310.777.6342 Christophe@ChristopheChoo.com www.ChristopheChoo.com
301 North Canon Drive, Suite E Beverly Hills, CA 90210
CalBRE #01027350
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LOS ANGELES - BEVERLY HILLS Real Estate Market Update - Fourth Quarter 2013 vs. 2012
CHRISTOPHE CHOO Licensed Broker - Team Leader
Coldwell Banker Top 100. Top 1% of brokers internationally.
Why You Should List Your Home Today
W
e're just about ending the first quarter of 2014 and I want to talk to you about what's going on in our luxury real estate market. Back in September of 2011, I did a video where I was predicting that the super luxury market in Los Angeles was going to go crazy and it has. I could see the changes beginning to occur that summer and now, a year and a half later, the market has gone way beyond anyone's expectations, especially the luxury realm in the premiere west side areas of Los Angeles. Let me give you a quick snapshot of what's really going on. Ø $2 million and under range, home prices have increased by 13.1 % in 2013 versus 2012. Ø $5 million+ range there have been 61 closed escrows in 2014 versus 50 in 2013. Ø 122% increase in closed sales. Ø $10 million+ range, there have been 22 closings so far this year versus 15 in 2013. Ø 146% increase in closed sales. Ø $20 million+ range, there have been 7 sales closed already in 2014 versus 3 in 2013. Ø 233% increase in closed sales.
So the trend is, the higher the price range, the stronger the market. What's the reason for that? In my experience over the last four years or so, we have seen a tremendous amount of foreign nationals buying in U.S. of which 17% are buying in California with Los Angeles being the #1 choice. Personally, right now we have buyers from mainland China, Saudi Arabia, Taiwan, Hong Kong, Singapore, Russia, Armenia, Eastern Europe, Japan, the UK, Canada, Malaysia and South America working with us to purchase properties in Beverly Hills & Los Angeles. The number of high end sales this year is up substantially compared to 2013, which was the largest year on record in our Los Angeles westside luxury markets. The bottom line is the market is extremely strong. Have you had thoughts of selling or want to know how much your home is worth? Now may be the time to think about making that move into a larger home or to selling and renting and changing your lifestyle.
If you have had thoughts of selling and would like your home professionally marketed and featured in this publication, please call 310.777.6342. By the way, the market has shifted. This is not intended as a solicitation if your property is currently listed with another broker. Published by Real Marketing, Inc. | David Collins | www.RealMarketing4You.com | 858-847-0335 | © 2014
Locally Known - Globally Connected
HOW MUCH HAS YOUR AREA GONE UP IN VALUE?
CHRISTOPHE CHOO - SELLING LA ing
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HollywoodHillsLandForSale.com Hollywood Hills - $47.5 million 39.86 acres of land for sale. Great development site with amazing valley views. Street entrance on Barham. Co-Listed with Joyce Kim.
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11766 Wetherby Lane Bel Air Crest - $7,995,000 5 BR/6.5 BA, Gorgeous Mediterranean Villa with amazing yard in the best gated community in Bel Air. BelAirCrestHomeForSale.com
9307 Readcrest Drive Beverly Hills Post Office - $5,500,000 4 BR/4.5 BA, Modern architecture with breathtaking city views, wonderful outdoor areas and terrific pool.
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REAL ESTATE MARKET UPDATE Single Family Homes
110 N. Rossmore Avenue Hancock Park - $3,288,000 5 BR/4.5 BA, Modern elegance, parklike grounds, w/ pool. Co-listed w/ Joyce Kim. HancockParkHomeForSale.com
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201 Delfern Drive Holmby Hills - $13,995,000 Representing all cash foreign buyers from China.
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1083 Chalon Road Bel Air - $3,950,000 Representing all cash buyer, teardown overlooking the Bel Air Country Club.
1414 Fairfax Avenue #101 West Hollywood - $499,000 2 BR / 1.75 BA, Remodeled condo, small complex, great location, very low HOA dues. WEHOCondoForSale.com
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1400 Vista Moraga Bel Air - $10,100,000 Representing all cash buyer.
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2187 Summitridge Drive Beverly Hills Post Office - $1,965,000 Representing seller. Sold in 1 week with 9 offers for 9%+ over asking price. BeverlyHillsViewHomeForSale.com
530 S. Mapleton Drive Holmby Hills - $14,450,000 Representing foreign buyer, purchased for all cash, 7 day escrow as a teardown.
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700 North Linden Drive Beverly Hills Flats - $4,950,000 Representing all cash foreign buyer.
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341-343 N. Croft Avenue Duplex In Beverly Center Area - $1,795,000 Representing seller. Sold with 16 offers close to 10% over asking price.
Area
# Homes Sold
Median Price
Q4-2012
Q4-2013
% Change
Q4-2012
Q4-2013
% Change
Bel Air - Holmby Hills
48
52
+8%
$1,600,000
$2,171,400
+36%
Beverly Hills
68
36
-47%
$4,013,750
$5,508,587
+37%
Beverly Hills Post Office
39
41
+5%
$1,795,000
$1,915,000
+7%
Beverlywood Vicinity
47
49
+4%
$739,000
$865,000
+17%
Brentwood
80
56
-30%
$1,653,750
$2,310,000
+40%
Cheviot Hills - Rancho Park
18
19
+6%
$1,378,000
$1,380,000
0%
Culver City
65
49
-25%
$1,305,000
$810,000
-38%
Hancock Park
72
87
+21%
$1,170,312
$1,225,000
+5%
Hollywood Hills East
52
40
-23%
$927,500
$1,048,250
+13%
Malibu Beach
15
11
-27%
$6,200,000
$4,400,000
-29%
Malibu
62
60
-3%
$1,825,000
$2,247,500
+23%
Marina Del Rey
7
8
+14%
$1,875,000
$1,763,625
-6%
Beverly Center - Miracle Mile
55
46
-16%
$999,000
$1,301,000
+30%
Pacific Palisades
73
60
-18%
$2,130,000
$2,495,000
+17%
Palms - Mar Vista
69
78
+13%
$837,000
$1,062,500
+27%
Santa Monica
82
64
-22%
$1,637,500
$1,817,750
+11%
Sunset Strip - Hollywood Hills West
132
100
-24%
$1,227,000
$1,413,750
+15%
Venice
68
63
-7%
$1,200,000
$1,350,000
+13%
Westwood - Century City
67
54
-19%
$1,400,000
$1,450,000
+4%
West Hollywood Vicinity
25
29
+16%
$1,025,000
$1,250,000
+22%
West Los Angeles
22
27
+23%
$672,500
$780,000
+16%
Based on information from the Association of REALTORS (r)/Multiple Listing Service from 02/25/2014 and/or other sources. Display of MLS data deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling agent