Photo Credit: Kevin Bhagat
For more than four decades, Joyce Rey, executive director, Coldwell Banker Global Luxury, has proven herself indispensable in the refined world of international luxury real estate. She is nothing short of a legend—among her celebrity clients, her professional colleagues, and the community she serves. One of the most respected names in top-tier real estate worldwide, Rey has amassed more than $3 billion in career sales. In 2017, Rey has had a record-breaking year including her newest listing of the Perenchio Estate, currently listed for $350 million dollars. With a dazzling list of accolades, awards, and sales records, she is known, most of all, for her incomparable knowledge of the luxury marketplace, her acute ability to negotiate even the most complex transactions, and her particular talent for putting clients at ease. Haute Residence caught up with Rey to discuss how the Beverly Hills real estate market is performing and what needs buyers are having so far in 2020.
How has the luxury real estate market in Beverly Hills been performing so far in 2020?
The luxury market has started extremely well on the Westside of Los Angeles. Sales are up at every price level. All sales $5M+ are up 24% year over year. Properties $10M+ and $20M+ are both up 40%. This year, we have a number of sales over $30M. This is in contrast to the beginning of 2019 where sales in the luxury segment were down 25% from the prior year. This is great news for the luxury market.
What are buyers looking for in their homes in Beverly Hills in 2020?
Luxury buyers typically have a long list of preferences when looking for a new home: prime location, privacy, a strong demand for both city and ocean views, architectural integrity, and quality construction. Additionally, a large kitchen, large family room, movie theatre, gym, and indoor/outdoor flow are extremely popular requests.
Photo Credit: Caleb George
Which has been a highlight sale for you so far in 2020?
Well, it’s going to be hard to beat the magnificent Chartwell estate sale which I closed in December 2019. At the time, it was a record-breaking sale for the US and California. It will definitely be one of my favorite sales for years to come. Chartwell is a stunning limestone manor on nearly 12 acres with city and ocean views. It is the epitome of elegance and sophistication.
Are there any new restaurants or other spots in Beverly Hills that you’ve been loving lately?
Yes – there is a fun Greek restaurant named Louka directly across the street from my new office in Beverly Hills. Also, last year the Crustacean re-opened after an extensive re-model and their fabulous Asian-Fusion menu is out of this world. I recently loved the Michelangelo exhibit at The Getty Museum. For upcoming, I’m so excited about the incredible Academy of Motion Picture Arts & Sciences Museum which is opening in December on Wilshire Blvd. The architect is Renzo Piano. I absolutely loved my personal tour and nothing will be more exciting than to view the exhibits and watch a movie premier there!
It’s time for spring break. What is a fun activity in Beverly Hills?
Most Angelenos travel to vacation hot spots outside of LA for Spring Break. However, because of the current viral epidemic, I see most people staying in town and avoiding travel until this disease passes. Hitting the beach in Malibu or enjoying a nice long getaway in Santa Barbara, Palm Springs, or La Jolla sounds like a great idea to me!