The City Of Angels Shifts Towards More Vertical Living

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Los Angeles is undergoing a transformational shift in vertical living and the demand for luxury, fully-amenitized condominium residences has never been greater.  We discuss further with Mary Ann Osborn, Managing Director of Sales and Marketing for The Century Plaza Residences, on how buyers are wanting amenities, and a worry-free lifestyle over the maintenance of a single-family residence.

When did you first see a spike in interest for condominium residences?

I first saw a spike with The Century about 10 years ago where people were primarily coming from large homes in the surrounding area and looking to downsize as they wanted to do more travelling.  They specifically didn’t want to be on the Wilshire Corridor and in the center of traffic.  Instead, they were craving a location and residence that offered 24/7 security, room service, and nearby restaurants, and a reprieve within the city.  Additionally, these buyers were not willing to sacrifice on amenities and were continually attracted to the on-site private dining room, screening room, pool, and fitness center.

As Managing Director of Sales for the Century Plaza Residences, how would you say Century City has evolved in the past 5 years?

Century City continues to evolve and expand, far beyond the norm.  It has become more pedestrian -friendly and the walkability factor is second to none.  Step outside and you see parents with strollers, children, a vibrant nightlife, entertainment professionals, and a thriving retail and restaurant scene.  Years ago, people used to go to work in Century City, and then go straight home.  Now, they go to the office and stay in the area for everything it has to offer.  The streets are alive at night and what’s more crucial is that people are recognizing just how central the location is to so many parts of Los Angeles.

What amenities are buyers most interested in?

Without question, the fitness center, massage treatment rooms, yoga, Pilates, private dining room, screening room, and the 24-hour concierge services.  Of all the amenities, the concierge will offer the most distinctive service as it will cater to each resident personally.

Are buyers at Century Plaza willing to pay more for views or amenities?  Or a combination of both?

Century Plaza is unique in that it offers two very different residential styles of living.  The Fairmont Century Plaza Residences attracts purchasers who are craving more of the 24-hour hotel lifestyle and are perhaps already a brand loyalist while the towers are more about views and amenities, and perhaps some additional exclusivity.  To answer that question, it really depends on the purchaser.  Some will visit the sales gallery with their mind fully made up on the hotel, yet take a look at the views and glass balconies from the tower and immediately switch, or buy one in each.  With the hotel, we are fortunate to have the Fairmont 5-star services and amenities, as well as the owner, becoming a member of the prestigious Platinum Club.  The towers will benefit from room service from the hotel while establishing their global brand for the first time in Century City.

Photo credit: DBOX

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