MESSAGE FROM GREG MOESSER . . .

The Los Angeles “Westside—Metropolitan” real estate market continued to be a study of contrasting micro-markets. At one end, the ultra-high end market, after having been somewhat idle for the last two years, began to pick up noticeable activity (albeit at significantly reduced prices). Beverly Hills, Bel Air, Holmby Hills & Hancock Park—Windsor Square faired better than many areas, with devaluation averaging 10% to 20%.

  Properties above $10 million did better in 2010 ...

Properties above $10 million did better in 2010 than at any time in the last two years. Beverly Hills and Bel Air—Holmby Hills had over 30 sales. At mid-year, The Wall Street Journal reported that the Bel Air mansion known as Le Belvedere, listed at $85 million and reported to have sold for $50 million to an international buyer, was the most expensive USA home sale in 2010.

 

 HOLMBY HILLS 2010: 10 Sales & Pendings

                                        List Price                    Sold ...

Properties above $10 million did better in 2010 than at any time in the last two years. Beverly Hills and Bel Air—Holmby Hills had over 30 sales.  Two of the highest sales in Beverly Hills occurred in December, and should be a good indicator of continued activity for 2011. While both sales closed at $23 million and $23.5 million, these prices were still considerably less than their original asking prices

 BEVERLY HILLS—N. Sunset 2010: 35 Sales

                                      List Price    ...

The mid luxury market was somewhere in between the high end and entry level markets. For instance, Beverly Hills had 50 sales in the $2 million to $3 million range, dropping to only 15 sales in the $4 million to $6 million range, and then as we approach the high end, a jump of 34 sales in the $7 million to $10 million range. Hancock Park—Windsor Square results are similar, with a a healthy 37 home sales ...