, Beverly Hills. Santa Monica
Rosewood Residences Beverly Hills
Rosewood Residences Beverly Hills is set to introduce a new level of luxury living in Los Angeles, Rosewood Scheduled to open in 2024, this exclusive development will offer only 17 residences, with prices starting at $9 million. Designed by Thomas Juul-Hansen, the residences will boast sleek architecture and interiors, emphasizing Californian style and sophistication. These spacious homes, ranging from 3,000 to over 7,000 square feet, will include shared amenities that epitomize luxury in Beverly Hills. Despite not being part of a hotel, the residences will offer hotel-like services and amenities around the clock. These include a resort-style rooftop pool, spa, an outdoor lounge, a fitness center, private dining rooms, and an exclusive restaurant exclusively for the owners, redefining the concept of upscale living in the area.
The Ritz-Carlton Residences Los Angeles
The Ritz-Carlton Residences provide exclusive private homes equipped with opulent amenities and services. These condominiums in Los Angeles vary in size, spanning from 1,100 to 9,500 square feet, and are priced between $1M and $8M. The establishment also features a range of luxurious facilities, including a spa, a rooftop pool and hot tub, a state-of-the-art fitness center, a restaurant, a cafe, and two bars. Living here means experiencing the pinnacle of luxury, with convenient access to various services such as dry cleaning, room service, and poolside entertainment designed to cater to your utmost comfort and enjoyment.
The Four Seasons Residence in Beverly Hills
The Four Seasons Residence in Beverly Hills, featuring One L.A., is a luxurious two-level condo spanning 13,000 square feet. It includes a 6,000-square-foot rooftop terrace with a swimmer's pool and panoramic views of Beverly Hills and the Pacific Ocean. Residents benefit from all the hotel's resources and services, enjoying proximity to Rodeo Drive, fine dining, art galleries, and the convenience of the adjacent prestigious Four Seasons Hotel.
The Seychelle Santa Monica, CA
The Seychelle at Ocean Avenue South, a project by renowned Related California, stands out as the most luxurious development on Ocean Avenue in two decades. This 93-unit luxury condo is ideally within walking distance of the Pacific Ocean, top-tier restaurants, and lush plazas. Its exquisite interiors feature marble master baths and gourmet kitchens with quartzite counters and Thermador appliances. Amenities include a concierge service, rooftop pool, landscaped terrace, fitness center, yoga studio, and pet spa. The ground floor hosts Chef Brian Malarkey’s Herringbone restaurant. For those seeking upscale urban beach living, The Seychelle represents the pinnacle of West Coast living
By keeping these essential points in mind, you'll be better equipped to make a sound investment in the Los Angeles condo market, whether for personal use or as a long-term asset.
Please contact us for a comprehensive list of luxury condos, both off-market and on-market, in Los Angeles, Beverly Hills, Santa Monica, Pacific Palisades, Malibu, Century City, and Westwood. We offer a complimentary list of available condos and are happy to answer any questions you may have.