More and more Americans are buying luxury real estate in Los Angeles! This quarter, we saw a 25% increase compared to last year in luxury real estate purchases in the $20 million plus range (19 out of those 26 of luxury real estate purchases came from American buyers). What does this mean? Homes in the $10 million to $20 million plus range are HOT but inventory is low. Here is a break down of where buyers are purchasing in the $20 mil + range:
– 7 purchases in Beverly Hills
– 6 purchases in Bel Air
– 5 purchases in Malibu
– 2 purchases in Sunset Stip
– 2 purchases in Beverly Hills Post Office
– 1 purchase in Holmby Hills
– 1 purchase in Brentwood
– 1 purchase in Pacific Palisades
– 1 purchase in Santa Monica
Homes in the $5 million plus range this year has been 295 compared to 282 last year. Homes in the $10 mil plus range this year has been 83 compared to 84 last year mainly due to low inventory.
The luxury market is flourishing, Americans are buying up more $20 million plus properties, and international buyers are still buying luxury properties in Los Angeles.