BEVERLY HILLS, CA—ETCO Homes has already sold half of the units released in phase I of 460 Palm, a 35-unit condo development in Beverly Hills, CA, and several unreleased units. In total, about one-third of the project has been sold. According to ETCO Homes, this illustrates the high demand for condo living in Beverly Hills.

“We have seen some appreciation, obviously, over the last couple of years, but what is driving demand more than anything else is the lack of supply in the immediate area coupled with the major rise in home prices,” Bob Etebar, president of ETCO Homes tells GlobeSt.com. “The home market is significantly higher from a price-point perspective, so if you want to be in the Beverly Hills market, we feel like we are a great alternative. Given that there is no new supply in the Beverly Hills area, we are supplying that option.”

Six homes were released in the first phase of the project, and Etebar says that construction of the whole project should be completed by June 2015. Expecting that there would be a high demand for condo properties, he says they are on schedule in terms of sales, and expect to be sold out by the end of the year. The two- to four-bedroom luxury units range in size from 2,114 square feet to 3,643 square feet, and sell for $1.9 million to $5 million.

Local and international buyers have been flocking to the complex. “You have some local buyers from in state and out of state, and some international buyers, and I would say that we have our fair-share of both of them,” says Etebar. “The reception has been terrific. We are very proud of the architecture and the finishes, and we are really excited about introducing another great community.”