L.A. Condo Market Hits New Heights With Sale Of Presidential Penthouse

The two-story Presidential Penthouse at The Wilshire sold for $10.3 million, making it one of the highest sales per square foot in Los Angeles' condominium market this year (UNLIMITED STYLE REAL ESTATE PHOTOGRAPHY | HILTON & HYLAND).

Los Angeles home prices aren’t the only thing hitting new heights these days. Even condominiums—long an afterthought of L.A.’s housing market—are now seeing prices soar upwards, matching the recent appetite for single-family homes.

On the heels of Matthew Perry’s sale at the Century Tower, the Presidential Penthouse at The Wilshire, one of the most exclusive developments along the Wilshire Corridor, has traded hands for $10.3 million. The $2,240 a square foot paid by the buyer is the the second-highest amount paid for a condominium this year, records show.

entry to presidential penthouse at the wilshire in los angeles

Hilton & Hyland’s Zach Goldsmith and the other co-listing agents worked with a staging team to update the home in a way that it appealed to a broader, younger demographic (UNLIMITED STYLE REAL ESTATE PHOTOGRAPHY FOR HILTON & HYLAND).

Reached by private elevator, the two-story, fully-automated penthouse has high ceilings, modern finishes and walls of windows that capture some of the Westside’s best views. Features include a two-story art gallery, wine wall, office, gym and ample outdoor living space. A total of three bedrooms and five bedrooms are within about 4,600 square feet of space.

living room in presidential penthouse at the wilshire los angeles westwood

Warm wood paneling brightens up the living space of the 4,600-square-foot penthouse, which spans two floors (UNLIMITED STYLE REAL ESTATE PHOTOGRAPHY FOR HILTON & HYLAND).

Zach Goldsmith of Beverly Hills-based Hilton & Hylandworked with Los Angeles-based real estate agents Steven Gelber and Karen Kaminskas to list the landmark property. He says that before the pandemic, L.A.’s “crown jewel” condominiums such as the Presidential Penthouse often take several years for a market to develop, mainly due to a small buyer pool. But that all changed during the height of COVID-19.

living dining area with doors opening to patio inside presidential penthouse wilshire los angeles

Indoor-outdoor living is a hot amenity in today’s market, and the Presidential Penthouse at The Wilshire has it in spades (UNLIMITED STYLE REAL ESTATE PHOTOGRAPHY FOR HILTON & HYLAND).

“The challenge to sell the Presidential Penthouse was significant, considering that many people were shying away from high-rise living during the height of COVID in favor of single-family homes with more space. As the real estate market picked up, we started to see the same activity in the condo market that we did in the housing market,” Goldsmith says.

outdoor patio at the presidential penthouse in westwood wilshire highrise luxury

Sliding walls of glass bridge the indoor-outdoor living spaces (UNLIMITED STYLE REAL ESTATE PHOTOGRAPHY FOR HILTON & HYLAND).

Because of uncertainty in the condo market, Goldsmith and his fellow co-listing enlisted the help of a staging team to freshen up the penthouse and broaden its appeal.

The result was a highly curated residence with an emphasis on outdoor living, and a quick sale to an eager buyer just before the property’s market relaunch. “Strategy and timing played a crucial role in what was a record sale for the luxury high-rise market in Los Angeles,” he adds.

the view from the wilshire condominium building in los angeles

Views from The Wilshire highrise capture the mountains and cityscape (UNLIMITED STYLE REAL ESTATE PHOTOGRAPHY FOR HILTON & HYLAND).

Goldsmith would know. The luxury real estate specialist has had a hand in some of Los Angeles’ biggest real estate deals in recent memory, including the sale of Jodie Foster’s Beverly Hills Post Office-area home and a home later purchased by Bruno Mars. He currently shares the listing for Venice’s most recognizable house and the $95-million Enchanted Hill, a 120-acre hilltop once owned by Oscar-winning screenwriter Francis Marion and cowboy actor Fred Thomson.

bedroom inside the wilshire highrise luxury building

The residence has three bedrooms and five bathrooms in about 4,600 square feet of space (UNLIMITED STYLE REAL ESTATE PHOTOGRAPHY FOR HILTON & HYLAND).

Designed by architect Richard Magee and built in 1991, The Wilshire development has nearly 100 units across 27 stories. The limestone- and copper-finished high-rise building features include concierge services, a fitness center, valet parking and a pool with a spa. Spectacular mountain and cityscape views abound.

realtor zach goldsmith sitting on a couch with steven gelber and karen kaminskas

Zach Goldsmith, right, celebrates the record sale of the Presidential Penthouse with co-listing agents Steven Gelber, left, and Karen Kaminskas, top (HILTON & HYLAND).

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Author

Neal is the Chief Content Officer at Forbes Global Properties. A content strategist with more than a decade of experience in the sports, entertainment and real estate spaces he previously launched a sports real estate column and chronicled L.A.’s biggest home sales for the Los Angeles Times' award-winning “Hot Property” section.

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