Sales of High-End Homes Rose Dramatically in Los Angeles in 2012

 

The highest-price home sold in Los Angeles last year. (LA Times photo)

Helping to spur an improved housing market in Los Angeles in 2012 was a dramatic rise in sales of homes at the top of the market. According to the Los Angeles Times, the number of homes that sold for more than $5 million last year in L.A. reached a level that has not been seen since 2007.

Records from DataQuicks show that in the first 11 months of 2012, there were 296 homes that sold for more than $5 million in Los Angeles. Topping those purchases was the $36.944 million paid by Oracle Corp. CEO Larry Ellison for a home in Malibu that was previously owned by Yahoo Inc. head Terry Semel.  The number of high-end homes sold last year was exactly double that of 2009 when the housing market collapsed, and nearly 100 more than in 2011.

The Times noted that several “A-list” celebrities landed luxury homes in Los Angeles last year, including Ryan Seacrest, Ellen DeGeneres and Jennifer Anniston among others. In fact, Seacrest paid the second highest-amount for a home in Los Angeles last year when going to $36.5 million for a Beverly Hills compound that was previously owned by DeGeneres. In turn, DeGeneres spent $17.4 million on an 8,500-square-foot home in Beverly Hills.

There was one other Los Angeles home that sold for more than $30 million in 2012. According to the Times, a 36,000 square-foot French Palladian-style mansion in Beverly Hills was bought for $34.5 million by C. Frederick Wehba, a founder of real estate investment firm Bentley Forbes.

As you would guess by the big jump in high-end home sales, plenty of others in the L.A. celebrity set are getting in on the real estate action in 2012. Among those are Leonardo DiCaprio, who is asking $23 million for his three-home compound in Malibu; and Jennifer Anniston, who paid $20.97 million for an 8,500 square-foot home that sits on three acres in Bel Air.

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.