realestate

Luxury Home Sales in LA Market See Record-Breaking Contract Values

Luxury home contracts in LA County rebound after three-week decline, with asking dollar volume increasing and contract signings holding steady at 17.

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uxury homes in L.A. County saw a boost last week, with the dollar volume of signed contracts increasing after three consecutive weekly declines. According to Douglas Elliman's Eklund Gomes team, 17 luxury properties were placed under contract between October 27 and November 3, totaling $140.3 million in asking price. This is up from the previous week's 16 contracts worth $102.3 million.

    The top property on last week's list was an eight-bedroom, 15-bathroom estate at 1940 Bel Air Road, listed for just under $23 million. The seller is tied to two Aspen-based trusts managed by Caroline Semmier. This home has a unique feature - a private vineyard - and sits on over half an acre with views of Stone Canyon Reservoir.

    The second-largest property under contract was located in Malibu at 31030 Broad Beach Road, listed for $21.5 million. With a price per square foot of $4,386, it's more than three times that of the Bel-Air home. The seller is an LLC managed by Elijah Myers, co-founder of Sol Angeles. This beachfront property spans 4,902 square feet with four bedrooms and five bathrooms, featuring ocean views, a wine cellar, and guest suite above the garage.

Los Angeles luxury homes see record-breaking contract values amidst high demand.