Los Angeles Luxury Condo Market Heats Up as Wealthy Buyers Move In

Last year, the Los Angeles metropolitan area was decimated by wildfires. But today, local real estate experts say the luxury condo market is experiencing a strong revival.The most expensive segments of the city's luxury condo market, with price points ranging from $5 million to $10 million and from $10 million and above, are heating up, Realtor.com data confirms.For the past three months on average, median list prices per square foot were up 2.3% year over year for condos in the $5 million to $10 million range and up a healthy 5.2% for ultraluxe condos priced at $10 million-plus.This is in contrast to the broader Los Angeles area condo market, says Realtor.com senior economist Jake Krimmel."Condo list prices overall and on a per-square-foot basis are down year over year in metro Los Angeles," he says. "What's more is that they're declining at a higher rate than over L.A. metro inventory or single-family home inventory."Loading...Branded luxe development Rosewood Residences Beverly Hills is seeing brisk sales in the $10 million-plus range.Evan RamziOverall, condos in Los Angeles are lingering longer on the market than single-family dwellings, with condos adding six days on the marke...