Editor's Note: Jeff Hyland of Hilton & Hyland provides an update on the luxury real estate market in Los Angeles.
Photo Credit: Hilton & Hyland
The momentum coming into 2021 was unlike anything we have experienced before. In Q1 alone, Hilton & Hyland sold over $249 million worth of listings priced at $10 million and above while the demand for quality homes has consistently increased. When the pandemic arrived in the U.S. last spring, buyers set their sights on privacy, fresh air and neighborhoods less densely populated, with areas like Malibu and the Pacific Palisades taking the lead. Malibu, prized for its private beaches and cool ocean breeze, and the Palisades for the typical large backyards and Pacific horizon views, both towns have seen have seen a dramatic influx of interest and multiple offers for nearly every address.
Our market is the hottest it has been since 2006, and all of this is happening without the presence of international buyers. While most business is being done domestically, when global interests and investments return to the states, our market will truly be the #1 market in the world. Whether it is Bel Air, Beverly Hills, Holmby Hills or the Valley, we should expect an even more bustling and active market when international buyers return to the scene.
While inventory remains at record lows, Hilton & Hyland continues our dominance in the luxury real estate space. Currently representing over $2.3 billion worth of listings priced at $25 million and above, property values remain at all-time highs and we are still firmly in a seller’s market. Not only is Los Angeles experiencing incredible sales prices, sellers are still looking for homes of every type in the city – high-rise condos, palatial estates, starter homes, canyon compounds, and historical gems, to name a few.
For more information, please contact Jeff Hyland at 310-278-3311 or email@example.com
Jeff Hyland is the exclusive agent representing the Bel Air, California real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.