The Los Angeles market for luxury condos ended 2019 with a divergence from the overall condo market. While the total real estate market ended with softening sales and prices, the upper end, with prices starting at more than $3 million, more than held its own.
During 2019 the market saw a 37.9% year-over-year drop in sales and an approximate 3.4% fall in prices to $724 per square foot, according to Compass Market Watch for the fourth quarter of 2019. In spite of the overall numbers, units priced over $3 million had the best year-over-year price performance, rising 22.4%.
The luxury condos that are picking up steam in the heart of the city typically have a small number of units, which gives them with a scarcity value that purchasers are willing to pay a premium for.
Small-lot subdivisions, which offer exclusivity, are another popular choice because they give foreign buyers the ability to buy a single-family home. This provides an additional value over having apartment condos as the only option.
Data shows that many pre-construction buyers in Los Angeles are buying closer to where they work, than in previous times.
Boutique Condos
Here are some of the better luxury condos coming to market this spring and summer.
Skye 22, Toluca Lake
Located in the San Fernando Valley, Skye 22 is a small-lot subdivision in a modern contemporary style that’s designed to blend in with its eclectic neighbors, which are a mix of single-family and multi-family residences that were built roughly between the 1940s and the 1980s.
Across the street from a new small-lot subdivision, Skye 22’s three-story stucco and fiber-cement siding townhouses feature living spaces on the first two floors and bedrooms on the third.
The roof decks are like backyard spaces, and special care was taken with the way that the land was subdivided.
To the north and the west, where there are existing multi-family developments, the density of Skye 22 is higher. The houses start out being eight inches apart and spread out as they move south so they are 10 feet apart to blend into that part of the neighborhood, where there are single-family homes.
Sales are launching in April.
Number of Units: 22
Price Range: $900,000s and up
Developer/Architect: Warmington Residential/KTGY Architecture + Planning
Home Sizes: 1,921 to 1,983 square feet
Amenities: Private yards, patio space, rooftop decks, oversized two-car garages.
Website: homesbywarmington.com
CUE NoHo, North Hollywood
A small-lot subdivision in the NoHo Arts District, CUE is right in the center of North Hollywod. Situated less than a mile from the Metro, CUE is nestled in a hub of restaurants, markets, boutiques, theaters and entertainment venues that make the neighborhood special.
The three-story stucco and cement-board-siding residences were designed to fit into the creative character of the San Fernando Valley neighborhood and to impart a bit of the glamour of Hollywood Hills.
CUE’s architecture was designed to pay tribute to the Hollywood studios that are part of the community’s history.
The shape of the roof line references the Santa Monica, San Gabriel and Santa Susana mountain ranges that surround the development on three sides, and the gray siding creates a silhouette of a single-family house.
The living rooms were placed on the top floor to better take advantage of the views.
Sales are launching in April.
Number of Units: 20
Price Range: $700,000s and up
Developer/Architect: Warmington Residential/Modative
Home Sizes: 1,571 to 1,788 square feet
Amenities: Each has a den or flex space, a two-car garage, a comprehensive, state-of-the-art home automation system, a balcony and a rooftop deck with cinematic views.
Website: cuenoho.com
The Estelle, West Los Angeles
Centrally located on the border of Beverly Hills in the prestigious Westside neighborhood, The Estelle is the first condo development on its block.
The Old Spanish-style complex, built on the former site of five homes, was designed to fit seamlessly into the largely residential neighborhood, which has single-family and multi-family buildings.
The family-centric neighborhood, which is equally close to Culver City and the Wilshire Boulevard Corridor, lately has become the home to hip cafés, jazzy-style bars and even some condo developments such as The Estelle.
The Estelle is the first development of luxury condos to open in the neighborhood in nearly a quarter century. The finishes are very high end.
Sales will launch in May.
Number of Units: 61
Price Range: High $900,000s and up
Developer/Architect: Canfield Development/DE Architects and PK Architects
Apartment Sizes: Two- and three-bedroom units ranging from 1,300 to 1,900 square feet
Amenities: A lobby with a concierge and uber lounge, a mailroom with package delivery lockers, a social room with a chef’s kitchen and a private dining/conference room, a fitness center, a Zen courtyard, a pool and spa, a pet spa, a barbecue lounge, rooftop decks that include sun lounging spaces, barbecue dining and lounge areas, cabanas and an a outdoor theater all set in lush landscaping that includes mood lighting, fire pits and waterfalls.
Website: estelleliving.com
Pendry Residences, West Hollywood
The flagship residential project for the Pendry brand with residential service by Montage Hotels & Resorts, Pendry Residences West Hollywood is set in the heart of the Sunset Strip, offering impressive views of the Hollywood Hills and the city.
The condo development, which is adjacent to the hotel, includes a private music venue, the first in West Hollywood in more than two decades, seven food and beverage offerings by Chef Wolfgang Puck and a private social club.
The private residences, which have large floor plans, flow to private verandas, and some of the units include landscaped terraces of up to 3,400 square feet that have pools, spas and outdoor kitchens.
Pendry Residences feature a private entrance to separate it from the hotel, and dual elevators lead to private vestibules for most of the residential units.
Sales of these luxury condos will launch in late March.
Number of Units: 40
Price Range: $3 million and up
Developer/Architect/Interior Designer/Landscaping: AECOM Capital and Combined Properties/Designed by Ehrlich Yanai Rhee Chaney Architects, executed by Cuningham Group Architects/Martin Brudnizki Design Studio/Lifescapes
Residence Sizes: 2,900 to 6,000 square feet
Amenities: Exclusive residents’ lobby, private valet services, a rooftop pool, a fitness center, a garden deck, a boardroom, a residential lounge with stocked bar and wine-tasting room with private lockers, and a dedicated residential staff delivering personalized experiences such as catering and Wolfgang Puck in-residence dining. Residents also have preferred access to the hotel’s amenities, which include the food and beverage outlets helmed by Michelin-starred Chef Wolfgang Puck; a multi-purpose live entertainment venue, screening room and bowling alley; exclusive membership to The Britely, a private club, and to Spa Pendry and its state-of-the-art fitness center and curated art collection.
Website:pendryresidencesweho.com
