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Beverly Hills Luxury Real Estate Market Update - My Predictions Came True.

2,127 views · Published 21 March 2014 · 3:24 · Indexed 6 November 2026

Channel: Christophe Choo - Beverly Hills & LA Real Estate · 2014 · People & Blogs

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Well, we're just about ending the first quarter of 2014 and I want to talk to you about what's going on in our luxury real estate market. First of all, back in September, I think September 1st of 2011, I did a video where I was predicting that the super luxury market in Los Angeles was going to go crazy. 

In my mind and with the clients I was working, I could see the changes beginning to occur and now, a year and a half later, the market has gone way beyond anyone's expectation especially the luxury realm of the west side of Los Angeles. Beverley Hills, Bel Air, the Platinum Triangle, Holmby Hills, and Hollywood Hills, Brentwood, all the areas. 

Let me give you a quick snapshot of what's really going on. In the $5 million-plus range, so far in 2014, the first two and a half months, there have been 61 closed escrows in the L.A. area. That's west side of Los Angeles, versus 50 in 2013. That's a 122% increase. Now, in the $10 million market, we had 22 closings so far this year versus 15 in 2013. 

That's 146% increase. Starting to see a trend? In the 20-million plus, we had 7 sales closed already in 2014 versus 3 in 2013. That's a 233% increase. So the trend is, the higher the price, the stronger the market. What's the reason for that? Well, in my experience, the last four years or so we've been seeing a tremendous amount of foreign nationals buying in U.S. I think there was a survey done recently, I think it was like 30 or 17 or I forget the percentage, but a huge amount of the buyers are coming from overseas. 

And I know myself, personally, right now I have buyers from mainline China, [xx] Saudi Arabia, Taiwan, Hong Kong, Singapore, Russia Armenia, Eastern Europe, London, and South America to name the few, oh, Japan as well. So we've seen a lot of people coming in here, particularly the Chinese, I don't know if you're aware of what's going on in the worldwide economies. 

The U.S. economy's on the rise. The Chinese economy is not doing so well. As a matter of fact, their stock market's gone down down 20% so far this year. So it's a great opportunity, for particular foreign nationals in China, to bring money to the United States as a long-term investment. Now according to our MLS, here's some of the starting statistics about actual median prices the fourth quarter of 2013 versus the fourth quarter of 2012. 

Beverly Hills is up 37 percent in price. The Holmby Hills, Bel Air areas up 36 percent in price. Beverley Hills Post Office about 7%, the Sunset Strip 15%, although there's been some tremendous high-end sales up in that area. Brentwood's up 40%. So, the market is increasing continually. The volume of sales increasing dramatically. 

And again, the numbers this year are almost 150 to 200% more or over 200% more than the year before, and 2013 was the largest year on record in terms of the number of sales in our Los Angeles westside markets. So, bottom line is the market market is strong. So if you've had thoughts of selling or want to know how much your home is worth, now may be the time to think about making that move into a larger home or to selling and renting and changing your lifestyle. 

So, If you want to know more about it, give me a call at (310) 777-6342.

Christophe Choo Luxury Real Estate Series - Beverly Hills & Los Angeles http://www.ChristopheChoo.com

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