Prospective buyers who want to live on the Wilshire Corridor are attracted by its reputation of luxury, amenities, location, and high rise views. This is all true, but not all buildings are created equal, and you need to be aware of the differences and the cost involved.
Prices range right now from $535,000 for a one-bedroom 859 sq. ft. unit in a basic building, Wilshire Selby East, with simply a concierge and small pool, to $4,995,000 in one of the ‘A’ Building, Blair House. This is for a four-bedroom, 4,733 sq. ft. unit. Blair House is one of the few buildings with a tennis court and the largest pool on the Corridor. Not included are listings ranging from $8M to $20M, two of which are penthouses, and others in the Beverly West where units start at around $8M.
Another point which needs to be taken into consideration is the homeowners dues. These range from $535 to $3,606 per month, not including the units from $8M and up which range from 5,161 to 8,262.
Most of the buildings do have full amenities, including a concierge, valet, gym, pool, etc. but some may appeal to a buyer more than others, and where you are situated in a particular building can make a difference. If you buy on a lower floor facing Wilshire you are going to hear the traffic. You may have double paned windows but when they or the patio door are open it is going to be noisy. Even on the higher floors with the windows open you will not escape the noise. Of course, if you come from New York this will not be a deterrant.
In some of the buildings on a lower floor your view will be into another building or straight onto the top of a roof complete with electrical units of a low rise construction. Also, a lower unit will not provide the views which are the beauty of a high-rise building. There are some, of course, who do not like to be high up and may just appreciate the amenities of a luxury high rise.
Some questions you will want to ask include whether you will be able to lease out your unit should the need arise, and whether pets are allowed. More and more buildings are preventing owners from leasing their units for two or three years after they purchase and then they will go on a waiting list. And I do believe there is one building that does not allow pets. Also, you may want to park your own car. Not every building allows that insisting you use their valet service. Make sure you know what you are buying into.
If you are considering living on the Wilshire Corridor make a list of your wants and needs and then contact me to help you narrow down the building which will meet those needs. Not all of them will, and we can research together the one that does.
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