March 14, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Los Angeles Is First In The Nation For Luxury Home Sales

Compass Report Shows Strong Sellers Market, Prices Exploding 

By Dolores Quintana

In a report published by Compass, the largest independent real estate brokerage in the United States, this week, they found that Los Angeles was the top in sales of luxury properties in the United States as reported by The Dirt.com. Los Angeles even beat Manhattan, a city long know n for its high priced real estate. 

Some of the biggest sales in the area, like Amazon’s Jeff Bezos’ purchase of a $165 million estate in Beverly Hills, Silicon Valley businessman Marc Andreeseen’s purchase of a $177 million mansion in Malibu are eye popping in 2020 but in 2021, the number of luxury properties that sold for over $10 million was 628 sales. The city with the closest number in sales and number two on the list was Manhattan with 326 sales. San Diego had 44 and nearby Orange County had 101. After Manhattan, the only other cities that were anywhere close to LA’s number were Palm Beach, FL with 203, Miami Beach, FL with 181 and The Hamptons in New York State with 112. Those 628 sales resulted in $10.6 billion in sales revenue which is a 97.50% increase from 2021. The 628 sales themselves are a 90.30% increase from the previous year. 

The One, a ludicrously expensive and luxurious mansion which is the largest and most ornate estate ever built that was developed by Nile Niami is going up for auction later this month for the enormous sum of $295 million even though it was never finished. 

The already observed trend of people buying homes because they no longer have to go to an office has had an effect on the luxury market as well. 

Beverly Hills based Compass agent Carl Gambino said, “The majority of the top one percent have seen a dramatic increase in overall wealth. Many look at luxury real estate as a safe and appreciating asset that’s a hedge against inflation. There are many buyers pursuing a very few prime properties which have created a strong seller’s market causing prices to explode.”

Sally Forster Jones, another Beverly Hills based Compass agent, added, “The housing boom, first inspired by the ability of many industries to offer remote work, has been magnified as homeowners not only seek more space and crave more amenities, but plenty desire second homes altogether. While the famous bidding wars have slightly subsided, appropriately priced homes are still receiving multiple offers and selling above asking. So, the market remains very difficult for buyers. We expect this year to be no different.”

Related Posts

The Ebell of Los Angeles Celebrates Women’s History Month with Inspiring Events, Art, and Performances

March 13, 2025

March 13, 2025

The Month-Long Celebration Honors the Contributions and Resilience of Women In honor of Women’s History Month, The Ebell of Los...

(Video) Baltaire’s Amazing 10th Anniversary Party

March 13, 2025

March 13, 2025

The Greek Salad prepared table side. Bluefin Toro with Crispy Rice, wasabi, spicy mayo, pickled ginger. Chateaubriand, 16 oz, with...

(Video) Wildfire Attorney. Law Offices of Allen Farshi

March 13, 2025

March 13, 2025

How The Law Offices of Allen Farshi Can Safeguard You Amid Wildfire Loss. For more information, check out the video...

Baltaire Celebrates 10 Years with a ‘Decade of Decadence’ Anniversary Bash

March 12, 2025

March 12, 2025

Brentwood’s Iconic Steakhouse Marked a Milestone With an Unforgettable Night of Fine Dining Last Saturday night was the official party...

(Video) H&H Bagels Now Open in Santa Monica

March 12, 2025

March 12, 2025

The New York Bagel Spot finally arrived at 710 Montana to crowds and long lines. Here’s that bagel sandwich goodness....

The Ultimate Guide to St. Patrick’s Day 2025 in West Los Angeles, Where to Eat, Drink & Party

March 12, 2025

March 12, 2025

From Irish-Inspired Brunches to Green Beer Towers & Drag Bingo, We’ve Got You Covered Los Angeles is going all out...

Eat + Drink West Hollywood Returns for a Month-Long Culinary Celebration

March 12, 2025

March 12, 2025

Dine, Drink, and Support Hospitality Workers Affected by Wildfires Eat + Drink West Hollywood is making a grand return this...

Michelin Unveils Newest Additions to Its California Guide, Seven Los Angeles Restaurants Recognized

March 12, 2025

March 12, 2025

Exciting New Dining Destinations Join the Michelin Selection in Los Angeles, Culver City, Santa Monica ​The Michelin Guide has recently...

Evacuation Warnings Issued for LA Burn Areas, PCH Closure Announced as Storm Approaches

March 12, 2025

March 12, 2025

Residents in High-Risk Zones Urged to Prepare for Possible Mudslides Officials have issued evacuation warnings for multiple areas in Los...

Flux Screening Series Returns with Daring Short Films and Music Videos at the Hammer Museum

March 11, 2025

March 11, 2025

Experience Avant Garde Cinema, Live Filmmaker Presentations, and Guest DJ Sonrista The Flux Screening Series is set to bring the...

Help Shape Culver City’s Future: Join Transportation and Street Design Meetings

March 11, 2025

March 11, 2025

Public Input Sought for Complete Streets and Mobility Services Plan Residents and stakeholders are invited to participate in two upcoming...

Brazen Burglars Target Pico Robertson Businesses in Early Morning Heist

March 11, 2025

March 11, 2025

Smash-and-Grab Crew Ransacks Kosher Pizza Shop and Pharmacy A trio of burglars wearing hooded sweatshirts ransacked a pizza shop and...

Menendez Family Blasts DA Hochman’s Decision, Calls for Justice in Resentencing Review

March 11, 2025

March 11, 2025

The Justice for Lyle and Erik Coalition Condemns District Attorney Hochman The family of Lyle and Erik Menendez has condemned...

First Measles Case of 2025 Confirmed in LA County Amid Growing Outbreak in the United States

March 11, 2025

March 11, 2025

Health Officials Urge Vaccination and Symptom Monitoring for Unvaccinated Residents ​The Los Angeles County Department of Public Health (LACDPH) has...

Security Guard Shoots Suspect Who Crashed Car Into L.A. Dispensary

March 10, 2025

March 10, 2025

Masked Suspect Drove Into a Marijuana Dispensary in Sawtelle  Armed security at a marijuana dispensary in Los Angeles’ Sawtelle neighborhood...