December 21, 2016
By Daniella Soloway
This month, nearly 400 real estate professionals joined Connect Media at the Luxe Sunset for Connect Westside Los Angeles. The Agency’s Billy Rose, Caruso’s Sam Garrison, and Wanda Group’s Rohan a’Beckett took the stage to deliver a Luxury Residential Update, moderated by Connect Media’s very own Daniel Ceniceros.
They covered the luxury residential market’s supply and demand, Caruso’s new $155M mixed-use project, the Wanda Group’s One Beverly Hills project and more. Here are some snippets from the conversation:
- The Agency’s Billy Rose shared that the luxury residential market is “now normalizing” after over-correcting following the crash. Greedy developers had been pricing at outlier levels, but now, with more inventory hitting the market (“about 120 million square feet in the next 12 months”), it’s becoming a buyer’s market again as urgency is being lost.
- Wanda Group’s Rohan a’Beckett shared insight on the importance of adding hotel amenities for One Beverly Hill’s luxury residential units, as well as exclusive residential appointments, to draw condo buyers and hotel guests to the project. He excitedly shared that the development’s construction is going to commence next summer, for a slated completion in 2020.
- Caruso’s Sam Garrison spoke about their new development at 333 La Cienega, located across from Caruso’s successful 8500 Burton Way. The former Loehmann’s site on La Cienega was Rick Caruso’s first retail project which “helped him build The Grove,” elevating the project to special importance for the esteemed developer. The goal is to create a gateway between Los Angeles and Beverly Hills that will “improve traffic flow and connect neighborhoods” with the addition of “landscaped medians, five dozen new trees, new bike lanes, crosswalks, lighting and more.”
As Rohan a’Beckett noted, Los Angeles is a “collection of towns congealing as a city”, so it takes the power and vision of these professionals to ensure a sense of community and connectivity, while bringing new projects to life and attracting luxury residential homeowners to the City of Angels.
For comments, questions or concerns, please contact Daniella Soloway