October 4, 2022 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Los Angeles Is First In The Nation For Luxury Home Sales

Compass Report Shows Strong Sellers Market, Prices Exploding 

By Dolores Quintana

In a report published by Compass, the largest independent real estate brokerage in the United States, this week, they found that Los Angeles was the top in sales of luxury properties in the United States as reported by The Dirt.com. Los Angeles even beat Manhattan, a city long know n for its high priced real estate. 

Some of the biggest sales in the area, like Amazon’s Jeff Bezos’ purchase of a $165 million estate in Beverly Hills, Silicon Valley businessman Marc Andreeseen’s purchase of a $177 million mansion in Malibu are eye popping in 2020 but in 2021, the number of luxury properties that sold for over $10 million was 628 sales. The city with the closest number in sales and number two on the list was Manhattan with 326 sales. San Diego had 44 and nearby Orange County had 101. After Manhattan, the only other cities that were anywhere close to LA’s number were Palm Beach, FL with 203, Miami Beach, FL with 181 and The Hamptons in New York State with 112. Those 628 sales resulted in $10.6 billion in sales revenue which is a 97.50% increase from 2021. The 628 sales themselves are a 90.30% increase from the previous year. 

The One, a ludicrously expensive and luxurious mansion which is the largest and most ornate estate ever built that was developed by Nile Niami is going up for auction later this month for the enormous sum of $295 million even though it was never finished. 

The already observed trend of people buying homes because they no longer have to go to an office has had an effect on the luxury market as well. 

Beverly Hills based Compass agent Carl Gambino said, “The majority of the top one percent have seen a dramatic increase in overall wealth. Many look at luxury real estate as a safe and appreciating asset that’s a hedge against inflation. There are many buyers pursuing a very few prime properties which have created a strong seller’s market causing prices to explode.”

Sally Forster Jones, another Beverly Hills based Compass agent, added, “The housing boom, first inspired by the ability of many industries to offer remote work, has been magnified as homeowners not only seek more space and crave more amenities, but plenty desire second homes altogether. While the famous bidding wars have slightly subsided, appropriately priced homes are still receiving multiple offers and selling above asking. So, the market remains very difficult for buyers. We expect this year to be no different.”

Related Posts

Fire Along Venice Canals Destroys Home and Damages Three Others

October 3, 2022

October 3, 2022

Cause of Sunday night fire remains under investigation By Sam Catanzaro A fire Sunday night destroyed a home under construction...

Mixed-use Apartments Replacing Chipotle Under Review

October 3, 2022

October 3, 2022

The City of Santa Monica is currently reviewing a mixed-use development that would replace Veggie Grill and Chipotle on Wilshire...

Ribbon Cutting Held for Venice-Adjacent Affordable Housing Project in Santa Monica

September 30, 2022

September 30, 2022

Project will bring 37 units of 100 percent affordable housing to Lincoln Boulevard and Pacific Street By Dolores Quintana Community...

Excavation Begins for 85-Unit Mixed-Use Development on Venice Boulevard

September 30, 2022

September 30, 2022

Six-story development underway at 10801 W. Venice Boulevard  By Dolores Quintana The excavation and shoring processes has begun for a...

One of Venice’s Most Unique Homes Hits Market

September 30, 2022

September 30, 2022

$5.8 million price tag on Grand Boulevard property By Dolores Quintana  One of Venice’s most unique homes is now up...

UCLA Expands With New Sites in South Bay

September 30, 2022

September 30, 2022

By acquiring the Marymount California University campus UCLA extends its teaching, learning and housing capacity By Bill Kisliuk/UCLA Newsroom UCLA...

Mask Mandate No Longer in Place for LA Metro

September 30, 2022

September 30, 2022

Masking no longer required at LAX as well  By Dolores Quintana As of September 23, Los Angeles County has lifted...

Venice’s Homeless Count Results Being Questioned

September 29, 2022

September 29, 2022

LA City Council motion would require that LAHSA’s count be assessed independently  By Dolores Quintana and Sam Catanzaro After the...

Tito’s Tacos and Tito’s Handmade Vodka Host Fifth Annual “Tito’s Fiesta Mexicana” Next Week

September 29, 2022

September 29, 2022

Two iconic brands team up to raise funds for the Culver City Arts Foundation By Sam Catanzaro Next week two...

Ocean Park’s Love Coffee Bar Opening Mar Vista Location

September 29, 2022

September 29, 2022

3519 S Centinela Avenue location coming for popular Santa Monica coffee shop  By Dolores Quintana Love Coffee Bar, a Santa...

Marina del Rey Location Planned for Popular San Gabriel Valley Ramen Restaurant

September 28, 2022

September 28, 2022

13 Los Angeles locations planned for Ramen King, including Westfield Century City and the Marina del Rey  By Dolores Quintana...

New Restaurant Moving Into Former Zinque Space on Venice Boulevard

September 28, 2022

September 28, 2022

Paloma Restaurant + Bar coming to 600 Venice Boulevard By Dolores Quintana Venice is about to get another new restaurant...

Wallis Annenberg PetSpace Hosts Dog-Friendly Comedy Show to Support Animal Rescue

September 28, 2022

September 28, 2022

Wednesday, Oct. 5, 2022, 7 to 9 p.m. Laugh ‘til you cry with your four-legged friend by your side! On...

Venice Chamber Is Hiring!

September 28, 2022

September 28, 2022

Submitted by the Venice Chamber of Commerce The Venice Chamber of Commerce is seeking a Chief Operating Officer to manage...

Dr. Jane Goodall Speaking at Youth Event Wednesday at Temescal Park

September 27, 2022

September 27, 2022

Seven Arrows Elementary hosting event Wednesday for students from around region Seven Arrows Elementary, an independent kindergarten through 6th grade...