Los Angeles is shattering the designation of “ultra-prime” residential real estate.
A new report from Knight Frank ranks Los Angeles among the 17 most-expensive residential markets around the world, pegging the West Coast city among elite cities like New York, Hong Kong and Sydney, Curbed reported.
In order to qualify as an “ultra-prime” residential market, Knight Frank determined there must have been at least three sales above $25 million in each of the last three years.
Los Angeles easily conquered that definition. According to the report, 51 homes in L.A. have sold for that much since 2015, with 18 selling for $25 million or more in 2017 alone. Not to mention a plethora of nine-figure listings that have hit the market in recent years.
The bulk of those sales were found in zip codes 90210 and 90077, which cover Beverly Hills and Bel Air, respectively.
Still, L.A.’s “ultra-prime” sales paled compared to New York, another market on the list, which had more than 150 sales trading above $25 million since 2015. London and Hong Kong ranked in the same category.
The report also recognized Malibu as a “second home market,” meaning there’s been an uptick in home sales in the city in the last few years. In the first half of 2018, there were five sales eclipsing the $25 million benchmark, up from just two in 2015.
Restaurateur Peter Morton’s $110 million sale in Carbon Beach was among those five. It also broke an L.A. County record.
Other cities that placed in Knight Frank’s report include Singapore, Palm Beach, Côte D’Azur, Monaco, Aspen and the Caribbean region. [Curbed] – Natalie Hoberman