While much of the Los Angeles real estate market is sluggish there is one part of the housing market that is really heating up: luxury, high end real estate.
Low interest rates and international buyers looking to invest their money are creating a increase in demand for high-end homes. In the 3rd quarter this year 1,431 homes sold for more than $2 million dollars. That’s up almost 15% from 3rd quarter 2013.
I was recently interviewed by the Los Angeles Times regarding the hot luxury housing market. The wealthy international buyer is being courted by luxury brokerage houses throughout Southern California area. These buyers are looking for investment properties, second homes and a safe place to park their cash. Recent changes in Chinese tax laws have us seeing an influx of Chinese buyers hoping to avoid retroactive capital gains taxes.
Today’s luxury buyers want the seamless blend of indoor-outdoor living we Angelinos are able to enjoy due to our temperate climate. They want open concept, smart homes with lots of amenities. Buyers are scooping up properties in the Platinum Triangle of Bel Air, Holmby Hills and Beverly Hills, Malibu, Pacific Palisades and Santa Monica.