L
os Angeles luxury agents are moving forward in the high-end residential market, despite concerns over Measure ULA. The latest Eklund Weekly Luxury Report LA shows that signed contracts for Los Angeles County homes listed at $4 million or more continue to be strong. The top two contracts for the week ended September 15 were for properties in Beverly Hills and Los Angeles.

    The tax, which went into effect in April 2023, imposes a 4% transfer tax on properties selling for $5.15 million or more and a 5.5% tax on those selling for $10.3 million or more. However, agents report that the extra cost has not completely cooled deal-making.

    The top signed contract was for a Beverly Hills property at 1013 North Roxbury Drive, listed for $22.9 million. The estate features six bedrooms, eight bathrooms, and three separate structures across 10,039 square feet. The second-priciest home under contract was in Bel-Air's Linda Flora Drive, listed for just under $22 million.

    Condo activity remained slow, with no new luxury-class contracts signed last week. However, single-family homes continued to drive the market, with 14 properties under contract totaling $111.1 million in volume and an average price per square foot of $1,273.