Is Los Angeles Real Estate currently in a Buyer’s Market?...

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/5n6b

Is  Los Angeles Real Estate currently in a Buyer’s Market? 

This question came up the other day and I must admit  the answer is not a simple YES or NO.

 Depending what market segment of Los Angeles Real Estate, you are asking about will determine the answer. I will start out just incase you are not familiar with Los Angeles Real Estate; we have a great deal of compartmentalization in the greater Los Angeles area.

There is the Ultra Luxury Home Market, then there is the Luxury Market and then there is the Standard or should I say Affordable Real Estate Market (if there is such a segment as “affordable”) to the average home buyer in Los Angeles.

 I have not even addressed the Condominium Market, Investor Market, or the New Construction Market nor the various segments of the “Los Angeles Land Market”.

Since I do not want to write a book just a post I might break out to the various Los AngeIes Real Estate Markets and address the question separately in a series of Posts answering the question: is the Los Angeles Real Estate in a buyer’s market .

 Now with that said let me illustrate my point here with the Ultra Luxury Market for starters, I am not even including the Stratospheric Sales. My focus is only from $30 million to $70 million listed homes.

Since January 01, 2020 there were six sales in this price point in the Greater Los Angeles area.

Statistical Summary

Statistic

Bedrooms

Bathrooms

Square Feet

List Price

Sold Price

DOM

Minimum

5

7.00

11,000

$32,500,000

$28,000,000

1

Average

6

9.75

15,091

$46,816,666

$36,718,148

133

Median

7

9.50

15,675

$44,225,000

$36,750,000

138

Maximum

7

14.00

20,000

$68,000,000

$43,300,000

241

Total Volume

     

$280,900,000

$220,308,888

 

 

 www.endrebarath.com

Now let us  look at the sales history in more detail. This house was the latest sale in the ultra luxury market of Bel Air CA 90077 Closed on April 14th 2020.

So let's look at the history of   10410 Bellagio Rd in the coveted 90077 zip code SOLD on 03/29/2004 for $8,599,000.00 ;  SOLD on 12/17/2007 for $29,975,000.00; Then on 01/21/2010 SOLD for $18,000,000.00 ( There must be a story here I am sure); SOLD 01/11/2011 $19,150,000.00;SOLD 03/04/2015 for $38,000,000.00;

Now we see it listed for $75,000,000.00 on 10/11/2019 and it SOLD for $43,300,000.00 Hence my point is if you just looked at the most recent numbers you would say it is a Buyer’s Market. On the other hand, if you compared it to the 2015 sale it is  a 13.9% price increase during the Corona-19 Virus  Pandemic.

www.endrebarath.com

So, with that said the Ultra Luxury Home Market might have slowed a tad due to the Corona Virus Pandemic, but it remains a seller’s Market.

Wishing you a safe and healthy life and I look forward to your comments.

If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly!

If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 ( m)  homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com  I contribute a portion of my commission to local animal rescue organizations.

 

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Rainmaker
3,159,684
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Endre.

At those prices one could buy a whole subdivision in my area, and still have a few coins left

Apr 28, 2020 01:37 AM #3
Rainmaker
3,444,840
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Endre... no doubt in my mind after reading this that Los Angeles is a whole other "planet" when it comes to home sales.

Apr 28, 2020 04:48 AM #4
Rainmaker
3,618,359
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Endre - and then there's the back story to each sale.  And that can often be a book.  

Apr 28, 2020 04:56 AM #5
Rainmaker
3,556,726
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Endre. In those price ranges an experienced and knowledgeable agent can save or cost a buyer millions! May they choose carefully! Enjoy your day!

Apr 28, 2020 04:59 AM #6
Rainmaker
1,557,321
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Interesting statistics. It's a seller's market in my area also, but at much lower price points. Thanks for sharing, and best wishes with getting some ultra-luxury homes sold once restrictions are lifted!

Apr 28, 2020 05:51 AM #7
Rainmaker
910,546
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

What a very well explained point, love it and how you take us through the years, with one property. Truly, real estate is local, and one needs an agent with local knowledge and wisdom to explain the situation in the market segment you are interested in as a buyer or seller.

Apr 28, 2020 06:58 AM #8
Ambassador
3,977,265
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Endre right now for us it is tough to say what kind of market we are in, because of the uncertainty of how much of the slow down is due to normal market conditions, and how much is because of the COVID-19 virus.

Apr 28, 2020 08:32 AM #9
Rainmaker
3,340,289
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

James Dray  the next time I will write about another aspect of the Greater Los Angeles Real Estate Market and please let me know what you think, Endre

Apr 28, 2020 11:31 AM #10
Rainmaker
3,340,289
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina Hollander  yes that is a good assessment,  at the same time we have different price points for the rest of the buyers.Endre

Apr 28, 2020 11:32 AM #11
Rainmaker
3,444,840
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Endre Barath, Jr. hi Endre... my husband always laughs because I've long referred to LA as LaLa land.

Apr 28, 2020 11:36 AM #12
Rainmaker
2,136,122
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Endre Barath, Jr. - yours is a market like no other.  Wouldn't you like the commission on one of them.

Apr 29, 2020 10:14 AM #13
Rainmaker
2,176,341
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Buyer's Market? Seller's Market? I don't really care what people are labeling these days. There will always be buyers and always be sellers who are in need of both.

When it comes to either or; or both, there's only one Agent I'd recommend - Endre Barath, Jr. He has seen it all, heard it all, done it all.  Nobody sells property and land better in LA than Endre. 

Apr 29, 2020 12:44 PM #14
Rainmaker
1,366,890
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Endre Barath, Jr. - I always love to check out the back story on properties.  It really helps me to price the property more accurately. Nice job with this.  

Apr 29, 2020 08:15 PM #15
Rainmaker
2,845,862
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Thank you for persisting through all this that we’re going through and I hope to visit you all pretty soon out in LA!

Apr 29, 2020 10:49 PM #16
Rainmaker
2,845,862
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Have to check out all the backstory logs a bit later. Wishing everybody love and light during this time! /)

Apr 29, 2020 10:50 PM #17
Rainmaker
3,340,289
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Michael Jacobs  I find it that is the fun part of it all, like I took a listing years ago originally listed by a "big name agent" for $49 million, I listed it for $29 million what I thought was the real value... did not know the "sins" of the land.... once discovered it sold for about $12 million but the public records show $6.5 million sales price... yes there is a back story:))Endre

Apr 29, 2020 11:01 PM #18
Rainmaker
3,340,289
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Wayne Martin  you are absolutely right the mistakes could cost millions, Endre

Apr 29, 2020 11:02 PM #19
Rainmaker
3,340,289
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kat Palmiotti  working on a high end land listing as we speak, Endre

Apr 29, 2020 11:13 PM #20
Rainmaker
3,340,289
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nick Vandekar, 610-203-4543  my point was if you saw that it was listed for $75 million and sold for $43 million you would think it is a buyer's market... the reality was14% increase on his property, yes it is still a sellers market in the Ultra Luxury Market in Beverly Hills, Endre

Apr 29, 2020 11:43 PM #21
Rainmaker
278,341
Susan McCall, Helping with smiles and care!
Compass Realty Solutions - Portland, OR
Listing and Buyer's Agent

That must have been a very interesting conversation/offer?  It really helps to look at the past listings.  Every once in a while I will see a home go off market and go on again at a higher price.  This is rare here! But your market is very unique!

Apr 30, 2020 09:34 PM #22
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Rainmaker
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Endre Barath, Jr.

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