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.