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Elleven Penthouse Sells, But Who Made Any Money? (The Agent!)

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Last night, downtown real estate agent Kerry Marsico put out a press release announcing that he'd sold that big Elleven penthouse for a sum of $1.75 million, a deal which by his calculation makes the sale the most expensive resale of a loft or condo in the downtown Los Angeles. Ah, downtown, you've come a long way. But let's take a look back at this one, shall we? The penthouse--a three-bedroom, three and half bath fully furnished unit--hit the market back in February 2008 for $2.799 million. The owners bought the roughly 3,000 square foot condo in 2007 for $1.86 million, and spent "at least $400,000" on furnishings, according to older information from Marsico. (Perhaps that furnishings figure was inflated.) But using that figure, the owners spent roughly $1.9 million on the place. But then the market tanked, and people decided they didn't want to spend nearly $3 million on a penthouse in downtown LA, so the Elleven owners dropped the price to $1.99 million in July 2009. In his press release, Marsico says the buyers sold the unit for roughly what they paid for it, but let's be honest here: The agent is the only one making out, right?
· Penthouse At Elleven Hits Market for $2.799 Million [Curbed LA]
· PriceChopper: Elleven Penthouse Is Still Kicking Around [Curbed LA]

Elleven South

1111 S. Grand Ave., Los Angeles, CA Visit Website