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Loreli Tomic

Pendry Residences West Hollywood

Record prices in L.A. as high-rise market surges | LA Times

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The Pendry West Hollywood is shattering sales records in Los Angeles, with a 2,681 square foot condominium recently selling for $13 million ($4,848 per square foot). This news made headlines in the real estate world, including the article below that was published in the LA Times.

The pandemic put a damper on high-rise living as a highly infectious airborne virus made close proximity to neighbors suddenly unappealing. But the condo market has come roaring back, particularly at the high end. 

At the Pendry Residences West Hollywood,  a 2,681 square foot condominium overlooking the Sunset Strip just sold for $13 million. That’s the highest price per square foot – $4,848 – in the history of L.A. condo sales, clobbering the previous record of $3,858 according to the Multiple Listing Service.

Another slightly larger unit in the same building closed last week for under $13.3 million, or just under $4,500 per square foot. Both sales rank among the priciest condo deals in recent years, highlighting the growing demand for luxury vertical living after the pandemic pushed buyers in search of space and privacy toward single-family homes.

The condos are two of 40 that will trickle to market over the next year at Pendry Residences West Hollywood, a new hotel-condo hybrid opened by Montage Hotels & Resorts.  The $500 million complex built on the former site of the House of Blues is one of multiple projects coming to the Sunset Strip as developers look to lure buyers into luxury condos loaded with high-end amenities.

Overall sales of Los Angeles condominiums—whether in towers or low-rise developments—jumped to 974 in the second quarter, Douglas Elliman data show, the most in the 17 years the real estate firm has been tracking transactions.  That’s up 132% from the 420 sales closed in the year-earlier quarter as COVID-19 protections squelched economic activity.

The luxury condo segment saw sales leap 138% year over year.

Condo prices rose as well, although not at the torrid pace seen in Southern California’s single-family home market, where bidding wars dominate and prices set fresh records every month.

The median Los Angeles condo price reached $966,000 in the second quarter, up 9% from the first quarter and a nearly 7% improvement from a year earlier, according to Douglas Elliman.

The median price in the luxury condo market was $2.6 million, rising 16% from the first quarter and 19% from the year-earlier quarter. The median is the point at which half of the properties sold for more and half for less.

“Condo living is a newer concept for L.A.  We’re a culture of swimming pools and backyards,” said Jim Jacobson, the senior vice president for Douglas Elliman’s development marketing.  “But now that people can tour the units in person again, they’re buying everything.”

Interest in all the developments he’s working on has jumped over the last few months, both in terms of in-person tours and online traffic, he said. International buyers, typically a 20% to 30% chunk of the luxury condo market, dried up during the pandemic because they were unable to travel here, but those buyers are now returning, along with locals simply looking to treat themselves, he said.

“People sat inside and watched TV for a year, and now they’re looking to indulge.  They no longer just want four walls and a roof.  They want something special—a known architect, a known chef or restaurant,” Jacobson said.

Read the full article here.

Leica Camera Exhibit at Gardenhouse Beverly Hills

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The residences at Gardenhouse Beverly Hills offer spacious, open and modern living which is perfect for any art enthusiast. In early October, our team was thrilled to co-host Leica Cameras at Gardenhouse: an evening of art, wine and conversation in one of Beverly Hills’ most unique luxury residences.

Garden Flat 6 proved to be the perfect backdrop for some incredible works of art, featuring photographs by artists such as Jim Marshall, Nick Ut, and Lenny Kravitz.

Below are a few photos from the event. To discover more about the project, visit bhgardenhouse.com.

 

Andaz Residences Peninsula Papagayo Costa Rica

The Andaz Residences at Peninsula Papagayo: Second Homes Seen Differently

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It’s been another record-breaking year for Peninsula Papagayo’s oceanfront real estate, and the supply of available homes is limited.

Envisioned as a fun pied-à-terre at the beach for members, friends, and family, the Andaz Costa Rica Residences will be havens for play and relaxation — designed with simplicity and ease of ownership in mind. Delivered turnkey and fully managed by Hyatt, each residence will feature a beautiful ocean view, a large covered patio or terrace, and an infinity plunge pool.

These innovative designs by Costa Rica’s favorite son, Ronald Zürcher, present a rare opportunity to own a luxury branded residence on the peninsula.

To discover more about the available residences that remain, visit peninsulapapagayo.com.

The Ranch Estates at The Residences at Rough Creek Lodge

The Ranch Estates at The Residences at Rough Creek Lodge

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With the increase in demand for residential properties in vast open spaces, it’s no surprise that the Ranch Estates at The Residences at Rough Creek Lodge are now 50% sold.

Offering space and privacy with all the benefits of a resort lifestyle, The Ranch Estates are maintained by the resort staff at Rough Creek Lodge, and ownership entitles owners to a social membership with access to the 50+ amenities and facilities Rough Creek Lodge has to offer.

Rough Creek Lodge has been considered an ultimate playground in Texas, spread across 10,000 acres of Texas Hill Country. A variety of residential options allow homeowners to create their own personal ranch paradise, whether that be designing a dream home or selecting a spec house for a Ranch Estate or Ranchette homesite, or purchasing a move in ready Residence.

Discover more at liveroughcreek.com.

Pendry Park City: New Interior Video Tour

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We invite you to watch the newest interior video tour and experience living at the Pendry Residences Park City, a new luxury offering by Montage.

Designed with a modern sensibility, these spacious mountain retreats offer contemporary comforts and warm spaces to gather and relax with friends and family. Floor-to-ceiling windows frame stunning mountain views, bringing a new level of luxury to Canyons Village.

Click here, or the image below to view the video tour.

Pendry Park City Fly Through

The Signature Collection at Preston Hollow Village Dallas

The Signature Collection at Preston Hollow Village: A Classic Remains

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With the recent streak of sales at The Signature Collection at Preston Hollow Village in Dallas, there is now only one Classic Home available in the first release.

The 4,610 SQFT Barrow Floorplan features light filled rooms, 4 bedrooms, 4.5 bathrooms, and a flex room in a stunning open layout.

The highly popular Classic Homes offer the spacious scale of a single family residence and the simplicity of a lock and leave low maintenance lifestyle. Private backyards and lushly landscaped green spaces throughout this charming gated community make for a highly walkable environment.

To discover more about the collection of homes available at The Signature Collection, visit signaturephv.com.

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