Fredrik Eklund talks LA condos, the mega-luxury market and patience

The “Million Dollar Listings” star says condos are a growing trend on the West Coast

TRD NATIONAL /
Feb.February 22, 2020 04:00 PM
Fredrik Eklund (Credit: Getty Images)

Fredrik Eklund (Credit: Getty Images)

“Million Dollar Listings” star broker and recent Los Angeles transplant Fredrik Eklund says condominiums are the new wave in his new West Coast home, where mansions in the hills have been the default in the luxury stratosphere.

The Douglas Elliman broker told Mansion Global that new projects in L.A.’s tony neighborhoods like Beverly Hills are presenting new options for buyers. Eklund is selling units at the recently built 8899 Beverly building.

8899 Beverly

8899 Beverly

“Vertical living didn’t used to be something people understood there,” Eklund said. “The whole idea of making a decision before a building was done, and having sales galleries before the home could be seen, that’s new.”

He also thinks L.A. can outdo New York for “mega-luxury homes,” pointing to the big-ticket sales that have closed in the L.A. area recently.

Earlier this month, Amazon founder Jeff Bezos broke a national record with the $165 million purchase of David Geffen’s Beverly Hills estate (he also bought a $90 million plot of dirt). Between July and December of 2019, three mansions in L.A. County sold for at least $100 million.

The ultra high-end market ($70 million-plus) is doing well, as are homes in the low $3 million range, he said. “But the more difficult market—not that it’s bad, just tricker—is the $6 million to -$15 million market,” he told Mansion Global.

Eklund also weighed in on the proliferation of high-end amenities being offered in condos and apartments. Wellness-style amenities are becoming more popular, like IV drips and cryotherapy sessions available to residents at 40 Bleecker in New York.

As far as advice to buyers, he suggested buyers and sellers be patient and “give it some time.”

“Brokers, myself included, can be pushy, but you need to take time,” he said. “We’re in a market where you have time to come back a few times and look at a place in different lights and at different times.” [Mansion Global] — Dennis Lynch


Related Articles

arrow_forward_ios
Nelson Rockefeller and 812 Fifth Avenue Photos via Getty; StreetEasy; Google Maps)

Fifth Ave co-op owned by Rockefeller family hits market

Fifth Ave co-op owned by Rockefeller family hits market
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Bed-Stuy townhouse tops Brooklyn luxury contracts

Bed-Stuy townhouse tops Brooklyn luxury contracts
A view of Billionaire's Row (Photo by Gary Hershorn/Getty Images)

Blow to luxury market from Covid worse than impact of 9/11

Blow to luxury market from Covid worse than impact of 9/11
Adam Neumann and Rebekah Paltrow Neumann with 69 Girdle Ridge Road in Katonah (Neumanns by by Ben Gabbe/Getty Images for Time; Realtor)

Adam Neumann parts with Westchester home

Adam Neumann parts with Westchester home
Lighstone Group CEO David Lichtenstein and 365 Bond Street in Brooklyn (Photos via Lightstone; 365bond; iStock)

Lightstone bought Gowanus parcels for a pittance, seller’s sons allege

Lightstone bought Gowanus parcels for a pittance, seller’s sons allege
Michael Price and 20 East 78th Street (Getty, Google Maps)

Billionaire’s townhouse sale is a window into pandemic-era luxury deals

Billionaire’s townhouse sale is a window into pandemic-era luxury deals
One Clinton Street and 179 Bergen Street (Google Maps, One Clinton BK)

Biggest week of pandemic for Brooklyn’s luxury market

Biggest week of pandemic for Brooklyn’s luxury market
The coronavirus pandemic hampered luxury residential deals in most major cities across the globe

Pricey home sales plummet, but not prices themselves

Pricey home sales plummet, but not prices themselves
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...