DTLA - When Ten50, the luxury condominium tower being built at 1050 S. Grand Ave. in South Park by developer Trumark Urban, opens in the fall, it will be the first infusion of for-sale units into a market that real estate experts say is starved for supply.
Early sales at Ten50 seem to demonstrate this demand, as the developer recently announced that one-third of the 151 units sold out in mid-June, two months after sales started. Trumark Urban said they are ahead of schedule on sales, and second-phase condos are now available.
“We’ve seen unprecedented interest and incredible traction on our for-sale residences. Clearly, the opportunity to purchase real estate in DTLA has become more and more attractive as rents continue to rise,” Arden Hearing, managing director for Trumark Urban, said in a prepared statement.
Ten50 touts residences with floor-to-ceiling windows and amenities such as a pool deck, lounge, screening room and concierge. Condos start at $500,000.
The Los Angeles condo market continues to feel the squeeze of low supply; a report from real estate firm Polaris Pacific, which is leading sales for Ten50, found that the city only has about 3.8 months of condo supply, less than the six-month benchmark considered ideal for a balanced housing market.
© Los Angeles Downtown News 2016