December sure seems like a distant memory in light of recent wildfires in LA so here we go – better late than never!
Demand continued across all price points, especially for move in ready, turn-key properties. Many buyers are trading within the neighborhood or are related to existing residents. Some moved from other neighborhoods to their “forever houses”. Multiple offers continued especially for the most coveted locations and noteworthy architectural styles. The highest sale that checked every box was the 1923 Neoclassical CJ Smale designed 62 Fremont Pl at $7.78MM which sold in 15 days, $285k over asking. Simply one of the finest, turnkey estates we have seen in a long time. Most sales were in the $2MM range. 2 sales exceeded $1,400/ sq ft on smaller lots under 7,000 sq ft, both in the Hancock Park HPOZ. For context only 7 other homes sold over $1,400/sq ft for all of 2024.
The highest was price per square foot in 2024 was 376 S Hudson at $1,988 sq ft for a 7,535 sq ft foot estate on over an acre (49,636 sq ft) on one of the most coveted streets in the area. The private sale of $14.98MM recorded last August.
2025 is in full swing now! The momentum continues at the high end ($5MM+) in the last few weeks which will be reported in the week ahead. Busy time in housing….