Median condo closing prices across Los Angeles County fell over the past two quarters, while the luxury condo segment climbed. Unit 8E at the Maybourne Beverly Hills sold for $27 million ($4,762 per square foot) in early October, transferring between trusts tied to Paul and Hisako Terasaki and to Gustavo and Maria Esther Marquez of Marquez Brothers International. The sale surpassed a prior record involving Stan Kroenke and ranks as the county's second-priciest condo sale in 12 months, behind a $39.1 million Century penthouse. Elliman counts luxury as the top 10 percent and reports luxury median rose 69% to $4.7 million in Q3 versus a 3.8% drop to $1.1 million for the broader condo market.
"Unit 8E at 225 North Canon Drive traded in early October for $27 million, or $4,762 per square foot. That's a big price tag even given the property's provenanceit sits squarely in the Golden Triangle of Beverly Hillsdraws buyers with bold-face, and was known as the Montage until Qatar-backed Maybourne Hotel Group paid $415 million for it in 2019."
"Luxury tells a different story, with a rising median price, according to the Elliman report which counts luxury as the top 10 percent of sales. The broad comparison is starkthe median price of a sold luxury condo spiked 69 percent from the year-ago period to $4.7 million in the third quarter, according to Elliman. That compares with the broader condo market's median sales price decline of 3.8 percent year over year to $1.1 million."
Read at therealdeal.com
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