Beverly Hills Market Update: 2021 Year-End Highlights
It’s a wrap!
It’s official: 2021 is over and in spite of its many challenges, it was a terrific year for Beverly Hills real estate.
As anticipated, supply and demand continued to heat the market, and low inventory inspired buyers to move quickly and decisively. Sellers and buyers of estate properties—and their agents—found ways to work around social distancing issues and transactions were brisk and efficient.
As the year progressed with its tremendous activity, the Joyce Rey team demonstrated once again that knowledge, integrity, and flexibility are key. A record-breaking career of more than four decades has confirmed that philosophy—and we’ve made it part of our daily interaction with clients and with each other.
When it comes to record-breaking, my 2019 sale of the Chartwell Estate in Bel Air held the honor in California until the Warner Estate was sold in 2020. This year, Malibu took the prize with the $177 million sale of a Paradise Cove oceanfront compound. It was California’s highest single-family home sale ever, if still behind New York’s 220 Central Park South penthouse purchase in 2019 at $238 million—a record I’d love to break! Interestingly, in each of these recent California record sales, the price has gone up even as the acreage has gone down.
The other record that was broken in 2021 is a personal one. In my long career, I have never before put two properties into escrow on New Year’s Eve, but this year I ended 2021 on that high note!
I think an auspicious close to one year signals an extraordinary start to the next and I predict an amazing 2022 for the Westside luxury marketplace.
I look forward to hearing from you and I wish you a wonderful New Year!