2014 has been the strongest market for ultra-luxury homes in Los Angeles in the past 10 years, and the market now seems more on par with leading global business centers like New York and Hong Kong, with sales and PPSF metrics hitting record highs daily.
In the first half of this year alone, 11 homes traded at values greater than $20 million, and on a year-to-date basis, the luxury home market is outpacing 2013 by a substantial clip, with the number of deals closed and average sale price up 13.7% and 7.5%, respectively. Average PPSF jumped 13.5% ahead of the same period in 2013.
What’s driving the market to new heights? And what LA neighborhoods are leading the way? Download The Agency Report: Los Angeles Prime Residential Report for Q2 2014 to find out.
