In a stunning transaction, a Los Angeles luxury Condo Development Sold today. The developer Fifield Cos. has sold an unfinished Wilshire Corridor condo development - once touted as the city's most high-end - to a Dubai developer for $95 million, some $30 million less than a recent valuation. The recent tightening in the luxury mortgage market and declining real estate values in CA forced a sale. Foreign investors are flush with cash and the steady decline of the dollar vs their currencies has made the U.S. an attractive investment opportunity for large real estate players overseas. This is reminiscent of the flood of money from Japan during the 80's. Now it is oil money from the middle east that is searching for an attractive home in the U.S. market. I wouldn't be surprised to see more deals in the coming months especially for luxury condo and hotel properties.
1 comment:
The LABJ article says:
"sold... to a Dubai developer for its $95.4 million asking price."
Where did you get the idea that the rice was $60 Mil?
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