Los Angeles home prices aren’t the only thing rising in value these days. Condominiums, which were once an afterthought in L.A.’s housing markets, are now experiencing a rise in prices to match the demand for single-family homes.
The Century Tower’s Matthew Perry sale has prompted the sale of The Wilshire Presidential Penthouse, one of the most exclusive developments on the Wilshire Corridor. It was sold for $10.3 Million. According to records, this buyer’s $2,240 per square foot is the second-highest amount for a condominium in the year.
The private elevator takes you to the penthouse, which is two stories high and has modern finishes. Walls of windows capture the best views of the Westside. The two-story building boasts a wine wall, art gallery, office, gym, and plenty of outdoor living space. There are five bedrooms and three bedrooms in total. Space is approximately 4,600 square feet.
Zach Goldsmith from Beverly Hills-based Hilton & Hyland teamed up with Los Angeles-based agents Steven Gelber & Karen Kaminskas to list the iconic property. According to him, it took several years for a market to develop in L.A. before the pandemic. This was primarily due to a limited buyer pool. That all changed with COVID-19.
The challenge of selling the Presidential Penthouse was huge, as many people were moving away from high-rise living at the height of COVID to live in single-family homes that offer more space. Goldsmith says that as the real estate market improved, we began to see the same activity on the condo market as we saw in the housing market.
Glass sliding walls bridge the indoor-outdoor living space. Unlimited Style Real Estate Photography in Hilton & Hyland Due to uncertainty in the condo market, Goldsmith and his co-listing members enlisted the assistance of a staging crew to refresh the penthouse.
It was a well-curated residence that emphasized outdoor living. The property was quickly sold to an eager buyer right before it went on the market. He adds that strategy and timing were key factors in the record-breaking sale of luxury high-rises in Los Angeles.
Goldsmith would be able to tell you. This luxury realty specialist was involved in some of Los Angeles’ most significant real estate transactions in recent memory. These included the sale of Jodie Foster’s Beverly Hills Post Office-area house and one later bought by Bruno Mars. He is currently listed in Venice’s most well-known house, the Enchanted Hill (a 120-acre hilltop once belonging to Oscar-winning screenwriter Francis Marion and cowboy actor Fred Thomson), which is worth $95 million.
Richard Magee designed the Wilshire development. It has almost 100 units and is 27 stories high. Concierge services, valet parking, and a pool with a spa are some of the amenities found in this limestone-and-copper-finished high-rise building. Amazing views of the city and mountains abound.