March 30, 2018 2:43 pm
The Real Deal looked at condo prices during 2017 and found something amazing. Nine of the ten most expensive luxury condos were on the Westside. Of those nine, four were in Century City and two were in Westwood. Let’s look at what Century City and Westwood have to offer that is attracting the attention of buyers.
No Longer The Millionaire Mile
The winding two-mile section of Wilshire Boulevard between Westholme and Thayer Avenues has long been known as the Millionaire Mile. For years, those that could afford luxury condos paid top dollar to live in this golden area. However, that seems to be changing.
Instead, those moving to the area are focusing on Century City and Westwood. There are many reasons why this is true.
- Gateway to Beverly Hills
- High-end shopping
- Fine dining
- Westfield Century City Mall with its $1 billion renovation
- Walkability
- Easy to navigate
- Mass transit access coming soon when the Purple Line connects Century City to Downtown LA
Put all of these together, and you have a very desirable location far different from the Millionaire Mile with little transit access and limited walkability.
The Westside’s Hottest Luxury Condos
Here are the top ten priciest condo sales from December 1, 2016 to November 30, 2017.
- Century (Century City) – sold for $20 million
- Montage Beverly Hills (Beverly Hills) – sold for $19.7 million
- Century (Century City) – sold for $15.2 million
- Carlyle Residences (Westwood) – sold for $15 million
- Sierra Towers (West Hollywood) – sold for $13.5 million
- Montage Beverly Hills (Beverly Hills) – sold for $10 million
- Century (Century City) – sold for $9.995 million
- Ritz Carlton (Downtown LA) – sold for $9.125 million (The only top ten luxury condo not on the Westside)
- Century (Century City) – sold for $8.131 million
- Californian (Westwood) – sold for $7.714 million
Century in Century City
All four of the top ten luxury condos in Century City were located in the Century, developed by Related Group. This is a 42-floor tower housing 140 units. The reason for the high price tag is obvious. Take a look at the amazing luxury amenities:
- Screening theater
- Equinox fitness center
- Spa
- 75 foot pool with private cabanas
- Wine storage
- Gated security
- Valet parking
- 4 acres of landscaped gardens
- Restaurant
- Culture lounge
- And more
Trends in the Luxury Condo Market
Luxury condos on the Westside are still hot commodities. Many units receive multiple offers and close quickly. Here are some of the stats from Century City/Westwood in the latest market reports:
- Third quarter of 2017 show median prices up 13.6 to $883,000
- Average number of days on the market down to 53 days from 59 days the same time last year
- 130 luxury condo sales closed, up 24% from the previous year
New Condos on the Horizon
With so much interest in the area, it is no wonder that developers are working to complete ultraluxury condo projects in the area.
- Century Plaza – Two 46-story condo towers on top of the Fairmont Century Plaza hotel opening this year.
- Planned condos by Developer Beny Alagem – Two 12-story condo towers on top of the Waldorf Astoria Beverly Hills
With luxury condos selling quickly and for top dollar, you need an experienced agent to help you buy or sell a unit on the Westside. Give me a call today, and I’d be happy to discuss the condo market on the Westside and my predictions for the coming year.
Categorised in: Condo/Townhouse Corner