A West Hollywood penthouse at 8899 Beverly Boulevard sold for $23 million, or $3,150 per square foot, becoming the priciest on-market condominium trade in Los Angeles County for 2026 to date. The sale price was about 67% higher than the prior on-market yearly high, surpassing a March Century City condo sale at $13.8 million. Off-market trades narrowed the margin, including an April off-market sale of another unit at the same address for $18.8 million. Despite the record price, the deal came about 16% below a 2024 $27.5 million ask and far below a 2025 record $39.1 million penthouse sale. Southern California condo prices fell 6% year-over-year in February, with nearly 3,000 trades, the third slowest volume for that time of year since 2005. Sales activity appears to be improving recently, while developers pursue townhome projects including a 104-townhome conversion in Baldwin Hills and 16 townhomes in Northridge.
"Penthouse West at 8899 Beverly Boulevard went for $23 million about 67 percent higher than the previous highwater marker for the year among on-market deals. The price shakes out to $3,150 per square foot. The deal easily topped the prior leader for the year the March sale of a condo at 1 West Century Drive in Century City that went for $13.8 million, or $2,455 per square foot."
"Looping in off-market deals, this week's trade still holds the trophy but by a smaller margin. Another unit at 8899 Beverly Boulevard sold off-market for $18.8 million in April. Despite its record sale price, the Penthouse West deal came in about 16 percent below its original $27.5 million ask in 2024, and much lower than 2025's record condo sale price of $39.1 million for another penthouse at 1 West Century Drive."
"This year has not been favorable to the region's condo landscape, with condo prices throughout Southern California down 6 percent year-over-year in February, the most recent data available for the broader region. That's the sharpest drop in 14 years, but even with lower pricing, buyers don't appear drawn to the condo market. There were nearly 3,000 condo trades in Southern California in February, which marked the third slowest monthly sales volume for that time of year since 2005."
"Redeavor Group's Michelle Montany, whose heading up sales at 8899 Beverly, said she's seen a turnaround in recent weeks. It feels like somebody pushed a button and the buyers came back, she said. While condo recovery is yet to reach full force, developers are pursuing townhome construction. Storm Properties filed plans to convert an abandoned school site in Baldwill Hills into a 104-townhome community."
Read at therealdeal.com
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