Great Expectations According to the focus group, high-rise buyers want the ultimate lobby, one that provides them the sense of “having arrived.” They expect hotel services – valet parking, a doorman and porter to help them with packages, concierge, and room service – and lots of amenities, including a state-of-the-art fitness center, lap pool, sauna, and so forth.
And unlike Chicago, where condo owners generally just require one parking space, Angelenos live in a car culture and often own three or four cars – and they demand space for all of them.
Location is very important. Local residents don’t perceive Los Angles as an urban environment, and they are not looking for one. They want to be close to friends who still live in Bel-Air, Brentwood, and Beverly Hills. And don’t forget, this market demographic wants to be near the beach.
Competition for this group’s business is likely to push the ceiling on luxury to unparalleled heights, as developers look for strategies that set their projects apart from the rest.
With the shifting attitudes towards density, Los Angeles will likely see future condo projects that compare with Chicago’s more mature market and include mixed-use components such as retail, movie theaters, restaurants, grocery stores, and clothing boutiques. Builders should offer creature comforts to make living in the clouds more exciting and appealing than the potential buyer’s current lifestyle.
–Steve Fifield is president and founder of Fifield Cos. based in Chicago.
