Few could argue that there has been tremendous energy for luxury real estate in the Greater Los Angeles region. Year to date, sales of properties priced $2 million+ in Los Angeles County have increased 40% compared to this same time last year.* In the prestigious Westside neighborhoods alone, sales of properties priced in excess of $10 million are up 56% this year, compared to this time last year. Nationally and internationally, the luxury sector is also showing vibrancy, according to the latest Luxury Market Report by Coldwell Banker Previews International®.
“We are seeing a lot of energy for luxury real estate both in America and abroad right now,” said Betty Graham, president of Previews® NRT. “Our report found that there are new seller’s markets and buyer’s markets emerging in several affluent strongholds, while other cities have begun to exhibit balanced luxury market fundamentals. Recent feedback from affluent consumers also indicates that there is a positive outlook on real estate.”
This year, the report includes expanded coverage of the top 20 U.S. cities and ZIP codes. Not surprisingly, Southern California dominates the list of the nation’s top ZIP codes at the ultra high-end. Beverly Hills’ famous 90210 beat out New York’s 10023 for the nation’s top ZIP code with an impressive 18 luxury home closed sales in the $10 million+ category, followed by Bel Air (90077), Malibu (90265), Brentwood (90049), Montecito/Santa Barbara (93108) and Pacific Palisades (90272). Beverly Hills has long held a position among “America’s Most Expensive ZIP Codes,” and its ranking on our Previews list proves that 90210 remains one of the world’s most sought-after addresses. Looking at active luxury home listings in the $10 million+ category, the story is a little different, with Malibu’s 90265 earning the No. 2 position with 43 active listings. Beverly Hills (90210) came in at No. 4 with 29 active listings, while Montecito/Santa Barbara (93108) was further down the list with 19. If nothing else, these rankings remind us of the absolute premium affluent buyers place on finding properties in these locations, especially those that happen to be on or near the coast. When it comes to luxury real estate, I’d argue that the coast and Southern California still reign supreme!
Once again, the Luxury Market Report reveals some interesting trends. The bi-annual report is one of the many resources we provide our Southern California Previews® luxury specialists and clients, so they can make the most informed decisions. I invite you to download the full report here. Perhaps you’ll find just the kind of information you need to buy or sell a luxury home before the end of this year.
*Based on information from the Multiple Listing Service for the period 1/1/2013 through 10/11/2013. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market.