Signs of Life in Los Angeles’ Luxury Condo Market
Record Deal at Beverly West
Signs of life in Los Angeles’ luxury condo market materialized in a big way with a record deal at Beverly West. The top-floor penthouse in the luxury high-rise next to the Los Angeles Country Club closed on Tuesday for $23.5 million, marking the city’s priciest condo deal this year.
The Property
The expansive space takes up the entire 22nd floor and touts a 360-degree view of the ocean, city, and mountains. It has four beds and seven baths across nearly 8,000 square feet designed by Plum Design’s Lisa Garriss. The property includes floor-to-ceiling glass walls, a bar, and a chef’s kitchen. Beverly West resident amenities include a house car, valet, and 24-hour security.
The Brokers
Compass’ Sally Forster Jones, along with Christie’s International Real Estate Southern California’s Tomer Fridman and Amir Ensani, represented seller Emaar North America, a unit of Emaar Properties. The trio of brokers have sold more than $100 million at Beverly West in the past seven months, according to Christie’s International Real Estate Southern California.
The Buyer
MLS records show the mystery buyer was represented by Carolwood Estates.
Industry Impact
Aside from the unit setting a record in the city, it’s also the second-priciest condo trade in Los Angeles County. The top designation currently sits with the $24 million sale of TPG Angelo Gordon’s sale of a penthouse at 8899 Beverly Boulevard. The West Hollywood property sold after a two-day stint on the market. It’s original listing price was $25 million.
The Beverly West deal penciled out even as the industry continues to shake its head over the city’s Measure ULA property tax, which went into effect in April 2023. The tiered fee assesses a 4 percent tax on properties that sell for $5.15 million or more and 5.5 percent on those sold for $10.3 million and up. That works out to $1.3 million in ULA money for the Beverly West trade.
Market Trends
Across Los Angeles County, average third-quarter sale prices of condos were off 2.4 percent from a year ago to $1.3 million, according to a report done by Miller Samuel Real Estate Appraisers & Consultants on behalf of Douglas Elliman. The number of condo sales in the county totaled 506 in the third quarter, down about 1 percent from the year-ago period.
Conclusion
The record deal at Beverly West is a sign of life in Los Angeles’ luxury condo market, despite the challenges posed by the Measure ULA property tax. The deal highlights the demand for luxury properties in the city and the ability of top brokers to close high-end deals.
FAQs
Q: What is the price of the record-breaking condo deal at Beverly West?
A: The top-floor penthouse closed for $23.5 million.
Q: Who represented the seller in the deal?
A: Compass’ Sally Forster Jones, along with Christie’s International Real Estate Southern California’s Tomer Fridman and Amir Ensani, represented seller Emaar North America.
Q: What is the total square footage of the property?
A: The property has nearly 8,000 square feet.
Q: What are the amenities included in the property?
A: The property includes a house car, valet, and 24-hour security, as well as resident amenities at Beverly West.
