The numbers are in for the 3rd Quarter, and property values in L.A.’s prime residential markets once again continue to climb. With inventory remaining scarce in the city’s most desirable zip codes, single-family residences closed out the period just shy of last quarter’s record-breaking valuations, at $914 per square foot. Condos valued at greater than $500K continued their hot streak, once again achieving their highest price point ever, recording, on average, $633 per square foot during the third quarter.
In July of this year, The Wall Street Journal published its annual ranking of the nation’s Top 1,000 Real Estate Professionals and anointed The Agency as the most outstanding brokerage in L.A. County, with a staggering 13 agents among the Top 250 by Sales Volume. We also expanded our involvement in the community during Q3, from The Agency Goes Green initiative to our hands-on build days with Giveback Homes and Habitat for Humanity Los Angeles.
In the report’s Neighborhood Spotlight, a quarterly series that highlights a special submarket within Los Angeles, we invite readers to explore the seaside community of Marina del Rey. Best known for its expansive waterfront and beachy vibe, Marina del Rey is in the midst of a renaissance as the Silicon Beach movement reaches its shores.
To read the full Q3 report, click here. The report analyzes all condominium sales over $500,000 and single-family home sales over $1,000,000 in the prime neighborhoods of Los Angeles – stretching from Downtown to Santa Monica and Malibu and roughly from the 1-10 Freeway to Mulholland Drive.
The Research & Planning Team is a part of the New Development Group at The Agency. Collectively, they are advising on the most important new developments on the West Coast. For information on market intelligence, or for individual property analysis, please contact Morgan Ball – Associate Director, New Development – at 424.230.3748 or morgan@TheAgencyRE.com.