West Hollywood condo sells for $21.5 million — a yearlong high
Vertical living has never been high on the shopping list for Southern California’s wealthy set. But a new wave of luxury developments is drawing the rich out of single-family homes and into the sky.
It’s easy to see the appeal, even for staunch supporters of single-family living. 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., a hotel-condo hybrid opened by Montage Hotels & Resorts. It was sold as a design-ready unit, meaning the buyer will be able to choose the layout and design.
. 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. condo sales. 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.
That interest has carried across all sections of the market, not just the luxury side. In the second quarter of 2022, the median condo sale price was $640,000, up $20,000 compared with the same stretch last year,
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