Falling stars: Calabasas luxury home sales plummeted last year

Sales above $2M dropped from about 100 to 65

Los Angeles /
Jan.January 04, 2018 11:15 AM
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


Related Articles

arrow_forward_ios
Eisendrath Finance Group's Brian Eisendrath and Marcus & Millichap's Hessam Nadji (Twitter, Marcus & Millichap)
Marcus & Millichap inks deal to acquire multifamily lender
Marcus & Millichap inks deal to acquire multifamily lender
Zillow survey: Calabasas, Malibu rank among most popular cities in U.S.
Calabasas, Malibu among most popular cities in U.S. for cyber surfers
Calabasas, Malibu among most popular cities in U.S. for cyber surfers
California counterintuitive: Less frenzy, more home sales
California counterintuitive: Less frenzy, more home sales
California counterintuitive: Less frenzy, more home sales
The Villa Bellezza in Calabasas (Berkshire Hathaway HomeServices)
Sprawling Italianate mansion in Calabasas hits market just under $30M
Sprawling Italianate mansion in Calabasas hits market just under $30M
Prediction: California housing market will cool in 2022
Prediction: California housing market will cool in 2022
Prediction: California housing market will cool in 2022
September year-over-year LA signed contracts fall hard: report
LA signed contracts fall for 2nd straight month
LA signed contracts fall for 2nd straight month
The dip in new contracts was also connected to a large drop in new listings (Getty)
LA County listings, signed contracts dip in August
LA County listings, signed contracts dip in August
Sprout Social CEO Jordyn Howard with the property (Twitter via Howard, Douglas Friedman Courtesy of The Fridman Group)
Sprout Social’s Justyn Howard behind priciest mansion buy in Calabasas
Sprout Social’s Justyn Howard behind priciest mansion buy in Calabasas
arrow_forward_ios

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

Loading...