The Los Angeles real estate market is relatively strong and stable, but unlike New York City, the West Coast city is suffering from an ongoing lack of inventory. “We have not seen enough new construction or an increase in housing stock of any kind,” said UCLA Ziman Center for Real Estate Professor Paul Habibi. He hopes that activity will pick up in the spring selling season, but “regardless of seasonality, inventory has been very low.”
Mr. Habibi, who is also a builder, landlord and developer, remains optimistic about the overall market.Here is a look at some of the most interesting projects expected to hit the Los Angeles market in coming months.
Los Angeles-based developer Barth Partners, together with Ireland’s Barry Leddy Developments, is unveiling Vica, a mixed-use real estate offering on Sunset Boulevard in Silver Lake. The first new condominium development in Silver Lake in a decade, Vica will feature 31 high-end residences.
Vica is prominently located amidst some of the city’s most eclectic coffee shops, contemporary eateries, and independent boutiques. It is situated within moments of Sunset Junction, Silver Lake Boulevard, the Micheltorena Stairs and the Silver Lake Reservoir while close to all that Hollywood, West Hollywood and Downtown have to offer.
The building’s lively ground-floor retail will be purposely designed with locals in mind. Vica is exclusively marketed and sold by The Agency Development Group.