The demand for luxury properties, particularly in the Los Angeles area, is increasing.
In the second quarter of 2015, Los Angeles saw an 8.6 percent increase in the number of luxury single- family home sales when compared to last year. In addition, the prices are surpassing the levels reached before the last housing market burst.
High demand areas such as Santa Monica, Beverly Hills, and Pacific Palisades are experiencing record prices. The luxury median price of a single-family home in those areas has climbed to over $5.9 million. This represents an increase of 13.7 percent over the median price from the same quarter of 2014. Many believe this is due to a strong economic outlook.
Extra care is being taken when selling to this sophisticated and determined group of potential buyers. Foreign luxury buyers are becoming increasingly more likely to purchase a property based on what they read online and U.S property is looking more like a “safe haven” for their money as well as a highly coveted place for vacation or relocation.
Vacation home sales represented 21 percent of all home purchases in the U.S last year, and Los Angeles home sales do not seem to be decreasing any time soon. Find your dream home with real estate expert, Betsy Dittman. I have experience working with buyers and sellers throughout the Greater Los Angeles, San Fernando Valley, Malibu, and Conejo Valley areas. Contact me today to help you reach your real estate goals.