The higher end of the market picked up in July. 8 homes sales versus 10 last July. Average prices were $3.68MM or $1.2MM higher driven by 2 sales. Muhammad Ali’s former house at 55 Fremont Pl sold for $8.5MM after starting at $16.999MM in 2019. After 3 different agents & brokerages a local Coldwell Banker got involved and a deal was made. 425 Lorraine sold for $6.8MM after starting in March at $11MM. 4 price reductions later a local buyer saw the value of a quality home in a coveted location. Both are examples of aspirational pricing at the start.
11 new properties came to market in July including William Pereira architectural 135 N Rossmore on Wilshire Country Club. The Chandler estate at 455 Lorraine also has a new price of $15MM and fresh agent after starting at $50MM in 2016, 5 agents and many price reductions. 3 properties are under contract now including our 434 S Rimpau after less than two weeks, S Van Ness after starting at $3.45MM, two agents and 2 price reductions.
The takeaway: proper pricing from the beginning can save Sellers time, anxiety, and ultimately result in higher net profits.