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See inside luxury Los Angeles condos for record prices

Two California developers are trying to lure buyers willing to do something no other buyer has ever done in the history of Los Angeles.

According to public records, a single condominium unit has never been sold for more than $22.5 million.

Renderings show the penthouse terrace and pool at Four Seasons Private Residences Los Angeles, which is on the market for $75 million.

Martin Lawrence Bullard and CRTKL

A huge duplex apartment at 9000 West 3rd Avenue in Beverly Hills is priced at $75 million.

One LA called Penthouse hit the market in July. It spans the top two floors. Four Seasons Private Residences Los Angelespart of a 12-story ultra-luxury condominium project comprising 59 units by Genton Development Company.

A rendering of the completed penthouse on the top floor of Four Seasons Residences Los Angeles.

Martin Lawrence Bullard and CRTKL

North America’s first free-standing Four Seasons Residence, located across from the hotel of the same name. The crown-like mansion will offer about 13,000 square feet of indoor living area and about 6,000 square feet of outdoor space, according to the building’s website.

A rendering of the master bedroom of the penthouse known as ONE LA.

Martin Lawrence Bullard and CRTKL

Penthouses that appear fully furnished in the renderings used to sell the units are actually sold “white boxes”. So the buyer owns the unit as an unfinished shell.so empty Billy Rose, co-founder of The Agency RE and co-listing agent for the transactioncan be seen with his team in the marketing video on a bike ride through the vast raw space.

At the current asking price, the unfinished unit is over $5,700 per square foot. Rose told his CNBC that finishing costs vary widely depending on buyer preferences, but $8 million is a rough estimate. He said some buyers actually prefer a blank canvas delivery so they can customize their residence to their liking.

A 19-person IMAX theater is just one of the luxury amenities offered at Four Seasons Private Residences Los Angeles.

Martin Lawrence Bullard and CRTKL

Building amenities include meals and housekeeping for residents and private services. 19-seat IMAX theater According to the website, access to first-run movies and private screenings, a fitness center designed by nutritionist and celebrity trainer Harley Pasternak, a pool with private cabanas, and Four Seasons staff to cater to your needs.

luxury double shot

Another super-expensive penthouse for the rarest air in LA is located next. 8899 Beverly Blvd in West HollywoodThe asking price is $50 million and can be supersized up to $100 million.

Designed by architecture firm Olson Kundig, the 10-story, 40-unit building was developed by Townscape Partners. The top floor is divided into his two equally sized penthouses, one to the east and one to the west.

According to Douglas Elliman’s broker Fredrik Eklund, he is responsible for development and development. I recently joined CNBC for a tour of Penthouse East. The four-bedroom, five-bathroom residence spans approximately 6,450 square feet with 14-foot ceilings. Slide a wall of motorized glass panels to access nearly 1,500 square feet of outdoor space on the wraparound balcony.

Unlike One LA, the unit PHE is already delivered. It is currently being staged with furniture by ASH Staging. They’re not included in the $50 million asking price of over $7,700 per square foot.

View from unit PHE at 8899 Beverly Blvd. A wall of glass panels slides down to open onto a wraparound balcony.

ASH staging

The developer has not officially listed either of the two top-floor penthouses, but has been testing market demand for the PHE since at least April. That’s when the developers started marketing the unit with a $50 million price tag in a so-called whisper campaign. This is a term used to describe word-of-mouth marketing, usually used to shop off-market residences.

In this case, Townscape Partners and Eklund have been loudly whispering to the press about the deal for months. The team is simultaneously buying both top floor penthouses in an even more expensive off-market deal, where he demands $100 million.

Penthouse East master bedroom at 8899 Beverly Blvd.

ASH staging

The combination residence places its owners at the highest vantage point in West Hollywood. As a pair, the penthouse has his eight bedrooms, ten baths, and four kitchens, each with a main kitchen and an adjoining staff his kitchen.

According to Eklund, the package deal will bring about 13,000 square feet of total footage inside, plus an additional 6,000 square feet outside. Building amenities include his over 12,000 square feet of outdoor area with pool, fireplace, and dining area. There’s also a fitness area, yoga studio, and an upcoming fine dining restaurant.

The main bath of the penthouse PHE.

ASH staging

The basement level houses the so-called car stables, a term Eklund uses to describe the building’s opulent garage. The parking lot features moody lighting, herringbone patterned tile floors, and parking spaces behind sliding wood and steel doors.

Brokers told CNBC that two parking lots here will cost $750,000, but the developer will throw in some parking lots for free as part of the penthouse deal. It also includes a private lobby dedicated to the penthouse on the garage level with views of the garage, plus seating and an elevator that can take penthouse guests directly to the top floor.

The so-called auto stables on the garage level of 8899 Beverly Blvd.

drone hub media

Too expensive even in LA?

A rendering of ONE LA’s rooftop terrace.

Martin Lawrence Bullard and CRTKL

Current demands require buyers of One LA or 8899 Beverly Blvd penthouses to take a giant leap from the record established at The Century. Miller said CNBC’s real estate market doesn’t usually make dramatic moves like this, but this sort of thing doesn’t happen. Happened in LA before.

The examples he points to are just a fraction of the town’s single-family home inventory, known as ultra-luxury condominiums. Over the past decade, these homes have suddenly hit the $50 million mark and achieved sales to sustain it. Now, once unimaginable price levels are being regularly breached in the high-end spec market.

“It’s a subset of a larger market that doesn’t have a linear or direct connection to the previous luxury market,” said Miller.

According to Miller, the rapid proliferation of housing subcategories like spec homes requires a significant premium as developers have created new real estate offerings for buyers that are vastly different from those that existed before. It can occur when you convince yourself that

Full-service pool area at Four Seasons Private Residences Los Angeles.

Martin Lawrence Bullard and CRTKL

“This is the beginning of a new dataset,” says Miller.

Rose calls LA’s new ultra-luxury condo inventory “2.0.” This, he describes, is a wave of apartments that are more modern, luxurious, and packed with amenities than any condo inventory before it. He believes these are part of the reason the units are demanding higher prices than in the previous wave, which Rose believes includes record-breaking sales at Century Condos.

So far, Rose’s 2.0 theory has been bolstered by the recent sale of The Pendry Residences, another luxury condo project in West Hollywood. The project sold a 2,700-square-foot unit for his $13 million, breaking his $4,800 per square foot. This is currently the highest price per square foot. Feet ever achieved in a condo in LA. This record is more than double her price per square foot achieved in each of her three top sales for Century Condominiums.

Seating area on wraparound balcony in Penthouse East at 8899 Beverly Blvd.

ASH staging

Eklund believes his $100 million whisper list could and will break LA’s price record. What has already happened in New York helps. In Central Park, Trophy condos run in excess of $10,000 and even $12,000 a square foot.

“It’s a common occurrence, so is Los Angeles still underrated? Long term, probably,” Eklund said.

Data from multiple listing services over the last 10 years shows that over 140 units sold for $35 million in New York, while Los Angeles had zero at that level. But Miller adds a big caveat. The two condo markets are very different. The sale of The Pendry is clearly a sign, he said, but more deals need to be made to determine if this new market is sustainable.

That means the developers of One LA and 8899 Beverly’s Trophy Penthouse are in uncharted territory.

“This is a new market segment,” says Miller. “So we have to see how consumers react.”

Seating area and fireplace in the Penthouse East Residence at 8899 Beverly Blvd.

ASH staging

https://www.cnbc.com/2023/01/31/los-angeles-luxury-condos-record-prices.html See inside luxury Los Angeles condos for record prices

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