Los Angeles dwelling costs aren’t the one factor hitting new heights lately. Even condominiums—lengthy an afterthought of L.A.’s housing market—at the moment are seeing costs soar upwards, matching the current urge for food for single-family houses.
On the heels of Matthew Perry’s sale on the Century Tower, the Presidential Penthouse at The Wilshire, one of the vital unique developments alongside the Wilshire Hall, has traded palms for $10.3 million. The $2,240 a sq. foot paid by the client is the the second-highest quantity paid for a condominium this yr, data present.
Reached by personal elevator, the two-story, fully-automated penthouse has excessive ceilings, fashionable finishes and partitions of home windows that seize a few of the Westside’s greatest views. Options embody a two-story artwork gallery, wine wall, workplace, health club and ample out of doors dwelling area. A complete of three bedrooms and 5 bedrooms are inside about 4,600 sq. toes of area.
Co-listing agent Zach Goldsmith of Beverly Hills-based Hilton & Hyland says that earlier than the pandemic, L.A.’s “crown jewel” condominiums such because the Presidential Penthouse typically take a number of years for a market to develop, primarily attributable to a small purchaser pool. However that every one modified throughout the peak of COVID-19.
“The problem to promote the Presidential Penthouse was important, contemplating that many individuals have been shying away from high-rise dwelling throughout the peak of COVID in favor of single-family houses with more room. As the true property market picked up, we began to see the identical exercise within the apartment market that we did within the housing market,” Goldsmith says.
Due to uncertainty within the apartment market, Goldsmith and his fellow co-listing enlisted the assistance of a staging group to clean up the penthouse and broaden its enchantment.
The outcome was a extremely curated residence with an emphasis on out of doors dwelling, and a fast sale to an keen purchaser simply earlier than the property’s market relaunch. “Technique and timing performed an important position in what was a report sale for the luxurious high-rise market in Los Angeles,” he provides.
Goldsmith would know. The luxurious actual property specialist has had a hand in a few of Los Angeles’ greatest actual property offers in current reminiscence, together with the sale of Jodie Foster’s Beverly Hills Submit Workplace-area dwelling and a house later bought by Bruno Mars. He at present shares the itemizing for Venice’s most recognizable home and the $95-million Enchanted Hill, a 120-acre hilltop as soon as owned by Oscar-winning screenwriter Francis Marion and cowboy actor Fred Thomson.
Designed by architect Richard Magee and in-built 1991, The Wilshire improvement has almost 100 items throughout 27 tales. The limestone- and copper-finished high-rise constructing options embody concierge companies, a health middle, valet parking and a pool with a spa. Spectacular mountain and cityscape views abound.
Los Angeles-based actual property brokers Steven Gelber and Karen Kaminskas shared the itemizing.
Hilton & Hyland is a founding member of Forbes International Properties, a shopper market and membership community of elite brokerages promoting the world’s most luxurious houses.