Is Los Angeles Beating out New York and Miami in Luxury Real Estate?

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As Trump finishes his first months in office, many cannot help but wonder what the fate of real estate will be. Will having a former real estate mogul as the nation’s president improve the market? Or will his politics be more focused on international matters?

Is Los Angeles Outranking New York and Miami In Luxury Real Estate?

The signs so far point to yes. While it looks like luxury real estate in regions like New York City and Miami is cooling down, the Los Angeles real estate market is showing very few (if any) signs of slowing. Recent research from The Wall Street Journal suggests that the health of L.A.’s market will be determined by how well certain projects in Beverly Hills and the West Side perform in the market.

Waiting on the Numbers

According to The Wall Street Journal, the luxury real estate market in Los Angeles is currently healthy and seems to be outperforming other metropolis markets in country. In L.A., the median luxury home price of the market’s top 5 percent reached $1.2 million. This shows a significant 18 percent improvement from 2016. The Wall Street Journal also reported that luxury estates also took longer to sell during this period, with an average of 131 days—4 percent slower than previous years.

To make a conclusive judgment on the health of L.A.’s real estate, experts are looking at how well fully furnished spec homes in the Trousdale Estate  will perform over the next three to six months. These highly anticipated Trousdale Homes  are all priced in the $10 million and above range and are going to be strong indicators of the L.A. market’s health.

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Let Mercer Vine Help You Navigate the Market of L.A. Luxury Real Estate

As major players in the world of Los Angeles luxury real estate, our dedicated agents have the experience and expertise to help you during your real estate process. Contact our offices to find a real estate agent that will help you navigate the ever-changing market of Los Angeles.

Mercer Vine is the exclusive agent representing the Pacific Palisades, California real estate market as a member of the Haute Residence Real Estate Network. View all of their listings here.

Images courtesy of iStock

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