1 W Century Dr, Los Angeles, CA
For sale: $15.5 million
A penthouse sitting atop a 42-story building in New York is one of many, a dime a dozen in a city where homes don’t often come with garages or backyards.
A penthouses in a Los Angeles high-rise, however, is a rarity — but a trend that developers are banking on for the City of Angels.
Once upon a time, Los Angeles was a city with loads of land. The wealthy could move in and buy swathes of real estate, creating estates on an acre or more.
Today Los Angeles is enormous, with a population more than 3.8 million, and growing. Traffic while always bad, is increasingly so, and the idea of a private, gated villa on a hill is no longer attractive.
Enter a new market for New York-style residences, starting with The Century, a brand new, 42-story luxury building.
“Certainly the market has changed,” explained Mary Ann Osborn, vice president of sales at The Related Companies, which developed New York’s Time Warner Center and is now behind The Century. “A lot of people were not living in high-rises, but it’s been an educational process.”
Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Home of the Week: New High-Rise Offers NY Living in LA | Pound Ridge Real Estate.