The city where rents increased the most nationally in May was Marina del Rey, and the Marina del Rey luxury condos of X67 Lofts are almost sold out. Coincidence? We think not. Sales at X67 Lofts have been consistently strong as Westside buyers discover the unmatched combination of location, luxury, and lifestyle these upscale loft-style condos have to offer and recognize how financially viable homeownership is.
Renting vs. buying
Business Insider‘s rules for buying vs. renting are specific about one thing: “If you can rent in your desired area for much cheaper than a mortgage and other housing costs would set you back, you may benefit from renting a while longer and saving or investing the difference in monthly expenses.” Now apply that logic to Marina del Rey, consistently one of the most expensive areas to rent in L.A. and also the city where rent prices increased the most across the country from May 2016 to May 2017—a 16 percent or $441.50 change year over year, according to GOBankingRates.
Trulia notes that it is still cheaper to buy than rent in all of the 100 biggest U.S. metro areas; in Los Angeles, it’s currently 29.1 percent less expensive to buy than pay rent. In many cases, luxury apartments in Marina del Rey, Venice, and Santa Monica cost much more per month than Marina del Rey luxury condos like X67 Lofts.
What’s driving sales at X67 Lofts
Not surprisingly, many of the buyers at X67 Lofts are coming from luxury rentals on the Westside and are looking to make the positive shift from temporary digs to a place of their own.
“The cities of Marina del Rey, Venice, and Santa Monica are among the most coveted in the nation. They’re accessible to the entire Westside, there are tons of great things to do and see all around, and they’re perfectly located for anyone who works in Silicon Beach,” said Patrice Quishenberry, Vice President of Sales for etco HOMES, homebuilder of X67 Lofts. “With ever-rising rents and great opportunities for homeownership at communities like X67 Lofts, it’s no wonder we’re seeing more and more luxury renters in the area looking to step up to homeownership here.”
Those who work at area tech shops like Snapchat, Google, and Facebook, or who have been transferred to the area for work and want to own on the Westside instead of renting, are among the homebuyers attracted to X67 Lofts. “People are tiring of living in an apartment where they’re paying someone else’s mortgage or are having their rent increase year after year,” said Quishenberry. “Once they visit X67 Lofts, they realize that they don’t have to continue to live in an apartment. They can have the luxury lifestyle they want, in the location they love, and also benefit from growing home values and the tax advantages of homeownership that elude them as renters.”
Just a few left
X67 Lofts is down to its last few luxury condos, and they’ve saved the best for last. The final phase release of these Marina del Rey luxury condos includes penthouse units that, in addition to including open floorplans and high-end features, also offer some of the best views and locations in the community, and, arguably in the area. Pricing for final release of homes is from the $900s to the mid $1 millions.
Buyers at X67 Lofts have been captivated by the community’s airy, contemporary floorplans with up to 1,906 square feet and boasting gourmet kitchens with center islands and eating bar (per plan), KitchenAid® stainless steel appliances, frameless European-style cabinetry, and Caesarstone® countertops. Spa-like bathrooms present Caesarstone® countertops and sleek vanities, and designer-selected wood- and concrete-style flooring and private terraces and outdoor space are featured in each unit.
Amenities at X67 Lofts include a community event and recreation room; a community fitness room; an outdoor courtyard with BBQs and firepit; a dipping pool with lounges and cabana-style pods, and a residential services attendant seven days per week, who can assist with reservations and other services. X67 Lofts is within walking distance of the beach, Abbot Kinney, and trendy shopping and dining opportunities.
For more information about these new Marina del Rey luxury condos and to secure one of the final homes, visit X67 Lofts today or call (866) 387-6115. You can also register on the VIP interest list to be contacted by a sales professional who can help make sure you don’t miss out.