2 condo sales at West Hollywood complex break records
Both units shattered previous highs for price per square foot
A pair of condos sales at a recently completed complex in West Hollywood broke the countywide record for highest price per square foot.
A 2,681-square-foot unit at Pendry Residences West Hollywood sold for $13 million, or $4,848 a foot, well over the previous Los Angeles County record of $3,858 a foot, according to the Los Angeles Times. A larger unit sold for $13.3 million, or just under $4,500 per square foot. Both sales closed in the second quarter, a three-month period that saw a surge in sales and prices across L.A.
AECOM Capital and Combined Properties developed the boutique hotel and condo complex, and in May secured a $505 million loan on the property.
The L.A. condo market has remained strong through much of the pandemic.
Recent Douglas Elliman data showed condo sales more than doubled to 974 in the second quarter, year over year. That was the highest total sales in the 17 years the firm has been tracking the market, according to the Times.
The median sales price of a condo in the second quarter was $966,000 — a 9 percent increase from the first quarter, and a roughly 7 percent increase year over year.
The luxury segment in particular saw stronger gains. Luxury sales increased 138 percent year over year. The median price of $2.6 million is a 16 percent increase over the first quarter and 19 percent increase from the second quarter of 2020.
[LAT] — Dennis Lynch