Tracking L.A. Multi-Million-Dollar Sales

The data sharks over at PropertyShark.com released some interesting figures this week on sales of homes over $1 million and over $5 million. They are calling their groups luxury and ultra-luxury. However, if you’re a regular reader of this blog, you’ll know I don’t like labeling the $1 million + category “luxury.” There still are many homes selling for $1 million or more that wouldn’t fit the definition of “luxury” for Southern California.

Also, this spring, I delved deep into the numbers on multi-million homes. Through the first quarter of the year, true luxury, multi-million-dollar homes had declines in the number of sales vs. Q1 2007, but prices were up. But clearly a lot has changed since then.

In the coming days, I’m going to revisit my numbers to see where things stand now. Until then, I want to give you the numbers from the PropertyShark.com folks:

ULTRA-LUXURY SALES ($5 million +)

Location	Zip	Sales*	Avg. Sale Price	SP/SF
Beverly Hills	90210	20	$7,401,310	$1,226
Malibu	90265	15	$9,889,433	$3,393
Pacific Palisades	90272	13	$8,013,515	$1,876
Brentwood	90049	10	$6,403,800	$1,841
Bel-Air/Holmby Hills	90077	7	$9,140,729	$1,377
Calabasas	91302	4	$7,837,411	$726
Palos Verdes Penin.	90274	4	$5,600,000	$933
Santa Monica (N. of Montana)	90402	3	$5,848,333	$2,586
Manhattan Beach	90266	3	$6,566,667	$1,833
Sherman Oaks	91423	2	$5,092,500	$1,153

*Sales from 1-1-08 to 10-14-08
**Single Family Residences and Condos
SOURCE: PropertyShark.com

$1-MILLION-PLUS SALES

Location	Zip	Sales*	Avg. Sale Price	SP/SF
Manhattan Beach	90266	211	$1,944,333	$1,108
Pacific Palisades	90272	138	$2,694,547	$1,123
Brentwood	90049	135	$2,346,152	$988
Rancho Palos Verdes	90275	135	$1,594,463	$531
Palos Verdes Penin.	90274	134	$1,913,900	$674
Malibu	90265	99	$3,458,336	$1,395
Studio City	91604	99	$1,399,447	$639
Beverly Hills	90210	98	$3,503,478	$929
Calabasas	91302	94	$2,159,861	$498
Hollywood Hills West	90046	90	$1,637,446	$728
La Canada Flintridge	91011	87	$1,751,260	$659
San Marino	91108	83	$1,701,295	$632
Santa Monica (N. of Montana)	90402	75	$2,690,583	$1,191
Hollywood Hills East	90068	74	$1,606,257	$725
Westwood	90024	71	$2,088,709	$805
Encino	91436	70	$1,517,083	$508
West Hollywood	90069	70	$2,417,392	$977
Venice	90291	67	$1,616,334	$1,382
Hermosa Beach	90254	65	$1,804,723	$1,199
Tarzana	91356	59	$1,478,142	$495
Cheviot Hills/Rancho Park	90064	59	$1,601,012	$874
Sherman Oaks	91423	55	$1,708,159	$723
Redondo Beach	90277	54	$1,572,193	$799
Los Feliz	90027	54	$1,671,233	$623
Sherman Oaks	91403	52	$1,383,909	$691

*Sales from 1-1-08 to 10-14-08
**Single Family Residences and Condos
SOURCE: PropertyShark.com

For the most part, these numbers square with my knowledge of these markets. The one that puzzles me a bit is Venice -- $1,382/sf.

They also make two of my current listings look even more like bargains than I already thought they were:

• 3733 Avenida del Sol in Studio City -- $1.75 million for 4,200 sf – that’s $416/sf vs. a Studio City average of $639 – and it’s got great views!
• 2131 Cedarhurst Drive in Los Feliz -- $2.499 million for 4,928 sf – that’s $507/sf vs. a Los Feliz average of $623 – downtown views, pool, and great old character.