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By ANDY FIXMER

Los Angeles Business Journal Staff

Even in a downtown market where condo buyers keep pushing prices through the stratosphere, the pending sale of two penthouse units at 1100 Wilshire stands out.

The two 3,200-square-foot two-bedroom condominiums are each under contract for $2.8 million, according to sources close to the transaction. Both penthouse units are on the 37th floor and have sweeping views of nearly the entire L.A. basin.

Forest City West, a subsidiary of Cleveland-based developer Forest City Enterprises Inc., is converting the 37-story tower on the western side of the Pasadena (110) Freeway into condominiums.

At $900 a foot, the price would be nearly double the last high of $540 a foot set by developer Jeff Lee’s Grand Street Lofts, near the Staples Center in downtown’s South Park neighborhood.

In fact, the price tops what homebuyers are paying for condos in nearly every submarket in Los Angeles County, including Beverly Hills, Santa Monica, Brentwood and Century City.

Whereas Lee’s project is in a part of downtown attracting billions of dollars’ worth of investment, the 1100 Wilshire building is outside of the downtown core and borders the Pico-Union district, one of L.A.’s poorest neighborhoods.

Forest City and its partners TMG and RAD Management haven’t yet received permission from the California Department of Real Estate to begin selling units. But the developer is allowed to sign contracts and take deposits for the condominiums.
 

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There is a condo in the artist district listed at around $800K. It has been on the market for a year. That is, no sale. Yet people continue to use it as an example of the high prices over here. On the other hand I know someone who claims to have made $200K in 9 months on the resale of a Toy Factory loft.

I'll believe $2.8M west of the 110 when it is a done deal and independently confirmed. There are a lot of rumors flying around and most of them were cooked up by real estate sales people.

Given all that, I think it will happen, maybe in two years when the things are really for sale. The city is moving Downtown.

-Tim
 

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You know what, most of the expensive penthouses are selling and selling quick. The Lofts across from Staples sold for over a million each, and that was before the building opened, and those lofts went from 400,000 to 650,000 in 8 months.
 
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