Amid stalling luxury market, Beverly Hills spec home trades for $43M

Los Angeles’ stock of elaborate and pricey spec mansions aren’t selling like they used to, but scratch one off the list.

A 24,000-square-foot home in Beverly Hills Post Office built by developer Max J. Fowles-Pazdro and London & Regional Properties sold for $43 million, according to the Wall Street Journal.

That’s just $3.5 million below its initial asking price when it hit the market in April. Fowles-Pazdro said the buyer looked at the home about a half dozen times.

“A couple of years ago, you would have buyers in with an offer on the table on day one,” he told the Journal. “Buyers are now much more diligent.”

The eight-bedroom home’s most notable interior features are its high ceilings, clean geometric lines, and marble finishings. There is a home theater room, a library, and a wine cellar. There are also interior courtyards throughout.

Sales at the top end of the market slowed earlier this year.

While prices continue to climb, there aren’t many corresponding closings. In the second quarter, the median sales price for luxury single-family homes was down 7 percent from an already slow first quarter and time on market rose 16 percent to 94 days, according to a Douglas Elliman report. [WSJ] — Dennis Lynch