Despite the real estate crisis other parts of the country, and indeed, even Los Angeles County, are experiencing, real estate in the Westside is not only holding its value, it’s appreciating.
A luxury condominium on the 38th floor in Century City recently sold for a record $15 million. But even that price won’t get you the top view. For that privilege, you’d have to double that purchase price… to an astounding $30 million.
The penthouse on the 42nd floor is still available, and the developer of the Century City development has already received an offer to pay $2,700 per square foot for a unit that will sit on half of the 38th floor. The previous record for a Los Angeles condo was $1,700 per square foot for a unit near Doheny and Sunset in West Hollywood.
What is it about the Westside that continues to prosper despite the hardships faced elsewhere? Perhaps, the homeowners in the communities of Beverly Hills, Hollywood Hills, West Hollywood, Brentwood, and Century City weren’t as drawn as other owners to the subprime mortgages being offered just a short while ago. Or maybe it’s simply that with so much wealth already concentrated in these areas, Westside owners have been able to absorb the increased payments more easily than others.
Whatever the reason, here’s to the continued strength of the real estate market in the Westside.