“Over the past several years we’ve seen many people adopting a more flexible lifestyle that does not have them tethered to one place,” he says. part-time, I don’t want to worry about, did a water pipe break? Did somebody break in? Ideally, I’d get a condo, where somebody else can look after all that stuff,’ ” says Rose.īrad Berry, vice president of global residential development for Rosewood Hotel Group, agrees. “They don’t necessarily want to live in New York or Miami or Paris or wherever year-round, because who wants to live there in the winter or in the depths of the summer? They think, ‘Well, if I’m going to live in L.A. As The Agency’s Billy Rose notes, for globe-trotting moneyed clients thinking about a part-time home in Los Angeles, condos are appealing. That same year, Candy Spelling shattered records when she purchased the top two stories of The Century in Century City for $35 million, still the most expensive condo ever sold in L.A.Ĭondo prices plummeted, though, with the arrival of the COVID pandemic as yards and outdoor living became a priority. The slow trend toward luxury condos started more than a decade ago with the opening of the Montage (now Maybourne) Residences in Beverly Hills in 2008 and the Ritz-Carlton Residences at L.A. “It’s still very much an adolescent market for condos,” says Mike Leipart, managing partner at The Agency Development Group. market, which has long focused on single-family homes. While 8899 is not technically a branded residence, it follows along the same lines - luxurious condo living at sky-high prices, including a pair of 8,000-square-foot penthouses each on the market for $50 million. Earlier this year, Jason Oppenheim and Douglas Elliman’s Fredrik Eklund sold two combined units at 8899 Beverly for $17.5 million. In July, real estate agent Taaseen Qureshi of PowerPlay sold a $21.5 million unfinished condo taking up the entire 10th floor of the Pendry in West Hollywood, making it the highest-priced condo sale in 2022. With properties ranging from $3.6 million and up at the Mandarin Oriental to the $75 million listing for the penthouse atop the Four Seasons residences, the biggest names in real estate are betting on the future of multi-unit living in Los Angeles. Who hasn’t dreamed of living in a hotel, à la the famous children’s book heroine Eloise? In Los Angeles, this is increasingly becoming a possibility with the rise of luxury branded residences, which combine condo living with some of the biggest brands (and the services they offer) in the hospitality industry.īranded residences such as the Mandarin Oriental Residences, Rosewood Residences Beverly Hills, Four Seasons Private Residences, Aman Beverly Hills and the Pendry Residences West Hollywood on the Sunset Strip are rising in West Hollywood and Beverly Hills at a surprising clip. Hospitality companies including Aman, Rosewood and Pendry are hoping that amenities such as room service and housekeeping will sell customers on ultra-luxury units. Real Estate Records With $50M-and-Up Condos
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