Turnaround? Condos Sell Out In K-Town
A company that purchased 149 condo units in a new Koreatown high rise at a low point in the recent market announced Monday that the building is sold out -- perhaps indicating a turnaround for residential real estate in the Los Angeles' core.
The 238-unit, 22-story Mercury building at Wilshire Boulevard and Western Avenue opened in 2008 just as the real estate marketing was imploding. In June, 2009, real estate company Kennedy Wilson bought 149 unsold condo units in bulk and Monday announced "After 32 weeks on the market, Kennedy Wilson has successfully sold all 149 units."
"The unprecedented sales velocity has made The Mercury a case study on sales and pricing positioning for conventional sales turnaround program in the current market environment," according to a Kennedy Wilson statement.
The company, at least via press release, is now bullish on such SoCal real estate: "We believe that there will be an increasing number of opportunities in 2010 for Kennedy Wilson to continue making value added investments in residential condominiums and the debt on these projects," states Bob Hart, CEO of Kennedy Wilson's Multifamily Group.
The Mercury is a residential remix of the the Getty Oil Co. high rise office building.