Timely Real Estate News………………………………………………….30 April 2007
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Hey, big spenders….take a look at this
If you’re in the market to spend your next $25 million; you won’t have to go very far to find the castle of your dreams….it can be right here on the Westside. For example, Jeff Bezos, the founder of amazon.com, just purchased a home in Beverly Hills for a tidy sum in the mid-$20 millions (final price is confidential)….Johnny Carson’s beautiful estate in Malibu just sold for a measly $38 million, and a country-sized home in Brentwood Country Estates went for just $29 million. A home in Beverly Hills was just listed for $125 million!!!!
Who would have thought 20 or 30 years ago that such properties existed right in our backyard. But the reality is that homes over $7 million are booming on the Westside. For example, in the last four months, there have been 56 homes of $7 million plus that have closed escrow. In January, there were seven homes over $7 million, with the highest price home going for $21 million; February there were 12 homes, the highest — $23 million; March saw a big climb in this price range with some 16 homes selling for over $7 million; and in April, we had 25 homes over the $7 million mark, the highest was $38 million (Carson’s estate).
We’re in the ‘hot property’ zone for sure….from Malibu to Beverly Hills, but what about your property? Where does it sit in today’s market? Buyers are looking at properties on both ends of the spectrum…. Either homes that are new or ‘like new’ and that means more than just “fluffing up” your home, we are talking about new electrical and plumbing systems, or homes that they would consider tear downs.. and that is what they are doing… tearing them down and starting over… a home that has not been updated or have kept their ‘status quo’ since you bought it…. and is not priced properly to reflect their condition, are the ones that are lingering on the market today.
Hot is hot…and it’s not always on the high end…
On the Westside, there are still two hot markets, with variations or submarkets within those markets as well — homes selling under $2 million and homes over $4 million. The ‘slow range’ — if there is one — is in the $2 – $4 million price range. Demand is high for the low and high-end priced homes — multiple offers are common in all categories, providing the homes are priced competitively. If your home is over priced, it doesn’t matter where it sits within the hottest market — homebuyers are extra cautious and smarter these days.
A CB Factoid of interest….Coldwell Banker dominated the upper end market on the Westside in 2006….CB sold more than 75% of the homes priced above $5 million last year…and 37% of the homes under $5 million were CB represented…an impressive achievement.
Regardless of what you read in the news, the Westside continues to run counter to what you see nationally or even in California. Slowly, the media seems to be catching on… In April’s Los Angeles Magazine and in the April 29th edition of the LA Times…they finally acknowledged what I have been saying for months: The real estate market on the Westside is different from other parts of the county. Our market continues to be strong. That’s the good news!
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Oh, the throes and woes of finding the right college….a personal note
My niece, Morgan, who resides in West Vancouver, BC, is such a delightful young lady…an honor student, editor of her school newspaper, vivacious, and just what every Mom and Dad want for their child. As many of you have learned, surviving the transition of a bright young offspring from high school to college can be the most unique journey. Morgan was accepted at USC, UC Santa Barbara, Reed College, Scripps, University of British Columbia, McGill and the University of Washington. Where is she going to go? She is a pre-med and journalism major. She loves Southern California, and I suspect she’ll end up somewhere here….I just don’t know yet, but we’ll keep you posted. (I suppose, as a true UCLA alum, I could deal with a USC student in my home on weekends….). In any event, it’s a wonderful journey of youth and spirit, and I’m just happy to be a part of it.
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Great Tastes in Brentwood — Mark your calendar for October 7, 2007. We have a terrific raffle of a week for two with “Tuscan Women Cook” — a weeklong cooking adventure in Tuscany…cooking classes, visiting local wineries, cheese farms, restaurants, local markets….150 tickets will be sold at $100/piece….value is $7,500…this is a trip of a lifetime, for sure. All funds go to the local public schools in Brentwood and Pacific Palisades.
