The Los Angeles luxury real estate market breaks another record with two private homes currently listed over $100 Million, reports Greg Moesser, an Estates Director at Hilton & Hyland, the Beverly Hills exclusive Christies Great Estates affiliate. A Beverly Hills legendary estate is currently on the market at $165 million and a grand Bel Air European style villa is listed at $125 million.
In the last 60 day period alone there have been 16 properties that have entered into contract and/or sold in the “Over $10 million” category, including a $40 million Bel Air estate, a $33 million Malibu property and new record $11 million Hancock Park sale. The Bel Air market continues to demonstrate a strong value. “My last few multi-million dollar Bel Air transactions received multiple offers and sold at full or above the list price.”
The competitive LA luxury condo market is also offering great opportunities for both local and international buyers. The Los Angeles “Wilshire Corridor’s” most prestigious condominium buildings are averaging sales in the $1000 per square foot range, which is well below the over $2000 – $3000 per sf. range that is common in other major metropolitan cities.