Century City condo unit sells for a record $15 million
A unit on the 38th floor of a still unfinished luxury condo tower in Century City sold recently for a record $15 million, but the new owner still won’t get a view from the top.
Four flights up, the asking price for the penthouse is $30 million.
On Thursday, the developer of the Century high-rise said an unidentified local buyer had agreed to pay $2,700 per square foot for a unit filling half of the 38th floor. The 42-story tower is under construction next to the Hyatt Century Plaza Hotel on Avenue of the Stars.
In spite of plunging residential prices across much of the nation, home values in many wealthy enclaves continue to grow.
There is so much demand, “well-to-do buyers can’t find good estates on the Westside,” said real estate agent David Mossler of Teles Properties, who specializes in luxury housing sales.
Mossler, who represented the buyer in the sale of the unit at the Century, said, “There is no slowdown in demand for quality products.”
The previous record price per-square-foot for a Los Angeles-area condo was $1,700 for a unit at Doheny Drive and Sunset Boulevard in West Hollywood, Mossler said.
The Century is expected to be completed in fall 2009. Thirteen units in the building are under contract for purchase, said the developer, New York-based Related Cos.