Vertical dwelling has by no means been excessive on the purchasing record for Southern California’s rich set. However a brand new wave of luxurious developments is drawing the wealthy out of single-family houses and into the sky.
The most recent instance simply closed in West Hollywood, the place a penthouse condominium has traded fingers for $21.5 million. That’s the priciest condominium sale in L.A. County to date this yr, and the fourth costliest the county has ever seen.
It’s simple to see the attraction, even for staunch supporters of single-family dwelling. The unit covers 6,301 sq. toes — greater than the overwhelming majority of stand-alone houses — and for out of doors area, there’s a 2,782-square-foot wraparound terrace overlooking L.A.
The penthouse spans your entire 10th flooring of the Pendry Residences West Hollywood, a hotel-condo hybrid opened by Montage Accommodations & Resorts. It was bought as a design-ready unit, that means the client will be capable of select the structure and design.
Constructed on the previous website of the Home of Blues, the $500-million advanced has already set a number of data, together with a 2,681-square-foot unit that sold last year for $13 million. That shakes out to $4,848 per sq. foot, which is by far the best value per sq. foot within the historical past of L.A. condominium gross sales. (The most recent Pendry sale works out to $3,412 a sq. foot.)
Pendry’s assortment consists of 40 personal residences. Up to now, about 50% have been bought.
The blockbuster sale signifies a renewed curiosity in luxurious high-rise dwelling, which took a serious hit throughout the pandemic when shared facilities resembling swimming pools and elevators all of a sudden turned a security hazard.
Up to now this yr, there have been 27 condominium gross sales north of $5 million in L.A. County, in keeping with the A number of Itemizing Service. The identical stretch final yr noticed simply 14 gross sales above $5 million. Within the first half of 2020, there have been solely 5.
That curiosity has carried throughout all sections of the market, not simply the posh facet. Within the second quarter of 2022, the median condominium sale value was $640,000, up $20,000 in contrast with the identical stretch final yr, according to data from Sotheby’s International Realty.
Condos are additionally promoting faster, lasting a mean of 27 days in the marketplace within the second quarter of this yr in contrast with a mean of 34 days throughout the identical stretch final yr.
At $21.5 million, it’s the highest-priced condominium sale since Matthew Perry unloaded his 9,300-square-foot “mansion in the sky” for $21.6 million in Century Metropolis’s Century Tower final summer season. The all-time file belongs to socialite Sweet Spelling, who dropped $35 million on a 15,555-square-foot unit in the identical constructing full with two tales and a non-public pool.
Taaseen Qureshi of PowerPlay represented Pendry within the $21.5-million sale. Molly Williams of the Hobin Firm represented the client.