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Hi, everyone.
It's Christophe Choo from my
beautiful office here in downtown Beverley Hills, California.
Well, we're just about ending
the first quarter of 2014 and
I want to talk to you about
what's going on in our luxury real estate market.
First of all, back in September,
I think September 1st of 2011,
I did a video where I
was predicting that the super
luxury market in Los Angeles was going to go crazy.
In my mind and with the
clients I was working, I could
see the changes beginning to
occur and now, a
year and a half later, the market
has gone way beyond anyone's expectation
especially the luxury realm
of the west side of Los Angeles.
Beverley Hills, Bel Air, the Platinum
Triangle, Holmby Hills, and Hollywood Hills, Brentwood, all the areas.
Let me give you a quick snapshot of what's really going on.
In the $5 million-plus range, so
far in 2014, the first
two and a half months,
there have been 61 closed escrows
in the L.A. area. That's
west side of Los Angeles, versus 50 in 2013.
That's a 122% increase.
Now, in the $10 million market,
we had 22 closings so far
this year versus 15 in 2013.
That's 146% increase.
Starting to see a trend?
In the 20-million plus, we
had 7 sales closed already
in 2014 versus 3 in 2013.
That's a 233% increase.
So the trend is, the higher the price, the stronger the market.
What's the reason for that?
Well, in my experience, the last
four years or so we've
been seeing a tremendous amount
of foreign nationals buying in
U.S. I think there
was a survey done recently, I think
it was like 30 or 17
or I forget the percentage, but
a huge amount of the buyers are coming from overseas.
And I know myself, personally, right
now I have buyers
from mainline China, [xx]
Saudi Arabia, Taiwan, Hong Kong,
Singapore, Russia Armenia, Eastern
Europe, London, and South
America to name the few, oh, Japan as well.
So we've seen a lot of
people coming in here, particularly
the Chinese, I don't know if you're aware of what's going on in the worldwide economies.
The U.S. economy's on the rise.
The Chinese economy is not doing so well.
As a matter of fact, their stock
market's gone down down 20%
so far this year.
So it's a great opportunity, for
particular foreign nationals in China,
to bring money to the United States as a long-term investment.
Now according to our MLS,
here's some of the starting statistics
about actual median prices
the fourth quarter of 2013
versus the fourth quarter
of 2012.
Beverly Hills is up 37 percent in price.
The Holmby Hills, Bel Air areas up 36 percent in price.
Beverley Hills Post Office about
7%, the Sunset Strip 15%,
although there's been some
tremendous high-end sales up in
that area. Brentwood's up 40%.
So, the market is increasing continually.
The volume of sales increasing dramatically.
And again, the numbers this
year are almost 150 to
200% more or over
200% more than the
year before, and 2013 was
the largest year on record
in terms of the number of sales in our Los Angeles westside markets.
So, bottom line is the market market is strong.
So if you've had thoughts of
selling or want to
know how much your home is worth, now
may be the time to think about
making that move into a larger
home or to selling and renting and changing your lifestyle.
So, If you want to
know more about it, give me a call at (310) 777-6342.
Thanks for watching.