One LA is hoping two price cuts will do the trick to move the luxe, record-setting condo.
The unit was Los Angeles’ priciest condo in 2022 when it hit the market with an ask of $75 million, but now a buyer can scoop it up for half that.
The 13,000-square-foot penthouse, located at Four Seasons Private Residences Los Angeles, is now listed at $37 million. In March, its price was reduced to $50 million. It has been on the market for nearly a year.
Billy Rose, co-founder of The Agency, who has the listing, said the penthouse is now at the right price.
“$75 million was aspirational, but One LA is a singular, one-of-a-kind property, and it is hard to know what the market will bear,” he said.
“When I came on to the project, Developer Genton Property Group said ‘Let’s get this thing sold.’ And they were cool with bringing the price down to $50 million. But that was still a fairly unprecedented price. Now we’re at the price where it should be,” Rose added.
The broker conceded that ultra-luxury condos compete with trophy mansions for attention from the wealthiest home buyers. Ultra-luxe condos specifically appeal to those who prefer not to worry about the upkeep of a megamansion, he said. These condos also offer a high level of privacy and security.
About 77 percent of the condo tower’s 59 residences have been sold, and two more are in escrow, Rose said. Prices have ranged from $2.8 million for a 1,400-square-foot unit to $6.9 million for a 2,500-square-foot unit.
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