Articles on the Los Angeles real estate market. Read short, insightful news on foreclosures, big-ticket transactions, stats, trends and more in Los Angeles.
Selling a property can take a long time, and in NYC the average selling time can last even longer than in many other parts of the nation. One of the things that agents can do to speed up a sale is to work on the listing description carefully.
And if you ever wondered what those “magical” words that might help sell an NYC home faster are, a recent study made by real estate listings portal Point2Homes (PropertyShark’s sister company) might give you some answers.
Celebrities and the real estate sector usually make quite a hot pair. How hot? It depends if you are on the East Coast or West Coast, and if you prefer Hollywood to the business world.
At PropertyShark we were quite curious to see what names most people were running owner searches for, and the results show quite a discrepancy between the two coasts: Hollywood celebs made up most owner searches for the West Coast, while the East Coast seemed to be after more serious business, as people looked up property landlords mainly.
If you live in NYC or any other city where very large home spaces are rather scarce, we won’t think anything less of you if you skipped this week’s chart. This time at PropertyShark, we searched for the 10 largest homes in Los Angeles by building square footage and watched numbers go from 28,222sqft to a whopping 52,503sqft.
The largest home in Los Angeles (52,503 sqft) is the former Aaron and Candy Spelling mansion at 594 S Mapleton Dr., which sold last summer for $85 million to the daughter of Formula One racing lead Bernie Ecclestone.
The average home in New York City (all the five boroughs) is 1,124 square feet, which places the Big Apple at the bottom of the list of 20 cities in the U.S. Home owners in Washington D.C. and Atlanta enjoy almost twice as much space as New Yorkers.
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We created a map pointing out the location of the homes of some of the 2011 Oscar nominees Los Angeles. (Specific address not included)
2011 Oscar Nominees Homes
One of them is Mark Wahlberg, who allegedly bought a 6 acre vacant lot in Beverly Hills zip code 90210 in 2009 for which he paid $8.2 million.
In this PropertyShark study on the value of a beachfront property in Malibu, we see that the median sale price for beachfront homes is 51% higher than it is for homes on the ocean side of the Pacific Coast Highway (but not beachfront) and 122% higher than for those on the other side of the highway in Malibu.
Here are the three most expensive properties we identified in Beverly Hills that hit the market in March. You can click on the picture for more details on the listing or click on the address for a detailed property report.
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335 Trousdale Place, Beverly Hills, 90210 |
The five largest transactions so far in 2010 for non-residential properties in Los Angeles County happened via government auction.
The property at 9900 Wilshire Avenue in Beverly Hills sold at auction for $150,000,000, property records show. The owners, CPC Group, were in default on a $365.5 million loan, the LA Times reports. They had apparently planned to develop the 457,073 square feet parking lot into condominiums and a hotel, the same source reports.
The second most expensive commercial property to be sold in 2010 to date is a warehouse at 6101 Variel Avenue. The property was scheduled for auction on February 23rd and sold for $23,135,017, property records show. This warehouse is currently listed for lease/sale by Delphi Business Properties Inc.
In this PropertyShark study that was first covered in the Los Angeles Times, we see that the number of sold homes remained steady in Malibu for 2009 (148 sold homes*) when compared to 2008 (145 sold homes). However, it’s still a significant drop from the peak years in 2005 (275 sold homes) and 2007 (240 sold homes). The median sale price dropped from $2,660,000 in 2007 and $2,700,000 in 2008 to $1,800,000.
Among the most expensive homes sold in 2009 were a $17.5 million sale for a duplex at 20018 Sea Lane Drive, a $16.5 million sale at 6483 Zumirez Drive, and a $14.6 million sale for 28830 Cliffside Drive. 28830 Cliffside Drive was originally put up for sale in 2007 by Michael and Lisa Weithorn for $19,250,000, reports the Real Estalker in a June 2007 article. Property records show the buyer of the estate to be Carl Daikeler.
PropertyShark has identified the top 3 properties in Los Angeles with the largest total dollar price drops during the past week. You can click on the photo for more listing details or click on the address for a detailed property report.
| 16150 Peterson Drive, Whittier |
