(Los Angeles, CA. – November 13th, 2006). With the continuous goal of finding its clients their ideal property, Amalfi Estates (www.laestatehomes.com) in Los Angeles is excited to announce a strategic partnership with downtown loft specialists Condosource Realtors (www.condosource.com).
Amalfi Estates is one of Los Angeles’ leading luxury home real estate agencies, based in Pacific Palisades, and with offices in Burbank it serves clients from Malibu to Pasadena, and the San Fernando valley. Condosource Realtors is the leading independent real estate agency in downtown Los Angeles, specializing in lofts and condominiums.
Anthony Marguleas, owner/broker of Amalfi Estates comments, “This partnership provides us with professional knowledge and insight into the specialized downtown market. Condosource is uniquely focused on the area. We are seeing an increase in interest amongst Westsiders – especially people with homes in Malibu – looking for a pied-a-terre in downtown Los Angeles and/or an investment opportunity. There are so many exciting developments downtown, both new-build and conversions of historic buildings, I believe it is a sign of the times that people want both a home by the beach and an apartment in an increasingly vibrant part of the city. We are looking forward to helping many of our existing and new clients find a special place to live or invest downtown.”
For both companies, the partnership is a natural one. Both agencies are passionate about giving clients the best possible service, and pride themselves on the extent of their market knowledge, relevant technological resources, and professionalism.
Troy Soumis, President of Condosource, says, “The combination of our teams’ use of technology and market knowledge creates a powerful real estate force for the benefit of our clients. Downtown LA is finally hitting its stride with the growth of its cultural, social, and retail infrastructure, and we expect more and more Los Angelenos to buy second homes here and invest in the future.”
Currently there are close to 7,000 residential units under construction, with another 8,000 permitted or in planning in downtown Los Angeles. The first supermarket downtown since 1950, a 50,000 sq ft Ralphs, is set to open in 2007, 1.5 million square feet of retail is in the planning stages, and a major entertainment center, ‘LA Live’, which will include a Ritz-Carlton hotel, nightclubs, and a 7,000-seat Nokia Theatre, is scheduled to open in 2009. Breaking ground shortly will be the first phase of the huge Grand Avenue project, backed by the same group as New York’s Time Warner Center. This will include a 16-acre park, hotel, restaurants, residential, and retail.
The downtown residential population is expected to swell to 60,000 by 2015.
Anthony Marguleas is the owner of Amalfi Estates. He has sold close to $200 million worth of real estate and is an expert on real estate sales, contracts, negotiation, and technology. The company has been in existence since 1995 and has Los Angeles offices covering the west side and the San Fernando Valley.