I think the cost of renovations are much less than the guy who is trying to sell you an overpriced condo is suggesting... Based upon the current market conditions and the lack of housing starts, you can have NEW Manhattan Beach / Palos Verdes style construction in the $150-$200 range and you would be amazed at the renovations available at $50 per foot (higher for the over the top bathrooms and kitchens)

Materials and fixtures and cabinets are all available at discounted rates, if you are talking Beverly Hills quality and attitude, go ahead and spend $450 a foot and be happy of how many families you will be seeing through hard times, just don't pay rolls royce prices for audi quality...

You need to be smart in buying materials and really be willing to get several estimates, because construction workers and finish contractors are done getting paid at ridiculous mark-ups for the near future...

In Hancock Park, it is not cheap:

Renovation: $200/s.f..
New Construction: $450/s.f.

I'm assuming you are building appropriately to match the quality that Hancock Park expects.

Quinn Kiet
The L.A. Condo Store
Urban Lifestyle Experts http://www.condostorela.com