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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 list of the wealthy in Southern California. But a new wave of luxury developments is luring the wealthy out of single-family homes skyward.
The latest example just closed in West Hollywood, where a penthouse condo traded hands for $21.5 million. It’s LA County’s most expensive condo sale so far this year, and the fourth most expensive the county has ever seen.
It’s easy to see the appeal, even for avid single-family living enthusiasts. The unit covers 6,301 square feet more than the vast majority of free-standing homes and for outdoor space there is a 2,782 square foot wrap-around deck overlooking LA
The penthouse spans the entire 10e floor of Pendry Residences West Hollywood, a hybrid hotel-condo opened by Montage Hotels & Resorts. It was sold as a ready-to-use unit which means the buyer will be able to choose the layout and design.
Built on the former site of the House of Blues, the $500 million complex has already set several records, including a 2,681-square-foot unit that sold last year for $13 million. That works out to $4,848 per square foot, which is by far the highest price per square foot in Los Angeles condo sales history. (Pendry’s latest sale is $3,412 per square foot.)
The Pendrys collection includes 40 private residences. So far about 50% have been sold.
The blockbuster sale means renewed interest in luxury high-rise buildings, which were hit hard during the pandemic when shared amenities such as swimming pools and elevators suddenly became a safety hazard.
So far this year, there have been 27 condo sales north of $5 million in LA County, according to the Multiple Listing Service. The same period last year only saw 14 sales over $5 million. In the first half of 2020, there were only five.
This interest has spread to all segments of the market, not just the luxury side. In the second quarter of 2022, the median selling price for condos was $640,000, up $20,000 from the same period last year, according to data from Sothebys International Realty.
Condominiums are also selling 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 most expensive condo sale since Matthew Perry unloaded his 9,300-square-foot mansion into the sky for $21.6 million in Century City’s Century Tower. last summer. The all-time record belongs to socialite Candy Spelling, who dropped $35 million on a 15,555-square-foot unit in the same building with two stories and a private pool.
PowerPlay’s Taaseen Qureshi represented Pendry in the $21.5 million sale. Molly Williams of the Hobin Company represented the buyer.
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