PHOTO: Ginger Glass, Coldwell Banker – Courtesy of Bradford Ragne
What goes up … keeps going up in L.A.’s high-end home market, say the brokers the industry trusts of the year’s biggest sales, from Geffen’s Malibu compound to Angie’s DeMille estate to the Playboy Mansion and beyond.
Between Jay Z and Beyonce’s purchase of an $88 million Bel Air spec house and Angelina Jolie’s $24.5 million buy of the Cecil B. DeMille estate in Los Feliz, there were plenty of headlines coming out of L.A.’s white-hot luxury real estate market the past year, and signs point to more of the same. In the second quarter of 2017, the median sales price of a luxury home reached $9.5 million — a 3 percent increase from the same period last year, according to Douglas Elliman. Meanwhile, the number of luxury sales in the second quarter jumped 26 percent from a year ago, even though those homes are staying on the market longer (seven days).
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