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Q3 Luxury Market Report Highlights Economic Trends

Hilton & Hyland Finished an Impressive Q3 Having Represented Over Half of the Top Sales in Los Angeles

 

With Angelenos continuing to abide by social distancing standards and staying safer at home, the demand for quality properties has understandably remained stronger than ever.  Our single office closed $419 million in sales this past August alone, over double our $204 million performance last year.

Notable transactions included:

  • 10410 Bellagio Road, Bel Air | Sold at $43,300,000 | Represented Seller
  • 9955 Beverly Grove Drive | Sold at $36,750,000 |  Represented Seller
  • 375 Fordyce Rd, Brentwood | Sold at $25,800,000 | Represented Buyer & Seller
  • 144 Monovale Rd, Holmby Hills | Sold at $20,000,000 | Represented Seller
  • 320 Delfern Dr, Holmby Hills | Sold at $22,500,000 | Represented Buyer & Seller
  • 70 Malibu Colony Rd, Malibu | Sold at $18,275,000 | Represented Seller
  • 580 N Beverly Glen, Bel Air | Sold at $16,500,000 | Represented buyer
  • 809 Nimes Rd, Bel Air | Sold at $14,075,000 | Represented Buyer
  • 1580 Stone Canyon Rd, Bel Air | Sold at $13,680,000 | Represented Buyer
  • 215 N Saltair Ave, Brentwood | Sold at $13,100,000 | Represented Seller
  • 707 N Palm Dr, Beverly Hills | Sold at $11,830,000 | Represented Seller
  • 201 N Carmelina Ave, Brentwood | Sold at $11,000,000 | Represented Seller
  • 910 Whittier Dr, Beverly Hills | Sold at $10,780,000 | Represented Seller

The data from luxury neighborhoods around Los Angeles shows clear signs of a strong, active market.  The average number of days on market remains low with average sales prices closing close to listing prices.

This trend is consistent with a recently released UCLA economic report predicting an optimistic forecast for the economy.  Despite a “COVID winter” the findings projedcted an “exuberant vaccine spring” followed by a period of robust economic growth for some years.

“With a vaccine and the release of pent up demand, the next few years will be roaring as the economy acc elevates and returns to previous growth trends,” wrote senior economist Leo Feler.  “We expect a surge in services consumption and continued strength in housing markets to propel the economy forward.”   Demand for real estate will continue to be driven by a lack of supply and attractive mortgage rates.

 

 

The full Hilton & Hyland Q3 Luxury Market Report is available here.

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