Change is constant and it appears as though change will continue to move at an exponential rate henceforth. And yet, Real Estate is still the best hedge against inflation. The stock market, crypto currency, regional banks, commodity prices, interest rates, taxes, insurance rates+++ are sure to fluctuate. At Loveland Carr Group we strive to stay informed in order to help you be prepared and make wise decisions for your unique situation. May we continue to stay grounded by enjoying each and every moment we share with family and friends at home.
The psychological benefits of a beautiful home are immeasurable.
The luxury residential real market in Los Angeles keeps moving…..
The largest sale in 2023 in Beverly Hills area was 2571 Wallingford Dr for $60,850,000. In addition, there were 34 other sales over $20MM in Beverly Hills, Malibu, Pacific Palisades and Beverly Hills PO. Note: the new Measure ULA transfer taxes do not impact Beverly Hills or Malibu.
Credits: TheMLS
There have been 655 closed sales over $5 Million in 2023 versus 970 closed sales in 2022, down -32%. Of these, 199 were $10 Million+ in 2023, versus 335 $10 plus million in 2022, down 41%. 56 of these sales were $20 plus million in 2023, versus 92 $20 plus million dollar sales in 2022, Down 39%. 21 of these sales were $30 plus million in 2023 vs 43 closed sales of $30 plus million in 2022, Down 51%. 10 of these sales were $40 plus million in 2023 vs 26 closed sales of $40 plus million in 2022, Down 61%. Volume might be down, but prices are still higher than pre-pandemic 2019 levels due to lack of supply or inventory. Roughly 2/3 of homeowners either own their homes outright or enjoy mortgage interest rates under 4%. Plus, many Boomers still own second and third homes which restricts supply for other buyers.
The largest sale this year was $190 Million and created by architect Tadao Ando just steps to the ocean in Malibu. Jay-Lo and Ben Affleck are enjoying this concrete home at 27712/16 Pacific Coast Highway. Tadao also designed a home for Kanye West.
Credit: Insider, Anthony Barcelo
Of the 56 properties sold over $20+ Million this year, the neighborhood breakdown is interesting.
- 13 in Malibu
- 11 in Beverly Hills Post Office
- 10 in Beverly Hills
- 5 each in Bel Air & Pacific Palisades
- 4 in Brentwood
- 3 in Sunset Strip
- 2 in Holmby Hills
- 1 each in Los Feliz, Santa Monica and Westwood
In Hancock Park, there were 158 sales in 2023, the highest of which was $16 Million at 425 S Plymouth.
Credits: Mike Kelley
For 2023 there have been 20 sales over $5 Million, 4 of which were over $10 Million in Hancock Park versus 24 at the same time a year ago, down -20%. Not nearly as dramatic as West Los Angeles. Then again our highest sale ever was $21 Million.
Please reach out to Anne Loveland at 323-864-3004 if we can be of assistance to you or someone you know who would like to discuss their situation.