Over the past few months, you may have noticed how inflation has hit an all-time high, and even basic groceries and necessities are out of a common man’s reach. The cost of living has gone up to a great extent, and many people struggle to make ends meet. This time is considered to be the time when the world is almost on the brink of facing a recession, and people across the globe are bearing the brunt of it. This is especially the case for the people of Los Angeles, United States of America, where there is a significant population that lives in tents or falls under the category of being homeless. Over the years, the local nonprofit organizations have been tirelessly working to curb the rising number of homeless individuals in Los Angeles, but it makes people wonder that if a city like Los Angeles has the problem of homelessness, how are million-dollar condos being sold?
One-Of-A-Kind Part For A One-Of-A-Kind Penthouse
Recently the developers of a 50-million-dollar penthouse threw a celebration party for the unveiling of this new project. The party included some of the top real estate agents who enjoyed the luxury and extremely lavish dinner. It was thrown where young women were hired, in cream outfits, to be at the guests’ service. Approximately eight hundred gardenias were imported from San Francisco, and the endless supply of champagne and caviar, coupled with live music, set the mood. All this was just to showcase the city’s eight-figure penthouse, which took an entire decade to be built.
The Fanciest You’ve Seen
As of now, this condo is set to be sold for $50 million. If it manages to find a buyer, a new record in the country’s all-time condo sales would be set. Currently, the highest selling price for a condo is $35 million, which was bought in 2010. But, this is not the only condo that is in the race to be sold at a high price. Right across the hall, in West Hollywood, another penthouse will be up for grabs in the fall, and a buyer who would like to own both the penthouses will be sealing the deal for a whopping $100 million!! The east and west sections were initially designed to be one-uber unity. The developers first intended for it to be the largest single-story penthouse on 20,000 square feet with a wraparound terrace.
Who Wins The Prize?
For agents, this task is a special one since they have a limited list of clients to whom they can sell it. Experts speculate that the potential buyer will probably be someone from out of town, maybe east or abroad. It’s too expensive for any celebrity or athlete to buy and maintain.
There might be an economic crisis, and the living expenses may be reaching new heights, but not for the L.A. elite.