June 17, 2024 Breaking News, Latest News, and Videos

Luxury Real Estate Off to Strong Start in 2016:

The Westside is performing well already this year in terms of luxury real estate. A report released Tuesday revealed that the Beverly Hills and Pacific Palisades luxury housing markets are off to a strong start.

The report by Sotheby’s International Realty is a three-month analysis of the market for homes valued at more than $3 million. Beverly Hills came out on top in terms of sales volume with 26 luxury homes sold from November-January – an 18 percent increase over the 22 homes sold during the same period last year.

The biggest mover, however, was Pacific Palisades where 24 luxury homes sold compared to just 14 a year ago – a 71 percent increase. Santa Monica, which cracked the top five with 18 sales, saw the next largest jump with a 64 percent increase over last year’s total of 11 sales.

“The entire Los Angeles market is getting stronger and we are seeing buyers gravitate toward communities like the Palisades and Santa Monica, which both offer a smaller-neighborhood feel adjacent to a bustling world-class city and incredible amenities,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s Western Region. “Santa Monica Place and the forthcoming Palisades Village development have only increased buyer demand.”

The top five in total sales for the three-month period were:

Market

Number of Homes Sold – Nov. 2015-Jan. 2016

Number of Homes Sold – Nov. 2014-Jan. 2015

Percent Change

Year Over Year

Beverly Hills

26

22

18%

Pacific Palisades

24

14

71%

Sunset Strip–Hollywood Hills

21

25

-16%

Brentwood

19

18

6%

Santa Monica

18

11

64%

“Los Angeles has long been one of the country’s most desirable places to live, but increasing job growth on ‘Silicon Beach,’ the strong collegiate education system and a thriving creative arts community are all strengthening the real estate market,” Symons said.

“In the simple economics of supply and demand — LA is benefiting from more pools of buyers. The relocation of tech companies from the Bay area to ‘Silicon Beach’ means their well-compensated employees are shopping for homes in communities like Venice and Santa Monica,” Symons explained.

Bel Air-Holmby Hills topped the ranking for average sales price at $11.21 million. The three-month period’s top five single-family luxury markets by average selling price were:

Luxury Market

Average Sold Price
Nov. 2015-Jan. 2016

Bel Air-Holmby Hills

 $11,216,556

Malibu Beach

$10,238,889

Beverly Hills

$8,215,542

Malibu

$7,727,083

Brentwood

$7,454,881

Move-in ready homes are hot property, according to Symons, “Today’s buyers are looking for turn-key properties and are not interested in lengthy renovations,” he explained. “Unlike other major cities like New York where a specific ‘type’ of property such as a co-op, condo, townhouse may be “en vogue” at the moment, Los Angeles’ market is really driven by neighborhoods. Each community offers a different lifestyle — world-class surfing in Malibu, the walkability of Pacific Palisades, the small-town charm of Pasadena.” 

in News
Related Posts

Slain Jameson’s Pub Manager Described as a “Provider and Father Figure” by Loved Ones

June 16, 2024

June 16, 2024

His Last Days Were Spent Taking His Niece and Nephew Out for Ice Cream By Zach Armstrong  Family members, friends...

Marina del Rey Sportfishing: A Great Day on the Water

June 14, 2024

June 14, 2024

Fishing is a pastime like no other. You can experience the nostalgia of that pastime in real time at Marina...

Fatal Altercation Outside Santa Monica Pub Leads to Homicide Charge

June 14, 2024

June 14, 2024

Venice Resident Charged in Death of Jameson’s Pub Manager A man has been charged with homicide following a fatal altercation...

Film Reviews: Bad Boys: Ride or Die

June 13, 2024

June 13, 2024

FILM REVIEWBad Boys: Ride or DieRated R115 MinutesReleased June 7th Bad Boys: Ride or Die is the fourth installment in...

Cypress Equity Investments Acquires Santa Monica Retail Center for $7M

June 13, 2024

June 13, 2024

The Retail Center Was Sold for 274% Above the Santa Monica Market Average Cypress Equity Investments has acquired a prime...

Juneteenth Art Exhibition Set for Abbot Kinney Boulevard

June 13, 2024

June 13, 2024

The Event Features Works by Twelve Prominent Black Artists From Los Angeles An art exhibition titled “FREEDOM” will open at...

Santa Monica Chamber Announces Prestigious Toast of Santa Monica Event

June 12, 2024

June 12, 2024

Event to Showcase Business Excellence and Community Spirit The Santa Monica Chamber of Commerce is gearing up for its highly...

Former HR Chief of Santa Monica Accuses City of Racial Discrimination

June 12, 2024

June 12, 2024

She Was Selected in 2018 as the First African American to Hold That Position Within City Leadership, According to the...

Las Vegas Man Convicted in 2016 Santa Monica Home Invasion Case

June 12, 2024

June 12, 2024

With the Help of DNA Evidence, the Case’s Investigation Was Able to Link the Home Invasion With a String of...

Hang-Ten Therapeutics-Surf Therapy for Kids: Catching Waves and Finding your Calm

June 12, 2024

June 12, 2024

A different type of therapy is making waves in Los Angeles. Hang-Ten Therapeutics, founded by Naomi Matanick, a licensed pediatric...

Venice Canal Attack Suspect Appears in Court

June 12, 2024

June 12, 2024

He faces a lifetime prison sentence without the possibility of parole By Zach Armstrong The man who allegedly raped and...

(Video) The Opening of Pico Roots Marketplace in Santa Monica

June 12, 2024

June 12, 2024

Lots of friendly vendors with wonderful gifts, cards, clothing, decor, and coffee beans available at 1819 Pico Boulevard. @smmirrornews The...

Tien Pham Connects Personal History with Role in Robert Downey Jr.’s “The Sympathizer”

June 11, 2024

June 11, 2024

Family’s Harrowing Escape From Vietnam Mirrors the Acclaimed HBO Max Series Vietnamese American actor-musician-producer Tien Pham finds a deep connection...

Jinky’s Cafe is Returning to Santa Monica

June 11, 2024

June 11, 2024

The Development Comes After Months After the Franchise Closed Its Previous Santa Monica Storefront By Zach Armstrong Several months after...

Three Taken Into Custody After Assault Incident Closes Portion of Main Street

June 11, 2024

June 11, 2024

A Male Victim Was Transported to a Local Hospital for Treatment By Zach Armstrong Three suspects were taken into custody...