Add The California Post on Google Condo living is quite the thing.
Sales for the all-inclusive living spaces are on a winning streak in Los Angeles, with a recent report by Compass Developing Marketing Group showing that the City of Angels’ luxury condominium market rebounded in a significant way from a lackluster start to the year during its second quarter.
During that time period, condo sales skyrocketed by a whopping 22.2% quarter-over-quarter, resulting in 760 closings — a number nicely in line with the historic second quarter average of 768.
Though the current average sale price — which rings in at $1.35 million, with average price per square foot sitting at $898 — has stayed on track with the norm of the last three years, the pricing in the ritziest submarkets has continued to climb.
Helen Howe, managing director of Compass Market Development Group, shares that prime addresses that offer full-service and a host of amenities in Rosewood Residences Beverly Hills, Mandarin Oriental Beverly Hills and 8899 Beverly are seeing a wave of “trophy-level closings” and “still commanding premium pricing.”
“[It’s] a signal that today’s most discerning buyers remain willing to pay for the right combination of location, service and lifestyle,” said Howe.
LA’s most elite have been leading this trend towards condo living, with a mystery buyer on track to acquire a half-built penthouse on top of the Aman Beverly Hills set to sell for a whopping $200 million.
If all goes according to plan, the nine-figure closing would more than obliterate the current condo sale record, which sits at $39.2 million for the 2025 purchase of luxury unit at the Century in Century City. If the Aman Beverly Hills penthouse sale goes through, it will beat this record by a staggering 410%.
While the luxe condo has been reserved, the potential buyer’s identity remains a mystery.
While condos sales have historically ranked behind mansion sales in LA’s luxury market, the new wave of residential towers could see this trend begin to change.
