The last week in November is an important one in real estate, particularly in the luxury high rise condo market. It’s just before the Holidays when everything grinds to a halt, and can indicate if any Pent-up demand will explode in January with new inventory. The past seven days saw only two properties come on the market; a two 2+2 in the Grand facing Wilshire in the “06” stack, and a gorgeous (but over priced) unit in The Remington. It’s priced at $2,975,000 for 3,000 in a 2+2.5BA unit facing Wilshire on a high floor. That’s $963/sq ft versus the $815/sq ft it is averaging this year so far. Do the math. The Grand offers more value at $748,000 for 1,722 sq ft on the 11th floor. Like I said, do the math.
