With a limestone clad wave of posh new developments, the Wilshire Corridor is making its biggest play yet to become the Lake Shore Drive of the West.
Since the 60s, more than 30 residential towers have risen on this winding, 10-block stretch Glendon and Comstock, with each entrant touting itself as the latest in living. The newest claimants to the turn-key throne?
The 78-unit Carlyle - opening this month with prices from $2.9 million to $10 million — will flaunt a Fendi Casa-filled lobby, a yoga lawn, Israili-trained and anti-paparazzi guards.
“People come to the Corridor when they wan to have all the services of a hotel at their fingertips,” says Tom Elliott, the chief operating officer for Carlyle developer Elad Properties West (the company responsible for the recent condo conversion of NYC’s Plaza Hotel.)
According to some residents, these new buildings are changing demographics of the strip, which has long attracted Bel Air empty nesters and recently divorced industry machers. “More young professionals definitely have moved into my building in the last year,” says art impresario and Corridor resident Bettina Korek.
And while immediately adjacent Westwood isn’t exactly the happening ‘hood it once was, the area is a major draw for owners who want a convenient location, walkability and, above all, the strict privacy of its citadels.
WILSHIRE CORRIDOR WHO’S THERE Serena Williams, Janet Jackson, George Hamilton, new renter Lauren Conrad, Barbara Sinatra, Blvd 16 at the Hotel Palomar chef Simon Dolinky RECENT SALES In April, a three-bed, 3,280-sq.-ft. condo at The Californian sold to philanthropists Bruce and Susan Konheim for $3.75 mil; California Pizza Kitchen co-founder Rick Rosenfi eld bought a three-bed unit with Century City and ocean views at The Californian in January for $4.75 mil.
COMPARATIVE SALES INFO Ninety-six condos have sold in the Wilshire Corridor from summer ’08–summer ’09. Median sale price for those condos: $770,000 which decreased by 19.2 percent from the prior year. Median price per square foot during summer ’08-summer ’09: $483, down 13.2 percent from the previous year.
KEEPING UP WITH THE JONESES Need to buy a condo for the housekeeper? Beverly West and the Carlyle both offer modern-day maids’ quarters on dedicated lower fl oors.
WALK SCORE Somewhat walkable (average 62), with easy access to The Hammer, Geffen Playhouse and many churches and synagogues
CONVERSATION STARTER No children allowed: Back in the day, a number of condo buildings were designated adults only. $7,995,000
NUMBER CRUNCH $4,000–$5,000 Estimated monthly HOA dues at the Beverly West tower, due to open in 2010. What Your $$$ Gets You: $10,830,000 $1,299,000 $875,000 (Median Home Value in 90024) Breakfast at nearby Espresso Profeta on Glendon Avenue in Westwood.
Excerpt from August issue of Angeleno
The Valerie Fitzgerald Group exclusively represents sales at The Carlyle Wilshire.
To watch videos about The Carlyle, Click Here.
Contact the sales office at 301-209-0000.
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
