Can High Price record-setting closings commingle with a slowing market in the luxury sector? It seems that is possible, based on activity of the last few weeks in two of LA’s most competitive and desirable living areas – the Sunset Strip and Bel Air.
2 record closed sales in the $ 30 million range recorded on North Stanley (above Hollywood Blvd, east of Fairfax) and Devlin Drive (above the Whisky a Go Go). These were stunning new construction creations with sweeping city views, dazzling interiors – North Stanley fashioned by rocker Lenny Kravitz, and less-than-A-List address locations. Simultaneously over in posh Holmby Hills an acclaimed listing is reportedly in escrow to close in the $70 million range.
These are high numbers for any neighborhood and don’t seem to suggest luxury buyers are closing their purses. But are they? The increase of inventory in these cosmic price ranges continues to build, causing a longer time on market and a pulling downward on seller’s prices (from their original listing price). It is too soon to tell if the closing prices are lowering compared against last year, and statistics still show that they are holding at 2017 levels and have pushed higher in some areas of LA.
So--- enjoy this Spring selling season and take in all the challenge it suggests. There is amazing selection for luxury buyers to choose from, and good reason to negotiate for a best price at the same time.