The free breakfast buffet served daily to owners of the Ritz-Carlton Residences at L.A. Live includes scrambled eggs, bacon, French toast, fresh fruit and expansive 28th-floor views.
The complimentary meal is an unprecedented perk in the competitive landscape of luxury L.A. condominiums, where such benefits as valet parking, fitness centers, spas, screening rooms, a 24-hour concierge and tight security have become commonplace.Agents who sell luxury condos such as the Residences at W Hollywood and the Ritz-Carlton at L.A. Live say prices have rebounded greatly from post-recession lows, often outpacing single-family homes.
At the Ritz-Carlton, the average price per square foot is $1,100, said Property Lab real estate agent Yvonne Arias, who sells and leases high-end condos from her office at the Ritz Residences. In comparison, the average price per square foot for a single-family home in L.A. is $562, according to Trulia.
Luxury condo prices, Arias said, “could be comparable to some properties in Beverly Hills or Bel-Air.”
As units come up for resale in the sold-out, 54-story tower, they’re commanding eye-popping prices. Two 44th-floor units on the market start at $8.8 million with monthly HOA dues of $3,900.
The most expensive is a 51st-floor penthouse for more than $14.5 million (that’s about $2,200 a square foot).
At the Montage Residences Beverly Hills, a three-bedroom unit sold for $11.2 million, just under $3,000 a square foot. The bulk of the W’s 134 condos fetch $800 to $1,000 per square foot, comparable to quality single-family homes in desirable neighborhoods such as Studio City, Silver Lake and Echo Park.