Real Estate California Luxury Home Values Rise Slightly in Fourth Quarter 2010
Luxury home prices in Los Angeles rose for the first time since the second quarter of 2008.
In Beverly Hills, there are a growing number of buyers, but a limited number of luxury homes for sale. “There is a huge amount of pent-up demand and a very tight market,” said Billy Rose of Prudential California Realty in Beverly Hills. “Financially savvy buyers are really looking to buy, but they are constrained by a lack of inventory. Buyers are likely to look back in early 2010 as the bottom, and we’re likely to start seeing appreciation, barring any unusual events.”
In luxury beach communities, buyer interest was growing. “December ended on a high note, and right now the market in Malibu and Pacific Palisades looks strong,” said Carolyn Johnson of Prudential California Realty in Pacific Palisades. “Sellers are pricing their houses reasonably. Cash buyers are snapping up really good properties at really good prices.”
In Santa Barbara, the luxury market was also picking up. “Properties that are well priced are selling fast and closer to asking price,” Joanne Schoenfeld of Santa Barbara Living Real Estate Brokerage. “We’re getting more realism on the part of sellers.”
More proof the market is coming back.