Once the priciest known condo listing in the Los Angeles market, the penthouse nicknamed One L.A., located at the top of the 13-story Four Seasons Private Residences Los Angeles, has taken a 33 percent price cut.
One L.A.’s initial ask in July 2022 was $75 million. The price was cut to $50 million on March 14. The penthouse’s price reduction takes place during a time when prices have been softening across the board for the residential market. Listing agent Billy Rose of The Agency said the $75 million ask was set before his company signed on to the project, and was aspirational.
“It’s a nice marketing hook,” Rose said of the initial pricing, which was on the higher end of the penthouse’s potential price range. “$50 million is a reasonable and appropriate asking price. We’re getting close to the sell-out of the building. It’s now our focus to get the penthouse sold.”
Stretching out to almost 13,000 square feet, the two-level penthouse comes with a 6,000-square-foot roof deck and floor-to-ceiling glass walls on all four sides of the condominium. The roof deck offers a lap pool as well as reflecting pools.
One L.A.’s amenities include a private elevator and a private six-car garage. The building’s amenities include an 16-seat IMAX theater, a gym designed by fitness guru Harley Pasternak, as well as residence staff managed by Four Seasons.
About 70 percent of the building’s 59 residences have been sold, Rose said. Only the penthouse was subject to a significant price reduction. Listing prices for other available Four Seasons’ condos have basically remained the same since the building opened for sale.
Prices for Four Seasons condominiums include a $2.7 million ask for a one-bedroom, two-bathroom, 1,400-square-foot unit at #211. Other condos include a $5.6 million two-bed, 3.5- bath residence with about 2,800 square feet at #209, according to listing sites.
Despite the price cut, One L.A. still ranks as one of the market’s priciest penthouses. 8899 Beverly ultra luxe condominium building in West Hollywood, lists two penthouses for $50 million each.
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The Zillow listing site compared One L.A. penthouse to a three-bedroom, six-bathroom residence at 1200 South Club View in Los Angeles’ Westwood neighborhood. The condominium was priced at $28 million, with the ask increased from an initial $21 million in February.
One record for priciest L.A. condominium was set in 2010, when Candy Spelling, wife of the late TV producer Aaron Spelling, purchased a Century City unit for $35 million.