Featured image credit: Basil D Soufi
Few areas in the United States so artfully combine urban living with style and sophistication like Century City. It’s like a mini-city within a city; a compact and curated mecca where luxury marries business in mirrored facades of gleaming glory. Life in Century City practically demands high-rise living. And though the decadent condos of the area have created a uniquely comfortable, convenient, and elegant take on urban life, it can still take some adjustment if you’ve lived in homes your whole life. Here’s what to expect when pursuing that alluring Century City condo.
A Century City Condo Isn’t Like Other Condos
Condos in Century City aren’t for the faint of… wallet. At the time of writing, Redfin shows the median listing price for a Century City condo at around $1.97 million. Therefore, you need to be financially prepared for the considerable price tag that comes with owning a luxury condo.
But that’s not the only financial consideration that needs to be on your radar. You’ll also want to consider:
Homeowners Association (HOA) Fees
It’s a safe bet that any Century City condo will be subject to HOA fees. How much this will set you back each month depends greatly on the amenities provided, but think in the range of anywhere between $800 and $2,500 monthly.
Property Tax
These condos are also subject to property tax and often additional fees like parking, utilities, and insurance.
Market Speed
You’ll likely also be on the hook for carrying costs for the time that the condo is on the market. According to Redfin, the current average time for a condo to stay on the Century City market is 108 days.
What to Consider on Your Century City Condo Hunt
Of course, not every condo in Century City is a luxury condo. You can also find some older mid-rise complexes in the mix. Therefore, you need to keep several notable factors in mind when you start your search to help you quickly find your perfect solution.
Some of these stand-out considerations include:
- Amenities
- Building age
- Building condition
- Square footage (It can be a challenge to find any single-floor condos that exceed 5,000 square feet in Century City.)
- View
The Process of Purchasing a Century City Condo
Buying a condo in Century City is comparable to buying a condo anywhere else in the Greater Los Angeles area, as far as the process goes. Typically, this process includes:
- Seeking pre-approval from a reputable lender or lender broker
- Identifying a condo
- Making your offer
- Inspection, HOA review, and other matters of due diligence
- Escrow
- Closing
If we’re going by LA’s stats, a condo purchase in Century City normally takes 30 to 60 days from the acceptance of the offer to the closing. However, it’s not unusual for the entire process outlined above to take up to 6 months.
Getting Prepared
With this process in mind, potential condo buyers should expect the lender to request a variety of documents for review, including:
- HOA documents
- Insurance documents
- Pending litigation of the HOA (if any)
- Reserve fund statements
When preparing for inspections, potential buyers should expect a thorough review that may extend to building-wide systems, compliance matters, and the general condition of the condo unit.
Doing Your Homework (or Condowork?)
It’s also because of this inherent communal aspect of condo-living that your Century City condo hunt should account for the building beyond your front door. Aspects to consider include:
- Building conditions – Assess the roof and structure. Are elevators in good order? Are there any obvious issues?
- Covenant, Conditions, and Restrictions (CC&Rs) – Familiarize yourself with the building’s CC&Rs. These legally binding rules will clarify the ins and outs of pets, parking, and the like.
- HOA finances – Requests HOA budgets, reserve fund statements, and recent assessments to get a picture of how an HOA is managed.
Acclimating to High-Rise Living
Once you’ve secured your Century City condo and made it through the closing process, you’ll need to adjust to life in a high-rise. And, depending on your living situation before, this could be dramatically different. As we mentioned, your monthly fees will likely increase due to the shared costs of amenities, high-rise staff, and upkeep of the shared common spaces.
There’s a certain give-and-take to high-rise living when compared to owning a home. It may take some getting used to community rules, bumping into neighbors in the shared spaces, and the lack of a private yard. But you may also enjoy that maintenance will no longer fall solely on your shoulders.
There’s Nothing Else Like It
As the high cost of entry indicates, a Century City condo isn’t for everyone. On that note, expect to enter a market with heightened competition and for almost any listing in the area to net multiple offers. You can give yourself a clear advantage by getting pre-approved for a loan and clarifying your terms at the outset. But you’ll also need to pay close attention to your budget, commit to your due diligence, and adapt to building culture. For some, it’s a small price to pay to live in one of the sleekest, chicest urban centers in the country.
With a brand that says as much as JohnHart’s, Senior Copywriter Seth Styles never finds himself at a loss for words. Responsible for maintaining the voice of the company, he spends each day drafting marketing materials, blogs, bios, and agent resources that speak from the company’s collective mind and Hart… errr, heart.
Having spent over a decade in creative roles across a variety of industries, Seth brings with him vast experience in SEO practices, digital marketing, and all manner of professional writing with particular strength in blogging, content creation, and brand building. Gratitude, passion, and sincerity remain core tenets of his unwavering work ethic. The landscape of the industry changes daily, paralleling JohnHart’s efforts to {re}define real estate, but Seth works to maintain the company’s consistent message while offering both agents and clients a new echelon of service.
When not preserving the JohnHart essence in stirring copy, Seth puts his efforts into writing and illustrating an ongoing series entitled The Death of Romance. In addition, he adores spending quality time with his girlfriend and Romeo (his long-haired chihuahua mix), watching ‘70s and ‘80s horror movies, and reading (with a particular penchant for Victorian horror novels and authors Yukio Mishima and Bret Easton Ellis). He also occasionally records music as the vocalist and songwriter for his glam rock band, Peppermint Pumpkin.
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