The rebound in the luxury-housing sector has begun! The latest figures from the National Association of Realtors show that existing real estate home sales were strong in September, which means that conditions have improved for five of the past six months. Last month, sales were up 9.4 percent since August, and also 9.2 percent higher than September 2008.
This is extremely apparent at Los Angles luxury development The Carlyle Residences. As strong market reports on manufacturing, construction and contracts to buy new homes show renewed optimism, The Carlyle Residences, a development of The Elad Group of New York’s Plaza Hotel, is reporting an influx of international real estate buyers contributing to analysts’ reports. “The building appeals to many demographics,” says Tom Elliott COO of Elad Properties West, “and a high percentage of recent sales have been with foreign buyers.”
According to Valerie Fitzgerald, exclusive sales agent at The Carlyle and author of Heart and Sold: How to Survive and Build a Recession-Proof Business (Simon and Schuster, 2009), “Buyers are back – but expectations are higher. No longer in a wait-and-see position, they are ready to buy but want better quality and a stronger investment value, which has forced the marketplace to re-evaluate, adjust and deliver on its promises.”
The Carlyle does deliver, and noted individuals are taking note. Celebrity residents like Larry King chose The Carlyle for its complete privacy, prominent location in the Wilshire Corridor’s “Golden Mile,” and luxurious amenities (including private elevators for each residence, and amenities in collaboration with Fendi Casa offering residents a grand lobby, common spaces and private dining room, Sports Club LA health spa with lap pool, lush landscaping, as well as a wine cave, concierge services, valet, and doorman.)
A panel of the country’s leading real estate brokers will meet at The Carlyle tomorrow, Thursday, November 5, to discuss the market upswing and discuss how this shift will impact the high-end luxury real estate market, and we will be sure to report back their findings on HauteLiving.com.