If you’ve ever watched “Lives of the Rich and Famous, you might just feel like you’re living it in certain areas of southern California. According to a new survey released by Knight Frank, Los Angeles and Malibu are two of only seventeen areas world wide that rank in this category. (The other U.S. locations include Palm Springs, Aspen, Colorado, and New York City).
So, what exactly constitutes ultra prime when it comes to the property market?
The key parameter is for an area to have at least three home sales that are over the $25 million mark, for the last three years in a row. Given that, L.A. easily fits the bill with more than 50 real estate transactions in excess of $25 million since 2015.
Once a record-setting dollar figure, today, home selling in the eight – or even in the nine – figure range are becoming much more common, particularly in the more exclusive areas of the Golden State.
While you may be seeking something that’s a bit more budget-friendly, you have a much better chance of finding exactly what you’re looking for when you work with an experienced real estate professional. With access to pre-market and non-listed properties, you may also be able to cut down the competition for a home that fits your needs.
Plus, if you have a home to sell, a full-service real estate agent can run information on comparable sales in your area so that you know where to set your initial list price. For more information on the long list of services that you can attain by working with a real estate pro, just give us a call, and we’ll provide you with a no cost, no obligation valuation of your current home.