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Falling stars: Calabasas luxury home sales plummeted last year

Sales above $2M dropped from about 100 to 65
January 04, 2018 11:15AM

Calabasas (Credit: Wikimedia Commons, Pixabay)

The number of Calabasas homes sold above $2 million dropped significantly in 2017, from just under 100 the year prior to 65 last year.

The celeb-packed city saw just eight transactions above $4 million in 2017, according to the Los Angeles Times. The priciest was the $8.1 million sale of a two-story, 10,600-square-foot home by “The Biggest Loser” producer David Broome. Britney Spears had once owned the mansion, which sold below its $9.5 million asking price but well above the $5.4 million Broome paid for it in 2012.

After major brokerages, including Compass, moved into the celebrity enclave in 2017, some experts cautioned that the small city couldn’t support them. Michael Nourmand of Nourmand & Associates Realtors argued that there were a “finite number of sales,” so “the pie is going to be split more ways.”

Despite the drop in high-end sales, a handful of celebs purchased in Calabasas last year, although not all of them spent more than $2 million. Kim Kardashian West and her mother Kris Jenner, who own a number of properties in the city, bought a total of three condos in the Avanti community, each going for between $1.5 and $1.65 million.

Jake Paul, the YouTube star and brother to social media’s least-favorite man of the week, Logan Paul, made the second most expensive purchase in Calabasas last year. In October, he dropped just under $7 million for a 15,000-square-foot mansion on a 3.5-acre lot on Park South Street.

Rounding out the top five most expensive purchases in Calabasas were a $5.5 million buy not far from Paul’s home, a $4.9 million purchase of a five-bedroom mansion in March, and a $4.9 million purchase of a six-bedroom home with 12 acres in May. [LAT] – Dennis Lynch