Thursday, January 5, 2012

Beverly Hills Home Market Be-Bops Sideways in 2011; Median Sale Price A "Cool" $2.8 million; Top Sale $35 million; Construction and Remodels Abound

Beverly Hills Median Home Price in 2011 is $2.82 million
In the big picture: Take a drive through Trousdale Estates or across the Flats and see a many magnificent homes under construction and undergoing major facelifts.  Beverly Hills real estate had the jitters for a couple years during the 2008 - 2009 financial maelstrom, but has pretty much shrugged them off and returned to business as usual. Tennis anyone?

Our assessment is that this exclusive, high-end market, has traveled sideways for 2011.  The market now looks a lot like it did all the way back in 2006.

The median price of a home in Beverly Hills in 2011 was $2.82 million, below the $3.10 million median price of 2010.  This amounts to a 9% decline, but we attribute this shift more to the mix of homes types sold than an actual decline in values.

The 2011, the $2.82 million median home price in Beverly Hills still is considerably above the median home prices from 2004 and 2005 ($2.58 million and $2.49 million, respectively.)

After a Big Drop in Sales in 2008 and 2009 - Beverly Hills Home Sales have  Recovered
Sales volume in 2011 was not far off levels from 2010.  Sales dropped considerably in 2008 and 2009, in the middle of the financial crisis, when a plateau of 114 and 113 homes were sold. With the recovery of the financial system also came a recovery in sales volume, which rose almost 50% in the ensuing two years.

In 2011, like in 2010, nine homes sold for $10 million or more. The top sale in 2011 was 1004 N Hillcrest Road, that sold for $35 million, $7 million off its $42 million list price.  This Hal Levitt designed 10,000 sq ft home is set on more than one acre and is located near Greystone Mansion, just north of Sunset.

While many 1970s and 1980s Los Angeles homes are relegated to the dumpster, Hal Levitt, who designed homes for the likes of Steven Spielberg and Lew Wasserman has ignited passion among architecture connoisseurs, who appreciate his custom twist on warm modernism.

We were wowed by Hal Levitt's 1984 home at 1200 Chanruss Place in Beverly Hills that sold last year for $12.0 million.  Enjoy the views!