LOS ANGELES--(BUSINESS WIRE)--Polaris Pacific announced today it has completed sales at the 311-residence Evo-South condominiums at 1155 S Grand in Los Angeles with the sales closings of the last two penthouses, both sold for approximately $3.4 million within 30 days of each other. The 3-bedroom homes with 180-degree views of the downtown skyline drew significant interest.
According to Rhonda Slavik of real estate sales, marketing and research firm Polaris Pacific, the Evo-South close-out demonstrates the strong demand for property in downtown L.A., even as the supply of for-sale housing has tightened considerably. "In recent months, the lack of inventory has brought a sharp increase in high-end buyers chasing amenity-rich homes with views and a superior location,” she said.
Evo-South, a development of South Group and Westport Capital, offered the last move-in ready new homes in Downtown Los Angeles, though Polaris Pacific’s recent market report updated the debut of new for-sale properties in coming months.
The Polaris Pacific report on Downtown L.A. (http://bit.ly/1ArOTWm)
also cited, for the Feb.-Apr. period:
-The median price downtown
was $630,750, a 6.2 percent increase from last year.
-Sales were up
4.8% from last year, rising to a total of 1,238 transactions during the
3-month period.
Polaris Pacific also reported San Diego market highlights (http://bit.ly/1FNdqVX):
-The
median price for urban condominiums was $497,000, up 8.6 percent from
last year.
-Sales were up slightly, with 183 sales recorded during
the three-month period ending April 30th.
About Polaris Pacific
With 30 years of experience, San Francisco-based Polaris Pacific (www.PolarisPacific.com) is the premier West Coast sales, marketing and research firm for high-density residential real estate. From land acquisition, entitlement and architectural review to brand development, market launches and cutting-edge marketing technologies, Polaris Pacific analyzes each new property to consistently outperform competitors and maximize value at every step of the process. That's why leading real estate developers and financial partners such as Tishman Speyer, Trumark Urban, Canyon Capital Realty Advisors, Lennar Urban, Emerald Fund, The Pauls Corporation, Oyster Development, ULLICO, Citibank, Regis Homes, and Paramount rely on Polaris Pacific’s unrivaled understanding of market intelligence, homebuyer dynamics and sales and marketing expertise.
