![]() Pendry Residences West Hollywood by Montage Hotels & Resorts Celebrates One-Year Anniversary with record setting $21.5 Million Penthouse. Molly Williams of the Hobin Company represented the buyer. Taaseen Qureshi of PowerPlay represented Pendry in the $21.5-million sale. The all-time record belongs to socialite Candy Spelling, who dropped $35 million on a 15,555-square-foot unit in the same building complete with two stories and a private pool. In the second quarter of 2022, the median condo sale price was $640,000, up $20,000 compared with the same stretch last year, according to data from Sotheby’s International Realty.Ĭondos are also selling quicker, lasting an average of 27 days on the market in the second quarter of this year compared with an average of 34 days during the same stretch last year.Īt $21.5 million, it’s the highest-priced condo sale since Matthew Perry unloaded his 9,300-square-foot “mansion in the sky” for $21.6 million in Century City’s Century Tower last summer. That interest has carried across all sections of the market, not just the luxury side. In the first half of 2020, there were only five. The same stretch last year saw just 14 sales above $5 million. County, according to the Multiple Listing Service. So far this year, there have been 27 condo sales north of $5 million in L.A. The blockbuster sale signifies a renewed interest in luxury high-rise living, which took a major hit during the pandemic when shared amenities such as pools and elevators suddenly became a safety hazard. ![]() Pendry’s collection includes 40 private residences. (The latest Pendry sale works out to $3,412 a square foot.) That shakes out to $4,848 per square foot, which is by far the highest price per square foot in the history of L.A. It was sold as a design-ready unit, meaning the buyer will be able to choose the layout and design.īuilt on the former site of the House of Blues, the $500-million complex has already set multiple records, including a 2,681-square-foot unit that sold last year for $13 million. The penthouse spans the entire 10 th floor of the Pendry Residences West Hollywood, a hotel-condo hybrid opened by Montage Hotels & Resorts. The unit covers 6,301 square feet - bigger than the vast majority of stand-alone homes - and for outdoor space, there’s a 2,782-square-foot wraparound terrace overlooking L.A. It’s easy to see the appeal, even for staunch supporters of single-family living. County so far this year, and the fourth most expensive the county has ever seen. The latest example just closed in West Hollywood, where a penthouse condo has traded hands for $21.5 million. But a new wave of luxury developments is drawing the rich out of single-family homes and into the sky. Vertical living has never been high on the shopping list for Southern California’s wealthy set. ![]() “From our flagship Montage property in Laguna Beach, all of our hotels have had a residential component,” Ms. The branded-residence beisiness isn’t new for the company, however. There’s an acceleration both in pricing and an acceleration for strategy to leverage what’s going on.” “What drives the general real estate market also drives our business. Montage and Pendry “have a $5 billion branded-residence portfolio and it’s growing,” Tina Necrason, executive vice president of residential for Montage International, told Mansion Global. With six US properties, Pendry’s also made branded residences a significant part of its growth. In 2017, the company launched a less traditional sibling brand, Pendry, to appeal to younger buyers with growing wealth. Today, the brand operates seven hotels across the Americas, all of them with residences as part of the mix. ‘Luxury Is in the Details,’ Says Residential and Hospitality Exec Tina Necrason of Montage International on the appetite for branded-residences, the never-ending boom in welless in the home and more.Ī relatively young player in luxury hospitality, Montage International launched in 2003 with one oceanfront property in Laguna Beach, California.
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