The Four Seasons Private Residences in Beverly Grove is raising the bar for luxury living in Los Angeles, offering residents amenities such as an IMAX theater for private screenings, around-the-clock concierge service, and stringent security measures.
With the recent sell-out of its 59-unit high-rise, real estate agency The Agency is positioning Los Angeles as a strong contender in the vertical living market, which has traditionally been dominated by cities like New York and Miami, known for their high-end offerings.
However, the pressing question remains: Can this heightened demand be sustained? In the near future, the Aman Residences in Beverly Hills is expected to further test the waters in the ultra-luxury condominium segment with completion projected for 2027.
According to Tomer Fridman of Christie’s International Real Estate Southern California, apartments in this luxury echelon can command prices ranging from $3,000 to $5,000 per square foot.
This staggering pricing aligns with a shifting demographic influenced by empty nesters looking to downsize from opulent estates and out-of-state buyers seeking secondary or tertiary residences.
Billy Rose, vice chair and co-founder of The Agency, notes, “It’s a really great lifestyle here and the wealthy are now starting to think about spending time in L.A. because we’re starting to get more high-end restaurants and hotels and nightlife.
It’s becoming more appealing to spend more time and have a place here, so it was incumbent on the city to gain housing that was befitting of the 1 percent.”
The evolution of Los Angeles’ luxury market has been long overdue, particularly when compared to vertical living options in cities like Miami, New York, Chicago, London, and Paris, which are frequently bound by waterways.
Rose points out that, “The variety, the diversity and the quality of single-family residences here is far beyond pretty much anything else from a collective perspective.
So we’re kind of late to the game in terms of offering global level luxury vertical living.”
The market seems to be catching on to this trend, as evidenced by a report from Miller Samuel Real Estate Appraisers & Consultants for Douglas Elliman, which highlighted an astonishing 59 percent increase in the average sale price of luxury condos in Los Angeles during the first quarter, rising to $5.7 million.
Additionally, the price per square foot of luxury condos has also seen a significant year-over-year jump of 36 percent, now sitting at $1,792.
This year has already shown signs of a robust luxury housing market, exemplified by Miriam Schaeffer, a former OPI executive, who recently set the record for the most expensive condo sale in L.A. County.
She paid a staggering $39.1 million for a penthouse unit at The Century high-rise, complete with intricate hand-painted 22-karat gold leaf ceilings.
Represented by Sotheby’s International Realty’s Jacob Dadon, this sale underscores the promise and potential of high-end living in the city.
Industry experts attribute the allure of properties such as the Four Seasons, Mandarin Oriental Residences Beverly Hills, Fairmont Residences, and the forthcoming Aman to their prestigious branding.
Fridman asserts, “They’re commanding that price because the product is that good.
It’s like, why do people pay for an Hèrmes bag? Because it’s Hèrmes.”
The Rosewood Residences in Beverly Hills also exemplify this trend, offering not just a reputable name, but a prime address that buyers find appealing.
Fridman adds, “People want Beverly Hills. People want the address.”
For prospective buyers, the full package of amenities and location is crucial, especially given the enticing alternatives presented by single-family homes in the same price range.
Morgan Ball from Compass Development Marketing comments on the challenge, stating, “It has been tricky because the products you offer someone in Los Angeles have to be so good.
It’s very expensive to buy property, and construction costs are so high that the product you sell must be preferable over a single-family home, which is the same price.”
Notably, the road to success for the condo market hasn’t been devoid of obstacles.
Although the Four Seasons Private Residences is sold out, one of the last units—the penthouse—failed to meet its original asking price of $75 million and ultimately sold for only $15 million.
This steep decline can largely be attributed to the overestimation of the property’s value based on an anticipated full build-out that represented an estimated $15 million to $20 million in construction costs.
This transaction indicates that buyers may still be hesitant to embrace higher price points despite the luxurious amenities and stunning views.
Billy Rose observes, “We’re seeing an evaluation from buyers in terms of the quality and the amenitization of what’s being offered.”
In addition, some developments have faced serious challenges.
After a default on a $200 million loan linked to 44 units at the Mandarin Oriental Residences in Beverly Hills, those condos, alongside 6,000 square feet of ground-floor space, were put up for bulk sale in September.
According to a spokesperson for the investor group, which includes names like Michael Shvo and Deutsche Finance, the move aimed to
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