International Buyers Help Lead to Increased Demand For $10 Million Homes

Wehba Mansion

A quartet of California ZIP codes, led by Beverly Hills 90210, saw a flurry of action in the sale of homes for $10 million and up during the 12-month period ending in June 2012.

According to a study by Coldwell Banker Previews International, 21 of 56 homes that were listed for at least $10 million during that one-year period in Beverly Hills were ultimately sold. Other California ZIP codes that saw heavy sales activity at the $10 million and up level included Malibu (90265), Bel Air (90077) and Santa Barbara (93108).

Among the high-end sales made in Beverly Hills were a $37 million compound that comedian Ellen DeGeneres sold to Ryan Seacrest, as well as the Wehba Mansion on Sunset Boulevard that sold for $34.5 million. This is according to a Forbes analysis of the Coldwell report.

In nearby Bel Air, a total of 41 homes were listed for at least $10 million and ten of those were sold. The most notable of the Bel Air real estate deals was the Fleur de Lys mansion, which brought a cool $125 million.

Malibu was well-populated with $10 million homes as well, but sales activity hasn’t been as brisk as in Beverly Hills and Bel Air. Of the 66 listings of $10 million or more in Malibu, ten were sold including the La Villa Contenta for $54 million and Rocky Oaks Estate for $43 million.

Other communities across the United States that provide an ample supply of $10 million homes include Aspen, Colo. , Miami Beach, Fla., and the borough of Manhattan in New York City.

Forbes reported the major catalyst for the increasing activity in this end of the real estate market has been an influx of foreign buyers who want to put their money into hard assets in this country, especially in coastal cities.

“The luxury real estate market is becoming more global and interconnected than ever before,” Coldwell Bankers President Betty Graham told Forbes. The vast majority of international buyers are coming from Asia, Russia and Brazil, Graham added.

About Gary Gold

Gary Gold is a marquee name in luxury real estate and his sale of The Playboy Mansion sets a record as the first residence to sell over $100,000,000 in Los Angeles. Gary is also one of its most successful trend setting agents. He’s an internationally recognized expert known for his creative use of technology, marketing and publicity to sell some of the finest homes in the world. Gary is further distinguished by the rare ability to secure high net worth, qualified buyers from digital marketing. This success, year after year, continues to produce a steady stream of buyers from not only the Los Angeles area, but throughout North and South America, Europe, and Asia.

Gary has sold thousands of estates and luxury properties over the course of his career. High-end developers have consistently relied on Gary’s broad expertise on projects ranging from luxury condominium developments to major estates. He is a sought after speaker, panelist and educator at industry conferences. Gary has been cited as an expert for publications and broadcasts that include CNN, Fortune, Barron’s, Wall Street Journal, The Washington Post, Access Hollywood, CBS Evening News, e! Entertainment Television and The London Telegraph.

Gary Gold began his career in real estate over 25 years ago and has been a top producer with Hilton & Hyland since its inception. Hilton & Hyland is Beverly Hills preeminent luxury real estate firm, with over $2.7 billion in annual sales.