West Hollywood penthouse sells for $21.5 million, the highest price for a condo this year

Vertical living has never been high on the shopping lists of the wealthy in Southern California. But a new wave of luxury developments is pulling the rich out of single-family homes and into the skies.

The latest example just closed in West Hollywood, where a penthouse has changed hands for $21.5 million. That’s the most expensive condo sale in LA County so far this year, and the fourth-highest the county has ever seen.

It’s easy to see the appeal, even for staunch advocates of single-family living. The apartment measures 6,301 square feet – larger than most standalone homes – and is for outdoor space, with a 2,782-square-foot wrap-around terrace overlooking LA.

The penthouse spans the entire 10order floor of Pendry Residences West Hollywood, a hotel-apartment complex opened by Montage Hotels & Resorts. It is sold as a design-ready unit, which means that buyers will be able to choose the layout and design.

Built on the former site of the House of Blues, the $500 million complex has set multiple records, including a 2,681-square-foot condo that sold last year for $13 million. That number ranges up to $4,848 per square foot, which is the highest price per square foot in the history of condo sales in LA. (The latest Pendry sale costs $3,412 a square foot.)

Pendry’s collection includes 40 private residences. So far, about 50% have been sold.

The blockbuster sale shows a renewed interest in luxury high-rise living, which has been hit hard during the pandemic when shared amenities like swimming pools and elevators suddenly become a hazard. come back safely.

So far this year, there have been 27 $5 million northbound condo sales in LA County, according to the Multiple Listing Service. In the same period last year, there were only 14 sales over $5 million. In the first half of 2020, there were only five.

That interest has spread across sectors of the market, not just the luxury side. In the second quarter of 2022, the median apartment sales price was $640,000, up $20,000 from the same period last year, according to data from Sotheby’s International Realty.

Apartments also sold faster, lasting an average of 27 days on the market in the second quarter of this year compared to an average of 34 days during the same period last year.

At $21.5 million, it’s the highest-priced condo sale since Matthew Perry demolished his 9,300-square-foot “mansion in the sky” for $21.6 million at Century Towers. of Century City last summer. The all-time record belongs to social media Candy Spelling, who shelled out $35 million for a 15,555 square foot apartment in the same building complete with two floors and a private pool.

PowerPlay’s Taaseen Qureshi represented Pendry in the $21.5 million acquisition. Molly Williams of Hobin Company represents the buyer.

https://www.latimes.com/business/real-estate/story/2022-07-18/west-hollywood-condo-sells-for-21-5-million-a-yearlong-high West Hollywood penthouse sells for $21.5 million, the highest price for a condo this year

Edmund DeMarche

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