Christophe Choo Luxury Real Estate Series - Real Estate Market Update
Channel: Christophe Choo
TIP: Right-click and select "Save link as.." to download video
Initializing link download.....
Christophe Choo Luxury Real Estate Series - Beverly Hills & Los Angeles
Comparison of home sales for the first three quarters of 2014 versus the same period 2013
$5 million plus home sales:
328 in 2014 versus 253 in 2013
$10 million plus home sales:
102 in 2014 versus 73 in 2013
17 currently in escrow
$20 million plus home sales:
26 in 2014 versus 14 in 2013
3 currently in escrow
$20M + breakdown
9 sold in the Holmby Hills
6 in Malibu
3 in the city of Beverly Hills
3 in Bel Air
1 in Beverly Hills Post Office
1 in Brentwood
1 Pacific Palisades
$20m+ sales – who is buying?
Ellen DeGeneres sold: 360 S. Mapleton (Holmby Hills) for $49.5m a $10 m profit in 6 months to Sean Parker from Facebook
Fleur de Lys sold: 350 Carolwood Drive (Holmby Hills) for $88.3 million to Russians
271 South Mapleton sold for $44 million to Saudi buyers
10231 Charing Cross (Holmby Hills) sold for $45 million to buyers from the UK
200 S. Mapleton – sold for $39 million to Sean-Combs (Puff Daddy)
355 North Carolwood (Holmby Hills) – sold for $74 million to Chinese buyers
"Now for LA, the luxury market starts at 5 million plus, so we're going to talk about what's going on, and the comparison I'm sharing with you today is the first three quarters of 2014, versus the three quarters of 2013, so it's year to year comparisons of exactly the same period. So right now first of all, in the $5 million plus category, there had been 328 sales of homes closed and sold in LA versus 253 at this time in 2013, it's about 129% increase in sales. Now the $10 million plus category, we have 102 homes that have closed and sold so far this year versus 73 in 2013, so that's basically 139% increase in the number of sales in that particular price range, and currently about 17 properties, and has sold over 10 million on the west side. Now here's where it gets really interesting, the $20 million plus home sales, which truly is the top end of our luxury market, there has been 26 homes closed and sold this year versus 14 for the same period in 2013, that's almost double the amount of sales this year versus last year, so the trend is, the higher it goes, the higher the prices, and the more sales that we're actually seeing.
And currently, there're three homes in Eska[sp?] right now over 20 million. So, where are these property selling? Nine of them sold in the Holmby Hills areas which I've always been saying is the best location and neighborhood in Los Angeles. Six sold in Malibu, three in the city of Beverly Hills, three in Bel Air, one in Beverly Hills post office, one in Brentwood, and one in Pacific Palisades.
So the question is also, who is buying these $20 million homes? So basically, about half the buyers are American buyers, however the balance of them are foreign buyers, we have three of them sold to British families, three to Russian, one to Saudi, one to a Kuwaiti family, and one to a Chinese family from mainland China, and they did purchase one of the most expensive homes.
The former Disney estate for $76 million. Now here's some interesting and notable sales. Ellen DeGeneres sold her house at 360, South Mapleton this year for $49.5 million. This is a $10 million dollar increase in value from when she bought the home six months before. And that home sold two, three years before that for $16 million.
So very interesting, what's happening there on Mapleton. The [xx] east estate, one of the most beautiful homes in LA, and Carrollwood are sold recently for $88.3 million, also on Holmby Hills, at 271, South Mapleton Drive there was a lot that sold for about 8.5 million about three years ago. A developer built a new home about 25, 000 square feet, and that home sold to a Saudi family for $44 million.
Another home on Charing Cross sold for $45 million to a family from England, and then 200, South Mapleton which sold 2 years ago for $14.9 million as the fixture tear down was completely rebuilt. Sean Puff Daddy Combs just purchased that home for $39 million about a month ago, and then lastly again, the Chinese buyers purchase the former Disney estate for 74 million on Carolwood.
So, it's an amazing time in our luxury market place, we don't know when it's going to end, but with so many foreign buyers buying in LA, and so many internet people buying in LA for example, the Ellen DeGeneres house which just resold for a $10 million profit was sold to Sean Parker from Facebook. So, someone like that that's got hundreds and millions of dollars, an extra 10 or 20 million really doesn't make a difference, they all want to be in LA, and they all want the best locations. "