May 22, 2022 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.” 

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