Oklahoma City residents have long heard that Los Angeles real estate prices can be stratospheric— particularly in the choicer neighborhoods like Bel Air and Malibu where apartment lease prices can touch the sky. Downtown L.A., on the other hand, has only recently matched the more westerly districts because DTLA lacks the strong ocean breezes that bring temperatures down from Downtown’s almost-ideal range to the Westside’s slam-dunk-absolutely-ideal range. Or look to malibu and rents really get wild.
Even so, last week’s apartment lease announcement for the penthouse at 888 Olive Street rated a double-take. Even squinting at the screen didn’t change what seemed to be a typo in the monthly lease listing price.
By way of explanation, the ad pointed out that L.A.’s downtown area has solidified its standing “among the city’s most sought-after markets.” Since this 888 Olive St. address is a true penthouse with 13-foot floor-to-ceiling windows encasing sweeping 360-degree views of L.A., and since you will be ‘way up there on the 34th and 35th floors, you would expect the tariff to be somewhat pricey.
Adding to the value, the apartment comes fully furnished—no minor feature, since there are 18,000 square feet requiring furnishing. With 8,000 square feet of outdoor living space wrapped around the apartment’s exterior, you might not even need to hang out on the private roof deck with its 50-foot swimming pool, 12-person spa, barbecues, fire pit, or steam room. Despite the centrality of its location “minutes away” from a coterie of world-renowned restaurants, if you’re more of a homebody into stay-at-home cooking, there are four kitchens outfitted with Wolf and Sub-Zero appliances.
There are also 10 bathrooms.
In case the target lessee is planning on digging in for an extended stay, there are two temperature-controlled wine rooms capable of accommodating 1,000 bottles. The 33 lower floors are no slouches, either—and as top dog, the lessee will share access to the 37,000 square feet of the building’s other amenities.
All of which supports a no-nonsense apartment lease price, and that is definitely the case: $100,000/mo. The only limitation comes with its total of 4 bedrooms which could create a hardship for Oklahoma City’s larger families. Still, Oklahoma City people are hardy and creative—certainly one of the kids could bunk down in the fully automated media room.
My professional opinion, though, is that for many apartment shoppers, the million-dollar-plus annual apartment lease price tag is likely to produce some hesitation. But there was one phrase in the announcement that seems to indicate otherwise. The announcement’s opening line states that, at $100,000 per month, the property is “currently one of the most expensive penthouses available for lease in the Los Angeles market.” Since comps—the comparable lease offerings—are always key, that hints that L.A. bargain-hunters might not be put off, after all.
For the latest in less vertical Oklahoma City-area market offerings, I hope you’ll give me a call!