The return of the $100M market: Bel Air spec mansion relists

Coronavirus had put brakes on the nine-figure properties, but that has begun to change with easing of in-person showings in LA

TRD LOS ANGELES /
May.May 08, 2020 12:00 PM
Ty Cueva and the mansion (Credit: Hilton and Hyland)
Ty Cueva and the mansion (Credit: Hilton and Hyland)

A 41,000-square-foot spec mansion in Bel Air returned to the market on Tuesday, asking $100 million.

The relisting marks something of a turning point for ultra-luxury properties on the market in Los Angeles. Since the coronavirus took hold, sales were down and megamansion offerings didn’t approach nine figures. But with the recent relaxing of in-person showings, sellers and brokers have felt more comfortable with the sky-high prices. Last week, a Tadao Ando-designed, 4,000-square-foot Malibu home on the ocean relisted for $75 million.

The Bel Air property, meanwhile, is an eight-bedroom, 21-bathroom behemoth on Somma Way, according to Mansion Global. The property hit the market Tuesday and is dubbed Unica. A sleek three-and-a-half-minute video — accompanied to a smooth musical beat — showcases the hillside property with large infinity pool.

It first listed, mid-construction, in 2017, asking $75 million. The price rose to $100 million in 2018, a rare instance of property upsizing its price. It was most recently pulled off the market about a year ago.

Ty Cueva of Westside Property Group and Dean Hallo of Hallo Construction developed the property. The price puts it at the very top of L.A.’s resi market, joining just a half-dozen other properties in the county with nine-figure price tags.

It is a mix of modern elements and traditional Spanish-style design, distinguishing it somewhat from the sleek “white box” spec mansion style that had been popular over the last several years.

In addition to the pool, Unica includes an oversize deck, a basketball court, sauna, and gym. The home also packs eight bars and maids’ quarters.

Cueva has the listing along with David Kramer with Hilton & Hyland and Compass’ Sally Forster Jones and Anita Stephan.

Before the coronavirus, the demand for those properties was up — three homes sold for more than $100 million in the second half of 2019. [MG]Dennis Lynch

 

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