Los Angeles Westside & Beverly Hills Market Update for June 2022 Christophe Choo Luxury Real Estate
Los Angeles Westside and Beverly Hills Market Update for June 2022
Beverly Hills, BHPO, Bel Air, Malibu, Sunset Strip, Holmby hills, Hancock Park, Brentwood, and Pacific Palisades
477 sales closed over $5 million this year compared to 451 in 2021 +5%
165 sales over $10 million compared to 148 in 2021 +11%
$40,000,000 + 13 in 2022 vs 6 in 2021 Up 115%
$30,000,000 + 21 in 2022 vs 11 in 2021 Up 90%
3 pending sales over $30 million
$20,000,000 + 42 in 2022 vs 38 in 2021 Up 10%
8 pending sales over $20 million
$10,000,000 + 165 in 2022 vs 148 in 2021 Up 11%
28 pending sales over $10 million
$5,000,000 + 477 in 2022 vs 451 in 2021 Up 5%
96 pending sales over $5 million.
42 Sales over $20 million
6 Beverly Hills
7 Bel Air
1 Sunset Strip
1 Holmby hills
2 Hancock Park
7 Pacific Palisades
Christophe Choo is in the top 1% of brokers internationally with 32 years of experience as the President of the Christophe Choo Real Estate Group at Coldwell Banker Global Luxury Real Estate in Beverly Hills. The #1 producing office in the United States for 24 years and the most comprehensive source for luxury real estate listings, from estate homes to luxury condominiums, incredible tear-down opportunities, and investment properties. Christophe was voted as the #1 Real Estate Video Influencer for North America in 2018.
Based in Beverly Hills, California, The Christophe Choo Real Estate Group provides exclusive luxury homes for sale on a local, global and international stage. Hence the tagline: “Locally Known – Globally Connected”.
Search for luxury properties in your area, whether in the “Platinum Triangle” areas of the Westside of Los Angeles of Beverly Hills, Holmby Hills, and Bel-Air or in The Sunset Strip, Hollywood Hills, Brentwood, Westwood, the Wilshire Corridor, Century City, Pacific Palisades, Santa Monica, Malibu, Venice, Marina Del Rey, Cheviot Hills, Hancock Park, Los Feliz and the key Westside areas of Los Angeles, the Christophe Choo is the luxury Realtor that can help you achieve your selling or buying goals in Los Angeles.
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The Christophe Choo Real Estate Group
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Beverly Hills Realtor | Luxury Real Estate Agent
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Christophe Choo Luxury Real Estate Series - Beverly Hills & Los Angeles https://www.ChristopheChoo.com
Transcription: Good morning from beautiful
Beverly Hills, California.
I'm Christophe Choo with the Christophe
Choo Estate Group.
And I've been selling real estate
now for 33 years.
I want to share with you a little bit
about the housing market forecast
in real estate for 2022
and let you know
what's going on here
specifically in our L.A., Beverly Hills
Westside Luxury Market.
Well, the interesting thing is
there's a lot of talk out there
and rumor in the media,
to give a negative slant
on the real estate market.
However, if you really look
at the data and facts,
it's really not the case.
Just like when COVID
started a couple of years ago,
everyone was worried
the market's going to crash.
We're going to see
a flood of foreclosures.
We did a lot of videos
because the data simply did not support
those thoughts and opinions.
So these are, of course, still opinions,
but I do believe they are correct.
So I thought I'd share a little bit
about that for you.
So right now, even though
a lot of buyers are thinking,
oh my God, the market's going to drop,
prices are going to go down,
that's simply not the case.
The forecasts for price appreciation
across the United States
through this year
is based on seven different forecasters.
One is the MBA Mortgage
Zelman NAR HPES CoreLogic,
Freddie Mac and Fannie Mae.
So right now, the
expected price appreciation
United States is between 6.2% to 10.8%.
And this is actually upgraded
since the forecast
before the end of last year.
So the average forecast
for price appreciation
United States this year is 9%.
Why is that?
The stock markets
go down as crypto goes down and as the
world financial markets kind
of change and shift, people
put their money back in real estate.
And also with inflation,
the best hedge against
inflation is real estate.
Now, part of real estate has been fueled
by the low mortgage rates, of course,
and mortgage rates are expected
to continue to rise.
They've risen almost two points
in the last few months,
very, very quickly,
and they're expected to rise
even further towards the end of the year.
We might even see rates as high as 6%.
But when you look historically,
we're still at great close
to historically low rates.
And back when I started,
rates were 16, 17%.
So 6% is still a pretty darn good deal.
And in terms of home sale projections,
we will see a little dip
in the number of home sales this year
because as rates go up
for the first time buyer
market, there will be buyers
that will not be able
to afford their first time home
because rates have gone up substantially.
So that will affect the number of sales
and we're still low overall in inventory.
So right now, the total home sale
forecast is they're forecasting a 6.3%
increase in home sales by NPR.
Fannie Mae is suggesting 6.4% increase.
Freddie Mac is suggesting
a 6.7% increase.
And the Mortgage Brokers
Association is suggesting
a 6.9% increase.
So overall, it looks like
the number of sales
is going to continue to increase,
interest rates will increase
and values will increase
possibly by 10% this year.
So it's still an excellent time to buy.
So what's going on
specifically in our L.A.
Westside Luxury Market?
And we're now in June of 2022.
So we have almost
all the data for six months.
And our luxury market
here is 5 million plus.
That includes Beverly
Hills, Bel Air, Beverly Hills Post
Office, Holmby Hills, Brentwood,
Hancock Park. Malibu.
Hollywood Hills. Sunset Strip.
So so this is some of the main areas
that we're talking about.
So right now, so far this year,
there have been 477 closed
sales, over $5 million
compared to 451 in 2021.
So we're up about 5% year over year
in terms of the number
of sales, over 5 million.
So that's somewhat in alignment
with the projections of of the
the 165 sales this year, over 10 million
compared to 148 in 2021.
That's an 11% increase in the $10 million
So what you find is doing interesting
as I go through the rest of the data,
the higher the price point,
the higher the number of sales.
So obviously the super rich we have
who can afford it
20, 30, $40 million plus home there.
They believe in the marketplace
and that's why they're continuing to buy.
So in our $40 Million
Plus range here in the west side of L.A.,
we've had 13 sales so far
this year, over 40 million
versus six in 2021.
That's almost double
what it was last year.
It's pretty significant.
And that was higher than the year
before, of course.
And the $30 Million
we have 21 sales so far in 2022 versus
11 in 2021 saw up 90%.
So again, almost double in the $30
million price range.
And there are currently three sales
pending over 30 million
in our marketplace.
20 million plus.
It's not quite as strong.
We have 42 sales so far closed this year
versus 38 in 2021.
So we're up 10%
and there are currently eight homes
pending over 20 million
in our marketplace, 10 million plus.
We have 165 sales in 2021 versus 148
165 sales in 20.
22 versus 148.
2021 saw up about 11%.
And we have 28 pending
sales, currently over 10 million
and then 5 million
plus we spoke about earlier.
477 sales this year versus
451 in 2021 saw up about 5%.
there are 96 pending home
sales right now,
over 5 million in our marketplace.
Now, what are the top areas
where people are buying property?
Specifically over 20 million.
And again, there were 42 sales
so far this year.
So Beverly Hills is always towards
the top of the list.
We have six properties sold in Beverly
Hills, over 20,000,008 in Beverly
Hills Post office.
That's kind of unusual.
We don't typically see that many sales
in the Beverly Hills Post Office area.
And for those of you that aren't aware,
Beverly Hills Post
Office is a Beverly Hills address
in Beverly Hills, California.
90210 But you're
technically in the city of Los Angeles,
so it's in the hills
just directly above the city
of Beverly Hills,
where we have gated
communities like Beverly Park
and other communities there,
where homes can be
20, 30, 4000 plus million.
There's some listings up,
150 million currently.
So six sales in Beverly Hills,
eight in Beverly Hills Post
Office, seven in Bel Air.
Bel-Air is always
on the top of Malibu.
They've been nine
in Malibu, over 20 million
on the Sunset Strip.
The Sunset Strip has seen
a little bit of a slowdown.
Holmby Hills has had
one two in Hancock Park this year,
which is a bit more than usual.
And Car Park is
an older, established community
that was kind of established
early in the 1920s,
kind of in the center of Los Angeles,
and even had two significant sales,
over 20,000,001 in Brentwood
and seven in Pacific Palisades.
So overall, the market is continuing
to be very, very strong,
particularly the higher end you go.
And with projected price
appreciation of 6 to 10%, projected sales
increases of 6 to 7%,
the market is strong and healthy.
And like I said, rates
will continue to go up
very likely this year,
which will affect
some of the buyers in the marketplace.
However, in our luxury market,
very few homes are
purchased with mortgages.
It's primarily a cash market,
which is part of
why we're seeing
still very, very strong sales
in our upper markets here in the L.A.
So I hope that's helpful to you.
Give me a little
tidbit of information of what's
going on here in Los Angeles
and Beverly Hills on the west side.
If you're looking to purchase a home
or sell your home.
I'm Christophe Choo with Coldwell Banker
Global Luxury in Beverly Hills.
And we'd be happy to serve you
with all your real estate needs.
Thanks so much.
And I hope you enjoyed this video
and stay tuned for the next one.
And if you like to
subscribe to our channel,
you'll get updates
on all of our new videos,
market updates, property tours
and just all around the fun
lifestyle, the Beverly Hills and L.A.
in the luxury world.
Thanks so much.
And I'll see you all real soon.
Call Christophe Choo at (310) 777-6342