L.A. Is Nearly the National Champ for Overpriced Home Sales
Real estate firm Coldwell Banker recently unveiled its latest Luxury Market Report, which ranks cities by the number of high-end home sales each has posted in 2015.
Of course Los Angeles ranked near the top for completed home sales worth more than $1 million. In fact, we came in second place, just behind New York, with 2,776 such transactions, Coldwell Banker says.
What the report doesn't tell you is that million-dollar homes are a dime a dozen in L.A. The median price of a home on the Westside passed the $1 million mark last year. And now you can even find $1 million properties in places like Koreatown and Echo Park.
It's getting all Better Homies and Gardens around here.
This is probably not what the Coldwell Banker numbers crunchers envisioned. But that's L.A.
Los Angeles also ranked near the top for completed sales of $5 million–plus homes. We made third place behind No. 1 New York and No. 2 Beverly Hills, which was considered separately.
L.A. had 111 such sales last year. Even adding Beverly Hills' 113 to that number wouldn't put us close to New York's 929, however.
Interestingly, Pacific Palisades (with 46 such sales), which is part of the city of Los Angeles, also was considered separately by Coldwell Banker.
The same 1-2-3 (New York, Beverly Hills and Los Angeles) was the result when homes selling for $10 million or more were considered. L.A. had 32 such transactions in 2015, according to the report.
Southern California coastal communities had a strong showing in the report. San Diego's La Jolla neighborhood saw a 100 percent increase in home sales of $5 million or more from 2014 to 2015, Coldwell Banker found.
Newport Coast saw a 125 percent increase in $10 million–plus home sales during the same time.
"Outside of New York, Beverly Hills continues to hold the top position for sales more than $10 million," the report states. "Combining all cities that made the list in Los Angeles County, there were 96 unit sales more than $10 million, an increase of 17 percent in 2015. A standout for luxury home sellers was the star-studded Pacific Palisades, California, commanding a 95 percent ratio of list-to-sales price."
We've said it before. There's a lot of money around here. It's just hiding.
"In the $5 million–plus category of home sales, California cities dominated the Top 10 list, earning five of the top spots, with Southern California leading with six of the top 10 spots and four of the top five," the real estate concern said.
Happy house hunting. Bring your checkbook.
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