A Los Angeles company is hoping to vacate this record-breaking luxury apartment with two price cuts.
The apartment was the most expensive in Los Angeles in 2022 when it hit the market with an asking price of $75 million, but buyers can now pick it up for half that.
The 13,000-square-foot penthouse at Four Seasons Private Residences Los Angeles is currently listed for $37 million. In March, its price dropped to $50 million. It’s been on the market for almost a year now.
The Agency co-founder Billy Rose, who is handling the listing, said the penthouse was now priced right.
“$75 million is aspirational, but One LA is a one-of-a-kind property and it’s hard to know what the market will bear,” he said.
“When I took on the project, the developer, Genton Property Group, said ‘Let’s sell this thing.’” They were happy to drop the price to $50 million. But that’s still a pretty unprecedented price. Now our prices are where they should be,” Ross added.
The broker acknowledged that ultra-luxury apartments are competing with mansions for the attention of the wealthiest homebuyers. Ultra-luxury condominiums are especially appealing to those who don’t want to worry about upkeep of a mansion, he said. These apartments also offer a high level of privacy and security.
About 77 percent of the building’s 59 residences have sold, with two more in escrow, Ross said. Prices range from $2.8 million for a 1,400-square-foot unit to $6.9 million for a 2,500-square-foot unit.
