Market Report–Beverly Hills and Beyond

When the top real estate agents in the United States get together, as we did recently in New York, we compare market performance, trends, and indicators that might benefit our clients across the country and around the world.

Our 2016 Beverly Hills / Westside market exceeded last year’s sales volume for properties in excess of $5 million–and 2015 was the best in history. The top two $100 million dollar sales both involved Coldwell Banker.

The 2016 market was very busy–more estates valued at $2 million or more were put on the market and listing and sales continued right through the year. Even December’s holidays didn’t slow our many motivated buyers and sellers.

In Beverly Hills, active listings were up significantly, and both sales prices and average sales-price-per-square-foot were up. We also saw significant overbidding and sales over asking price in many sought-after neighborhoods.

In other news, we noted that the Los Angeles Times reported a 12.3% increase in residential permits for 2017 over all seven counties in Southern California. We are also noticing that developers are seeking more “green” in their design. In particular, the Beverly Hills apartment building, Ten Thousand, is harvesting rainwater, and at the expanding Playa Vista development, the new homes are LEED-certified.

Still, the biggest news came from New York City with the pending escrow of the penthouse at 220 Central Park South. At $250 million–achieved without any marketing efforts–this will be the highest sale in U.S. history. Hedge fund dynamo Ken Griffin is purported to be the buyer. The penthouse, in a 950-foot limestone tower designed by Robert A.M. Stern and still under construction, defies description. The four-floor, 23,000 square-foot, 16-bedroom, 17-bathroom luxury residence was created by combining an 11,000 square-foot duplex on floors 50 and 51 with three apartments on floors 52 and 53.

The palatial penthouse will have five balconies along with access to the building’s lavish amenities, including motor court, parking garage, bike room, full-time doorman and concierge, fitness center, juice bar, spa, swimming pool, squash court, basketball court, golf simulator room, weight room, yoga/pilates room, children’s amenity area, library, lounge, screening room, meeting room, private club-style dining room, wine cellars, and a communal terrace.

Predictions are always risky but I think that 2017 is on target to be a great year for luxury real estate. I hope the Year of the Rooster is one of health and well-being for you and your family.

Happy New Year!

Joyce Rey
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