The Residences at the W Hollywood are finally getting a little momentum going, following Sotheby's March departure as the transit-oriented development's sales agency. The $350 million W Hollywood Hotel and Residences opened in May 2010 and, as of this spring, had sold only ten of its 143 units. Well, now a listing agency called PowerPlay Destination Properties California is in charge and 15 units are now in contract, according to a press release. It probably helps that some of the prices are dropping--one bedroom units (between 1,287 and 1,603 square feet) with den, two parking spots (yes, this sits on top of a subway station), and views of the Hills were going for $762,000-$1.086 million up until late September; now they're $489K-$798K. One bedrooms sans the den were also chopped; they once started at $792K and now start at $457K.
Two bedrooms previously started a touch over $1 million but now start at $649K (wow). Three bedroom penthouses (hopefully with blinds now) are still available, but prices aren't being released publicly. (On the other end of the spectrum, a studio recently went for $304K, but with HOAs north of $1,200).
PowerPlay is also hoping that more sales will come through after a $1 million rooftop redux is completed this fall. Aside from a rooftop dog park that opened this month, the new enhancements "will feature an outdoor kitchen and fireplace, exotic South American mahogany wood decking, extra lounge seating and unmatched views of the entire city from the Hollywood Sign to the Pacific Ocean" (Downtown looks to be creeping north by northwest in the rendering).
· Residences at W Hollywood [Official Site]
· Sotheby's Leaving Residences at the W Hollywood [Curbed LA]
· Residences at the W Hollywood Says Announcement Coming [Curbed LA]