West Ocean - Long Beach, CA
Following great success in San Diego, British Columbia-based Intracorp needed local market insight into the first tower at West Ocean: high-rise condominiums on a rare site located south of Ocean Blvd. in the fast-redeveloping area of downtown Long Beach.
Despite its recent evolution, Long Beach had a history of ill-fated redevelopment projects, including some high-rise projects that had gone bankrupt in the harsh recession of the 1990s -- and many of the existing comps were built many years before. Consequently, the consulting team undertook an unusually complicated analysis of high-rise condominiums in downtown Long Beach, Santa Monica, the Wilshire Corridor, Century City, downtown Los Angeles and even San Diego to quantify premiums for floor location, geographic orientation and views, subsequently identifying the pricing differentials between those locations and the subject site.
Similar analyses were conducted for the resale market in each of these areas to determine the appropriate premiums afforded both new construction and high-rise cachet and quality.
Next, the consulting team carefully reviewed resale activity within the local area and relied on the previous analyses of high-rise condominiums throughout Southern California to arrive at a pricing strategy that would still be a relative bargain for coastal, ocean view property compared to the shoreline from San Diego through Santa Barbara.