Measure ULA certainly influenced sales volume of properties over $5 million in the city of Los Angeles since it took effect April 1, 2023. Looking at closed sales in January 2023 relative to the prior year is a bit distorted because there was a mad dash to sell properties ahead of the new luxury property transfer tax.
Credit: SFARMLS
It is important to note that measure ULA does not affect neighborhoods such as Malibu, Beverly Hills, or Santa Monica because each are outside the City of LA. It seems rational that we see more transactions in the areas with a lower tax consequence.
As always, if you or anyone, you know, has specific questions, please reach out to Anne, Janet or Sue at the Loveland Carr Group.
We would love to share our wisdom and expertise garnered over the decades and 1,750+ successful transactions. Consider us collaborators committed to helping you make wise real estate decisions.
On to the statistics:
- 37 closed sales of $5M+ | Down 16% from 2023
-
January 2023 – 43 closed sales
-
- 16 were $10M+ | Down 1 unit from 2023
- January 2023 – 17 closed sales
- 5 were $20M+ | Up 25% from 2023
- January 2023 – 4 closed sales
- Buyer Breakdown
-
Beverly Hills – 1 sale
- 910 Alpine
- Bel Air – 2 sales
- 419 St. Cloud
- 620 Sienna Way
- Pacific Palisades – 1 sale
- 211 Alma Real
- Malibu – 1 sale
- 28856 Cliffside Drive
-
- Buyer Breakdown
- January 2023 – 4 closed sales
There were no closed sales in Hancock Park or Windsor Square over $5 million.
In the month of January 2024, twelve properties went under contract and/or pending in the city, but have not yet closed.