Beverly Hills Surges in LA Luxury Contracts Ahead of Thanksgiving
Beverly Hills showed strong activity in luxury real estate deals ahead of the Thanksgiving holiday. In the week ending November 24, 23 homes went under contract, totaling an asking price of $157.4 million, according to Douglas Elliman’s Eklund Gomes team.
This marks an increase from the previous week, where only 12 contracts with a total asking volume of $81 million were recorded for the week ending November 17.
The most expensive home last week was located at 534 Chalette Drive in Trousdale Estates, listed just under $18 million. This property sold in August 2023 for $15 million, purchased by the Kyra Group from Jamaica, New York. Anthony Barillo and James Mather from Beverly Hills Estates represented the listing.
The six-bedroom, seven-bathroom home spans 6,231 square feet and sits on a half-acre lot. It features views of the ocean, a glass-blown sculpture by artist David Gappa, and over $100,000 worth of furniture and art included in the price.
What factors are driving the surge in luxury home sales in Beverly Hills?
Interview with Real Estate Specialist on Beverly Hills Luxury Market Trends
News Directory 3: Thank you for joining us today. We’ve seen a significant uptick in luxury real estate activity in Beverly Hills ahead of Thanksgiving. Can you explain what you’re observing in the current market?
Specialist: Absolutely, it has been a remarkable week for luxury transactions in Beverly Hills. In the week ending November 24, we saw 23 homes go under contract with a total asking price of $157.4 million, a notable increase from the previous week’s 12 contracts amounting to $81 million. This surge indicates a robust appetite among high-net-worth buyers, possibly driven by the holiday season and year-end financial considerations.
News Directory 3: What are some notable properties that contributed to this increase?
Specialist: One standout property was at 534 Chalette Drive in Trousdale Estates, listed just below $18 million. This home, which originally sold for $15 million in August 2023, attracted attention for its exceptional features, including ocean views and a stunning glass-blown sculpture by David Gappa. The new owner, the Kyra Group, seems to be investing in assets that offer not just luxury but unique artistic value.
News Directory 3: That’s impressive. Could you detail the significance of the Measure ULA tax for buyers in this market?
Specialist: Definitely. Beverly Hills is outside the Los Angeles City limits, so the Measure ULA tax—which imposes a 4% rate on properties over $5.15 million and 5.5% on those exceeding $10.3 million—does not apply here. This factor offers clarity and some financial relief for high-end buyers, making Beverly Hills an even more attractive option compared to areas subject to this tax.
News Directory 3: Were there any other significant transactions last week?
Specialist: Yes, the second-largest contract was for a Mediterranean-style home located at 1121 Marilyn Drive, listed at nearly $11 million. This property, owned by a Long Beach-based LLC, features six bedrooms and eight bathrooms, and exceeds 8,000 square feet. It includes high-end amenities like a media room, gym, gardens, and a barbecue area, appealing to families and entertainers alike.
News Directory 3: With the market being so active, what do you foresee in the coming weeks?
Specialist: If this trend continues, we might see even more contracts being recorded as we move into December. Luxury buyers often seek to close deals before the year’s end for various financial reasons, including tax implications. This could sustain momentum in the market well into next year.
News Directory 3: Thank you for your insights on the Beverly Hills luxury market. It’s clear there’s a lot happening as we approach the holiday season.
Specialist: Thank you for having me. It’s an exciting time in luxury real estate, and I look forward to seeing how the market evolves.
Beverly Hills is outside the City of Los Angeles, which is relevant due to the Measure ULA tax. This tax applies a 4% rate on properties priced from $5.15 million and 5.5% on those over $10.3 million.
The second-largest contract last week was for a Mediterranean-style home at 1121 Marilyn Drive, listed at nearly $11 million. This home has six bedrooms and eight bathrooms.
The property records indicate that it is owned by a Long Beach-based LLC, with David Parnes and James Harris from Carolwood Estates as the listing agents. The house measures over 8,000 square feet and includes a two-story entrance, media room, gym, gardens, and a barbecue area.