Affordable Luxury Homes Dominated L.A. Housing MarketFebruary 2, 2017 by Greg
In November 2016, the average prices of “affordable luxury” have increased by $10,500, according to a report released by the Multiple Listing Service (MLS). Affordable luxury homes are single-family homes in the $1-million-to-$3-million region on the average.
Mansion Global reports, “Overall, the average sales price in Los Angeles dipped slightly year-over-year, but uptick in the number of sales helped the total volume increase 7% to $19.8 billion, according to the MLS 2016 market report released last week.”
The price range of these expensive Los Angeles homes have not fluctuated much last year but the homes on the higher end of the market with prices of over $5 million had a drop in average price. According to the MLS, the prices of these homes dropped about 2% to $8.96 million.
According to a the third-quarter report from brokerage firm Douglas Elliman and real estate appraisal and consultant firm Miller Samuel, the average sales price of single-family homes in Greater Los Angeles reached $2.04 million.
That said, the homes which fall into the category of “super luxury” saw record sales in 2016.
Los Angeles’ super luxury segment did see record sales in 2016, with two transactions surpassing the $100 million mark. According to Mansion Globa, one such transaction involved Playboy founder Hugh Hefner’s mansion which he sold for $100 million to his neighbor, billionaire investor Daren Metropoulos in August. Also, in October, a Holmby Hills mega-mansion sold for $100 million to Detroit Pistons owner Tom Gores.