LOS ANGELES—Century City has been hit with a bevy of new development and redevelopment that is expected to transform the market into a live-work-play destination. The new activity is giving a bump to the current residential market, according to Jill Epstein, a broker with Nourmand & Associates, who said in an earlier story that the market's vintage low-rise condo stock were seeing new demand from young professionals. With new high-rise towers on the way, the vintage high-rise market is also seeing new activity from younger homebuyers looking to get a good deal before the new product comes online.
“There are also two high-rise towers that are older: Avenue of the Stars and The Century Towers,” Epstein tells GlobeSt.com. “Those are high-rise buildings and they are also coming into higher demand because they have views and lower pricing. At Avenue of the Stars, which is considered to be a better building, you can buy a unit anywhere from $1.2 million to $2 million plus. This is absolutely still a discount to the newer high-rise buildings that are coming to the market.”
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Kelsi Maree Borland
