March opens with the relaxed measure of no masks required for indoors at most businesses & restaurants in Los Angeles. New Covid cases were reported to be 67.5% lower last week than 2 weeks prior, which is a significant drop for LA County. California’s people are 70% vaccinated. Now we can clearly see everyone’s smile as they shed the required attire of the last 2 years.

The highest auction price for a residence in the US was just paid this week in Bel Air for the famous “The One” residence, once called the “half Billon dollar home” by developer Niles Miami. The property sold well below its $285 Million List Price at $126 Million. The previous auction record was a $42.5 Million Florida residence in 2018. Perhaps this signals the End of Excess for builders like Miami and Mohammed Hadid who were known to erect enormously sized bling properties and to ask ridiculous high prices fueling the belief that real estate value was much higher than Buyers were willing to pay. The truth has now been told (sold).
Home purchase contracts have dropped 18% in LA’s luxury market priced from $2mm and above. Orange County contracts have dropped 27%, while multiple offers continue to be the experience of Buyers somewhere between 40-60% of the time. The reason? --- the lowest inventory in LA’s recent 20-year history. Even though mortgage rates creeped up 1 point or more, the Buyer demand for housing is unprecedented and shows no signs of slowing. If ever there was a Seller’s Market --- it is now.
This month, our Team announces the opening of our Orange County expansion. We have been serving Orange County for years, but have now decided to plant our office flag in the heart of the Orange County coast. If you or anyone you know plan to consider buying or selling in OC, please let me know --- we love all it offers!