I just came back for our monthly meeting with all the Coldwell Banker Previews International top luxury real estate brokers from the greater Los Angeles area. Here is some interesting information about our local and international real estate markets.
1. The California Association of Realtors is predicting a 9.1% price increase in the median home sales price in California for 2010.
2. In the Los Angeles Area comparing the first quarter of 2009 to the first quarter of 2010 here are the results:
In the $10,000,000 + luxury home market there have been 19 closed escrows in 2010 versus 14 closed escrows in the same period of 2009. That’s a 27% increase in sales.
In the $5,000,000 + luxury home market there have been 47 closed escrows in 2010 versus 47 closed escrows in the same period of 2009. No change in sales activity, however there are substantially more homes currently in escrow than at this same time in 2009.
The largest home sale in America so far this year was a 77,000 square foot home on a 3,500 acre property called the Boot Jack Ranch outside of Colorado Springs, Colorado that just closed escrow for a whopping $46.5 million (originally listed for $88 million.)
The largest sale in London so far this year was the 18,000 square foot home of real estate tycoon Anthony Lyons in Hampstead that sold for just under $64 million dollars to a Russian investor (no surprise there.) Anthony made out like a bandit considering he paid just under $18 million dollars five years ago and spent just under $15 million in renovations. Double your money in 5 years is not a bad deal, that 20% annual return.
The Hancock Park area of Los Angeles is also doing well with 19 closed sales so far this year versus 11 in 2009.
Beverly Hills Post Office is also experiencing an increase in sales with 19 so far in 2010 versus 15 in 2009.
Malibu has seen a 32% increase in sales this year versus the same time period in 2009.
The only Westside location that has not experience an increase in sales activity this quarter is Brentwood which has only has a slight increase in sales activity this year versus 2009 and this may be due to the increase in listing inventory which has doubled since April.
Overall, 95% of all of our Westside Los Angeles real estate markets are experiencing and increase in sales activities, stabilization of prices, and we are seeing multiple offers again, but just not at the level of our peak in 2006.
