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The mega mansions of Los Angeles have taken a big hit.
In an indication of just how far and how fast our economy has fallen, sales of 8-figure homes – those priced $10 million and above – have fallen tremendously in the second half of this year.
For much of the year – while the rest of the world suffered – the mega-mansions of L.A. continued selling. Through the first quarter of 2008, sales of $10 million homes were on a record pace. Even through the first half of this year, sales of $10 million+ homes were still on record pace. But since July 29th, just one home has sold for $10 million or more, according to the Combined Los Angeles-Westside MLS. This includes the prime areas of Beverly Hills, Bel-Air, Malibu and Brentwood. One other sale was likely more than $10 million.
But considering there were 26 such sales through July 29th, to have just two sales since then shows how much even the top end of the housing market has suffered.
For more details, visit the real estate blog Terra Firma LA at http://terrafirmala.com
Terra Firma LA is written by real estate agent Christopher Hain. Terra Firma LA is a real estate blog offering unbiased, intelligent and analytical insights into real estate in Los Angeles and elsewhere, with a focus on luxury and investment real estate.
Christopher Hain is an experienced, multi-million-
Christopher works not only with individual home buyers, but extensively with builders, developers and investors. Christopher prides himself on saving clients time and money while delivering attentive service to navigate any real estate transaction.
Christopher has an extensive network of investors and developers. He is privy to some amazing off-the-market real estate deals of all types and sizes. Additionally, he is constantly in touch with large investors looking for real estate deals of any size.
Christopher works with Ramsey-Shilling Associates, one of Los Angeles' oldest and most-distinguished Real Estate companies.
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