Photo: Justin Coit

Los Angeles’ luxury real estate market is showing no signs of slowing down. Multi-million dollar home sales increased by over 100 percent annually during the second quarter of 2021, fuelled by rising inventory and growing optimism. 

Two recent luxury condo sales suggest that perhaps the market has yet to reach its peak, with both transactions exceeding Los Angeles’ price per square foot record. A 2,681-square-foot condominium at Pendry Residences West Hollywood sold for $13 million, reaping $4,849 per square foot — $900 more than the previously-held record.

Photo: Justin Coit

A slightly more spacious unit that closed last week sold for $13.3 million and fetched just under $4,500 per square foot. While pending sales of single-family homes in Los Angeles have moderated in recent months, new signed contracts for condos “have been rising annually every month since last August,” according to Jonathan Miller, president and CEO of Miller Samuel Inc.

Photo: Christian Horan

Rising ten stories along the Sunset Strip, Pendry Residences West Hollywood was built in tandem with Pendry West Hollywood, a five-star hotel with two Wolfgang Puck restaurants, a social club, live music venue, full-service spa and rooftop pool.

Each of the 40 custom-designed homes includes semi-private elevator access, open living spaces, high-end finishes and sprawling open-air terraces of up to 3,400 square feet. Select outdoor spaces are equipped with fire pits, pools, hot tubs and outdoor kitchens.

Photo: Justin Coit

Resident-only amenities within Pendry Residences West Hollywood include a rooftop pool deck, wine tasting room, garden deck, private fitness center, board room, and a lounge with an honor bar. Residents are also given free rein of the hotel’s extensive wellness and entertainment offerings, and are able to reserve a table at the rooftop restaurant or hit up the bowling alley at The Britley Social Club.

Photo: Ye Rin Mok

The $500 million mixed-use development by AECOM Capital and Combined Properties opened this spring, and is now move-in ready with residential sales from $3,250,000, according to BuzzBuzzhome data.

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