- Some buyers of multi-million dollar homes are quickly renovating and selling
- Quick flips seem to indicate luxury homes are appreciating well, with some homes are selling above asking price
- Beverly Hills appears to be the hottest luxury market in LA
The findings of two recent reports indicate that Los Angeles is a market where luxury home sales activity has picked up.
According to a Sotheby’s International Realty market report, luxury home sales boomed in Beverly Hills, Beverly Hills Post Office, Santa Monica, Pacific Palisades and Brentwood.
During the summer, five submarkets accounted for a total of 146 luxury sales, transactions where the sales price exceeded $3 million.
The first two submarkets both saw luxury sales activity increase by more than 80 percent when comparing June through August 2015 to the same period last year.
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Beverly Hills saw 33 luxury homes trade during the summer with the average sales price for a home reaching $7.7 million.
Beverly Hills Post Office had a just slightly lower average sales price of $6.4 million through its 24 luxury home sales.
“Buyers are quickly renovating and selling,” said Frank Symons, executive vice president and COO of Sotheby’s International Realty’s Western Region.
Pacific Palisades remained a dominant luxury market during the summer with 37 such homes trading. Santa Monica and Brentwood tallied 28 and 24 sales, respectively.
Sales activity experienced during the summer appears to only be a continuation of increasing luxury transactions.
A separate report from Coldwell Banker Previews International showed that from July 2014 to June 2015, luxury sales activity was up by 23 percent year-over-year.
In total, Los Angeles saw 2,685 sales closed for more than $1 million each during this period. Of note, Beverly Hills and Los Angeles both saw 34 homes trade for more than $10M a piece. Malibu and Pacific Palisades accounted for 24 such sales.
