Bidding Wars on Luxury Homes in L.A. are Back

luxury real estate california A recent Bloomberg news report is delivering great news to luxury home sellers in the Los Angeles area. According to recent luxury real estate trends, bidding wars have rekindled in the prominent neighborhoods of greater Los Angeles. The news report cited wealthy localities that include Beverley Hills, Brentwood and Bel Air.

DataQuick provided property information to reporters revealing that sales of Beverley Hills homes listed at $2 million rose 11 percent to 39 closings in the first quarter compared to a year ago. In Brentwood, sales of high end homes surged 56 percent to 25 closings. Apparently, this trend is beginning to spread throughout the rest of the U.S. as nationwide sales of homes listed at $1 million and up increased by 7.2 percent just in the month of March. A Beverley Hills agent told Bloomberg that, “In the Los Angeles area, multiple offers — as many as a dozen per home — have reduced listing times for the highest- priced houses as bidders worried about losing out act faster than they have in the past two years.”

Luxury estate owners putting their homes on the market are seeing offers start to roll in on the first day of showings! And real estate experts confirmed that sales would be even higher if there was more inventory. To read more about these new luxury real estate trends, see the Bloomberg news report online

As a luxury real estate company in Beverley Hills, Hurwitz James Company has seen recent success of their own in high end home sales. At the end of last year, Hurwitz James successfully finalized the sale of the Razor home for $14.1 Million; the sale of the famous La Jolla home was one of the most expensive home sales in 2 years! To talk to a Hurwitz James Company agent about selling your own high end estate, please contact the Hurwitz James Beverley Hills office at 888-681-5902.

 

Photo by Walknboston

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