‘Life Happens’

By Camilla McLaughlin

From millennials seeking a family refuge while sorting out changing work demands to boomers looking to embrace life changes, a new buyer paradigm is taking shape, altering the map of residential luxury.

Even experts seem baffled by the current status of real estate. Recently, two well-publicized transactions in Los Angeles broke price records. An expansive waterfront estate in Malibu sold for $190 million, creating a new benchmark for residential prices in California. Also notable was a reported $60 million transaction to Ben Affleck and Jennifer Lopez, one of the highest sales in the general Mulholland area, according to Global Marketing Specialist Joyce Rey, with Coldwell Banker Realty in Beverly Hills. These two notables stand in contrast to recent stats in Los Angeles, in which the sales volume in the

$10-million-plus range was down 42% in May. The slowdown can, in part, be attributed to a new tax on $5-million-plus sales, which became active in April, making this area a prime luxury market to watch.

This scenario is unique to the LA market, but still illustrates the contradictions of the current market, where prices are holding relatively steady, especially in the Northeast and Midwest, and inventories of homes for sale are slim even though mortgage rates hover around 7%. Year-over-year, sales dropped 20.4% nationally, with the $1-million-plus segment off by 22%, while days on market for this group number 15. On the other hand, locations mainly in the eastern half of the country see brisk sales and small price increases. Everywhere, the lack of inventory persists and continues to constrain transactions.

“There is no question that the current luxury home sale continued on page 163

180 BEACON STREET UNIT 1G BACK BAY, BOSTON

Exquisite & rarely available 3-bedroom, 2.5-bath, 2,220-square-foot opportunity perfectly placed on the second block of Beacon Street in one of Boston’s most desirable, luxury, full-service buildings with Charles River views, available valet garage parking, 24/7 concierge, and more. $2,200,000

239 COMMONWEALTH AVENUE UNIT 53 BACK BAY, BOSTON

Elegance & historic charm define this Thayer Mansion 2-bedroom, 2-bath with city & Charles River views boasting 10-foot tray ceilings, timeless crystal chandelier/doorknobs, custom millwork, and more in a pet-friendly, professionally managed, elevator building. $200,000 in renovations. $1,695,000

476 MASSACHUSETTS AVENUE UNIT 2 SOUTH END, BOSTON

Modern 2-bedroom, 1.5-bath brownstone duplex boasting a double-door entryway that opens to a spectacular floor-through parlor level complete with sensational bay windows, 13-foot ornate plaster relief ceilings, elegant moldings, stately fireplace, a private terrace & deeded parking. $1,395,000

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AKRON . OHIO

Exceptional cluster home situated at the end of cul-de-sac overlooks the ‘big’ lake at The Village of Crystal Lakes. Very secluded and beautifully appointed with every room viewing the lake. This property presents sweeping ceilings and an open floor plan with 3 levels of living space. $1,149,000

AKRON . OHIO

Absolutely spectacular, gated estate nestled on over 4.5 secluded acres presents distinctive and custom architectural design and sweeping ceilings throughout. Amazing outdoor entertainment area with highlights, including a full bar with built-in gas grill, in-ground pool, H/H full baths. Listed and Sold: $1,175,000

CHAGRIN FALLS . OHIO

This impressive stone and cedar colonial nestled on 0.6 of a wooded acre on a quiet cul-de-sac in Canyon Lakes presents an open floor plan with custom finishes throughout. The 2-story foyer features hardwood floors and a turned staircase. $649,000

AKRON . OHIO

Stately all-brick Georgian colonial nestled on 3.2 wooded acres in Bath Township presents brilliant appointments and superior craftsmanship. Exceptional stacked crown molding and trim throughout much of the interior. $1,099,000

RICHFIELD . OHIO

Remarkable Schleider-built home, nestled on almost 2 acres in the desirable Glencairn neighborhood. This outstanding property showcases numerous amenities, picturesque windows, slate flooring, and exceptional craftsmanship throughout. $995,000

For more about these properties, go to laurieschrank.kw.com