Los Angeles real estate buyers are fueling the condominium market

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Condos are making a big comeback in Los Angeles. Aggregate buyer demand, low interest rates and a persistent lack of single-family home listings have pushed condominium prices to record highs. According to Douglas Elliman’s third quarter 2021 report, the number of condo sales in Los Angeles reached its second-highest total on record in 2021. And September saw a 13.9% increase in the price of condos in Los Angeles. year on year in the LA metro area, according to the California Assn. sales data from real estate agents.

In June, Matthew Perry sold his Century City condo for $ 21.6 million, while a penthouse along the exclusive Wilshire Hallway sold for $ 10.3 million.
And also in the high end, there are several newly built ultra-luxurious condo developments vying for buyers. Highlights include the Pendry Residences West Hollywood by Montage Hotels & Resorts, the Four Seasons Private Residences in Los Angeles, the Fairmont Hotel Residences, the Century Plaza Towers, One Coast in Pacific Palisades, 8899 Beverly, Gardenhouse Beverly Hills. There is also the Mandarin Oriental Residences, under construction, in Beverly Hills, at 9200 Wilshire Blvd.

What these multi-unit buildings have in common: an architectural and design pedigree, prime locations, and plenty of homeowner amenities. However, despite the current adherence of planners to vertical life, the rights have taken a decade or more for most projects.

The Pendry Residences lasted 15 years and resulted in the demolition of the House of Blues on Sunset Strip and two adjacent apartment buildings. The end result is 40 hillside residences designed by EYRC Architects that rooftop just below Sunset Boulevard (across a plaza from the trendy Pendry West Hollywood hotel). ) to Franklin Avenue.

“We have unparalleled views and location and the value of the view will be intact forever,” said Tina Necrason, executive vice president, residential, Montage Intl. of the Pendry Residences. The ease of living inside / outside is fundamental for residences
call, she said.

Sales at Pendry recently set records: one patio unit (with its own rooftop pool, hot tub, and outdoor kitchen) sold for $ 4,849 per square foot and another in the first version sold for $ 4,849 per square foot. was selling for $ 4,355 per square foot.

Jonathan Genton, CEO of Genton Development Co. and developer behind the Four Seasons Private Residences Los Angeles with 12 floors and 59 homes, where 2,500 square feet. units cost between $ 8 million and $ 9 million, notes buyers are focusing even more on privacy, security and outdoor spaces due to the pandemic.

The Four Seasons Private Residences Los Angeles project was designed as a multi-story interpretation of the post-war Hollywood modernist home, made of glass and concrete.

“You don’t get the service, care or safety with homes in the hills,” notes Denton, or the benefits of association with a globally recognized brand that Four Seasons Residences offer. (The residential building is located next to the Four Seasons Los Angeles hotel on 3rd Street). Luxury ranges from a dedicated and highly trained staff to the exquisite interior design of Martyn Lawrence Bullard. A major plus for media professionals: there is a private Imax theater that can seat 18 people and an adjacent lounge. Each unit has its own private garage in the underground car park; the units have two elevators available for their dedicated foyer. A separate service hall (and more elevators) is at the rear of the house. There are no corner columns, so views through the wide glass sliders are not impeded.

Buyers can use an on-site concierge, and like Pendry’s affiliation with Montage and Pendry hotels, they enjoy perks at other Four Seasons properties.

Comparable ownership privileges are available to buyers of Fairmont Century Plaza serviced apartments within the completely redesigned and recently reopened and renamed Fairmont Century Plaza hotel.

Fairmont owners have access to all of the hotel’s freshly prepared facilities, from the rooftop pool to the chic 14,000 square foot. spa, state-of-the-art gym and spa wellness programs. In addition, they can participate in the ownership benefits program of Fairmont’s parent company, Accor. Of the 63 residences, located on the 12th-16th floors of the hotel, 44 are two-level and all have terraces with sliding doors for fresh air, some with views of the CAA offices.

“California is learning to embrace city life,” says Bree Long, senior vice president of sales and marketing for One Coast. Located on the edge of the Pacific Palisades, the 53 townhouses and one-story apartments of the One Coast hillside development are stacked high above Sunset Boulevard on the Pacific Coast Highway. The views and access to the Pacific Ocean are the signature amenities. Prices start at around $ 3 million up to the high end of $ 5 million.

Another argument for buyers: there is no stressful bidding war when buying. The streamlined buying process, the myriad of amenities, and the locked-in lifestyle are the main reasons buyers in LA are willing to replace these high-end condominium complexes with single-family homes.


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