Why Are Condos Such a Tough Sell in LA?

As a number of luxury high-rise condo buildings struggle to sell their units, Alexei Barrionuevo looks at the difficulty of selling a high-density lifestyle in a city "where the seriously wealthy overwhelmingly prefer living in extravagant estates."

"While the idea of living in a condo in a sprawling city like Los Angeles is still tough to imagine for many who prefer more space, the area's growing congestion is slowly shifting tastes, said Paul Habibi, a lecturer in real estate at the Anderson Graduate School of Management at the University of California, Los Angeles."

Barrionuevo chronicles the psychological struggle that many estate owners, who would like to downsize their homes, go through in committing to the reality. "I don't think that a lot of Angelenos have bought into high-rise living as being a substitute for owning your own lot and having your own home on that lot," Mr. Habibi said.

Full Story: Condo Dreams in a Mansion Town

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