310.777.6342 Christophe@ChristopheChoo.com www.ChristopheChoo.com
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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
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