LA Luxury Condo Market Continues to Soar
The Los Angeles luxury condo market is bucking the trend of declining median condo prices, with a recent deal at the Maybourne Beverly Hills illustrating this point. Unit 8E at 225 North Canon Drive traded in early October for $27 million, or $4,762 per square foot. This property, situated in the Golden Triangle of Beverly Hills, was previously known as the Montage until Qatar-backed Maybourne Hotel Group paid $415 million for it in 2019. The four-bed, six-bath condo was sold from one trust tied to philanthropists Paul and Hisako Terasaki to another linked to Gustavo and Maria Esther Marquez, owners of Hispanic food maker and distributor Marquez Brothers International.
Luxury Insulation
Deals like the one at the Maybourne weren’t enough to help pull up the overall condo market. Across Los Angeles County, median condo closing prices fell the past two quarters, according to the most recent Douglas Elliman report. However, luxury tells a different story, with a rising median price, according to the Elliman report which counts luxury as the top 10 percent of sales. The broad comparison is stark–the median price of a sold luxury condo spiked 69 percent from the year-ago period to $4.7 million in the third quarter, according to Elliman. That compares with the broader condo market’s median sales price decline of 3.8 percent year over year to $1.1 million.
Tops this Year
What L.A.-area markets are winning this year? So far, the usual suspects are driving the upper end of the condo market. Here’s a look at the top deals in some of the county’s high-end residential markets this year, based on Zillow records of on-market sales:
Century City
1 West Century Drive #Penthouse 39
Sold in January for $39.1 million or $4,153 per square foot
Beverly Hills
225 North Canon Drive #8E
Sold in October for $27M or $4,762 per square foot
West Hollywood
8899 Beverly Boulevard Unit 7B/E
Sold in March for $15.5M or $2,886 per square foot
Brentwood
505 Barrington Avenue #100
Sold in September for $7.8M or $1,400 per square foot
Santa Monica
951 Ocean Avenue #404
Sold in March for $7.3M or $2,330 per square foot
Hollywood Hills
8420 Sunset Boulevard #803
Sold in July for $7.2M or $2,647 per square foot
Marina del Rey
5205 Ocean Front Walk #301
Sold in January for $4.9M or $1,789 per square foot
The Westside spread makes Downtown Los Angeles look quite middle market. The top deal in the city’s center comes in at $1.8 million, or $766 per square foot, for a unit at 1155 South Grand Avenue.
Crescent Heights Conversion
South of L.A., in Orange County, Crescent Heights clearly sees opportunity in for-sale units. The Miami company hung up the for-sale sign on the towers’ units after snapping up 9 MacArthur Place in April for $240 million, per the Orange County Business Journal. A full price range isn’t known for the two towers, but units currently listed go from $851,825 to $1.1 million.
Lori Loughlin, Mossimo Giannulli Find Buyer
In single-family homes news, Lori Loughlin and Mossimo Giannulli may finally be able to part ways with their Hidden Hills home. The property at 25210 Jim Bridger Road, listed for just under $15 million, is in contract. It topped the week ended Oct. 26 for signed contracts in L.A. County. It’s been a long time coming for the now separated couple, who reportedly first placed the home on the market last spring for $17.5 million. It was re-listed in February for $16.5 million and then repriced again in July at the current ask.
Read More
Marquez tops Rams’ Kroenke with $27M buy at Maybourne
Lori Loughlin, Mossimo Giannulli’s Hidden Hills manse nabs buyer
Crescent Heights hits into condo-conversion play after OC’s priciest multifamily sale
Conclusion
The LA luxury condo market continues to soar, with recent deals like the one at the Maybourne Beverly Hills setting new records. The median price of a sold luxury condo has spiked 69 percent from the year-ago period, according to Douglas Elliman. The top deals in high-end residential markets like Century City, Beverly Hills, and West Hollywood are driving the upper end of the condo market.
FAQs
Q: What is the current state of the LA luxury condo market?
A: The LA luxury condo market is bucking the trend of declining median condo prices, with a rising median price and recent deals setting new records.
Q: What was the price of the recent deal at the Maybourne Beverly Hills?
A: The recent deal at the Maybourne Beverly Hills was sold for $27 million, or $4,762 per square foot.
Q: What is the median price of a sold luxury condo in LA County?
A: The median price of a sold luxury condo in LA County has spiked 69 percent from the year-ago period to $4.7 million in the third quarter, according to Douglas Elliman.
