A duplex penthouse atop the Ritz-Carlton Residences in Downtown Los Angeles has changed hands for $9.125 million, setting a sales price record for the area, according to the listing brokerage.
The penthouse on 51st floor first came onto the market in January 2016 for $15 million. The price dropped to $14 million a month later and further down to $12 million a year ago, according to listing records.
The sale was closed at the end of last month. According to the listing brokerage The Agency, the sales price was the highest in Downtown Los Angeles. Mansion Global couldn’t independently confirm it was a price record.
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"I'm happy about this record breaking sale, but I still see it as just the beginning of ultra high-end condos in Downtown Los Angeles," said Ansel Kim of The Agency, who listed the property with the firm’s chief executive Mauricio Umansky.
"While Downtown Los Angeles is undergoing an urban renaissance and impressive development boom, we don't have enough large, single family replacement properties to sell in this location," he added.
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Currently, the most expensive listing in Downtown Los Angeles is another apartment at the Ritz-Carlton Residences, asking $7.9 million, according to Realtor.com.
The apartment was previously traded for $9 million in 2011, public records show.
The duplex has 6,590 square feet of fully furnished living space, including three bedrooms and four bathrooms. Large, floor-to-ceiling windows throughout the house bring in views of the Los Angeles skyline. The lower level is dedicated to entertainment, with spacious living and dining rooms, as well as a modern kitchen. A set of stairs lead to the second level, which features a master wing and an en-suite guest bedroom, according to the listing.
Completed in 2010, the Ritz-Carlton Residences offer many amenities, including a restaurant, a sky lobby and heated rooftop pool terrace. It’s also near famous entertainment and sports venues in Los Angeles.