In what some real estate agents are calling an unusual move, Sotheby’s is handing back its exclusive listing for the Residences at the W Hollywood, walking away from a multi-year contract, according to sources. Sotheby’s agent Russ Filice, director of the sales at the Residences at the W Hollywood, confirmed his group was leaving the project, but declined to comment. Only 10 units in the 143-unit Residences building, which opened in May 2010, have sold, according to a source familiar with the development. Units in the building, adjacent to the W Hotel, are priced from $492,000-$3.76 million. But like other luxury towers, the project has struggled to find buyers, even after significant price drops. "We are absolutely one of the best bargains in town," Filice told the Hollywood Reporter earlier this year. Messages left for Frank Symons, Executive Vice President and Chief Operating Officer for Sotheby's Western Region weren't returned. Meanwhile, the Residences also have their own in-house real estate agents. More on this developing story tomorrow!
· Prices Dropped, W Residences Opens Its Doors [Curbed LA]