1024px-Millennium_Biltmore_Hotel,_Los_Angeles

Coldwell Banker Residential Brokerage in Greater Los Angeles Region has opened a new office in the historic Millennium Biltmore Hotel in downtown Los Angeles. On January 18, agents, executives and clients came together in Bernard’s Room at the Biltmore to celebrate the grand opening.

“The new office is a symbol of our company’s legacy of growth and innovation in Los Angeles—but more importantly, it honors the resurgence of our city’s downtown—a market that has seen tremendous growth over the last several years,” said Jeff Culbertson, president of Coldwell Banker Residential Brokerage’s Los Angeles Company and Executive Vice President of NRT’s Southwest Region

Lori Ramirez, who is taking the reins as the downtown branch manager while continuing to serve as branch manager in Los Feliz, said the timing of the office opening was right, since downtown “is becoming the cultural center of Los Angeles again.”

“You have L.A. Live, Nokia Theater, Walt Disney Concert Hall, critically-acclaimed restaurants, art galleries, stylish loft developments and luxury condos at the Ritz-Carlton Residences, plus the future Farmer’s Field and upcoming renovation of Macy’s Plaza,” she said. “Not to mention the city’s massive expansion of its rail and bus systems, which will connect downtown to the Westside and other destinations.”

Ramirez also noted that the downtown housing market showed a lot of positive signs towards the end of 2012.

“The number of downtown units sold in 2012 was up 16.4% and prices were up 27.7% compared to 2011,” she said, citing the MLS. “Properties were also on the market for just nine days or less on average. All of this tells us that the downtown market is ripe for an established brand like Coldwell Banker. It’s also fitting that one of America’s oldest real estate brands is headquartered in one of downtown’s oldest hotels.”

Coldwell Banker’s downtown presence now brings our office total to 37 in the Greater Los Angeles Area, reinforcing the company’s position as L.A.’s no.1 residential real estate brokerage firm. It comes on the heels of record December for Southern California: new and existing sales in Los Angeles County were up 9.2% year-over-year, while prices were up 15.4% for that same period, according to DataQuick.

“As excitement and enthusiasm for L.A. real estate is expected to continue in 2013, this year might offer a great opportunity to get on the ground floor of one of L.A.’s hottest neighborhoods,” added Culbertson. “I invite aspiring homebuyers to visit with one of our agents at the Millennium Biltmore Hotel today, or take a look at the properties currently offered for sale in the downtown area on www.californiamoves.com.”