The Real Deal Los Angeles

Submarket Snapshot: Bel Air and Holmby Hills in Q1 2016

Average price of luxury home in Playboy Manse territory: $4.2M
By Hannah Miet | June 10, 2016 05:00PM

A Bel Air spec house (credit: SAOTA)

A Bel Air spec house (credit: SAOTA)

The $105 million sale of the Playboy Mansion in Holmby Hills is sure to drive up second-quarter averages in the area. But while they pale in comparison, it’s not like prices were particularly low in the first quarter. 

In Holmby Hills and Bel Air, 18 residences sold in the first quarter of the year for more than $1 million, according to a report by the Agency, the brokerage that listed Hugh Hefner’s property. They sold for an average of $4.2 million, and $895 a square foot.

The Playboy Mansion sold for $95 million less than its asking price, but that’s an exception to the rule. Homes in the posh neighborhood sold for an average of 9 percent more than their listing price in the first quarter.