We can now assertively state that the luxury market has entered into the aggressive ‘Golden Era’, as luxury properties are of extreme desirability. This is the real estate market in which money will be made. These conditions will continue to generate a spirit of public confidence. People are now looking ahead to better things, as there is farsightedness of great improvement- now is the quintessential market.
The essence of our current position in the real estate cycle can be described as containing an enthusiastic assortment of buyers in the high-end market. This energy of buyers is coupled with the amplified pursuit of investors, which are showing signs of heightened competition as they grasp any respectable well-priced property. We are progressively achieving higher and higher prices for homes as we progress into the golden era.
Here is Los Angeles; we are seeing several noteworthy listings and sales, all vastly contribute to the spirit of confidence within the luxury market. The unprecedented growth of the ultra luxury housing market continues to generate intrigue. In 2012, over 91 transactions were recorded in the top Los Angeles communities for luxury home sales priced $10 million and above.
To name a few with Coldwell Banker, such as the private off-market sale of 400 Trousdale for $37 million, and 904 N Crescent recently closing for $32.75 million, in which the brokerage represented buyer and seller in both transactions. In terms of listings, Coldwell Banker has the off-market co-listing of the $90 Million Walt Disney Estate on Carolwood, in Holmby Hills with the Agency. The highest land-value listings to date is currently listed at $125 million and encompassing 258+ acres within the notable Bel Air community, offering endless developmental opportunities for the affluent developers. Determining value for the world’s finest estates is not an exact science, but an art— and many buyers appreciating the fine beauty its entirety.
It is becoming very trendy in the ultra luxury market for buyers and sellers to want their next purchase or sale to be done off-market. There is a small thrill for buyers in purchasing a home that not many people have seen, as there is value in the privacy of the wealthy. If you are interested in an ultra-luxury property, or off-market property, feel free to email Bryce Lowe at [email protected].
Associate Broker | DRE# 01918939
Coldwell Banker Residential Brokerage
Beverly Hills North Office
301 N Canon Drive
Beverly Hills, CA 90210
Direct: 310-777-6305 | Phone: 310-597-1691
Published on Aug 01, 2013