Looks like the Downtown LA market is still hot.

http://www.latimes.com/business/la-fi-tower8may08,0,4800199.story?coll=la-home-business

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76-story condo tower planned for downtown L.A.
Developers plan a $1-billion L.A. complex. Doubters fear a glut.

Plans for a $1-billion high-rise condominium complex overlooking Pershing Square park in downtown Los Angeles were unveiled Monday by developers who expect to build the tallest residential building west of Chicago.