As the Los Angeles area has continued to loosen some coronavirus restrictions, the luxury housing market has improved. But the pandemic is still taking a toll on the market, which last week also slowed in the leadup to the Memorial Day holiday.
Just one of the five priciest L.A. houses that sold touched the eight-figure amount, and just two closed for more than $5 million. The total for the five priciest residential sales was just under $28 million, far below the previous week’s neary $48 million total.
While pandemic-related restrictions have slowed sales and temporarily eliminated in-person showings — they are back now with modifications — the dearth of new inventory has also boosted prices, and the market is expected to gain momentum in the coming weeks as L.A. County comes out of lockdown.
This list was compiled with data from Redfin and other sources, from May 19 to 25.
24752 Malibu Road | Malibu | $9.9M
This 1994-built beach house encompasses 3,826 square feet and is three stories, shoehorned into a 7,400-square-foot lot. The master suite spans the entire top floor and includes its own deck overlooking the Pacific Ocean. There are two other bedrooms — each of them with a large window with views of the water — and another three bathrooms. There is also a two-car garage. The sale comes out to $2,581 per square foot.
The home last sold in mid-2017 for $10.8 million and has been on and off the market since last summer. Chris Cortazzo with Compass represented both the buyer and seller in the deal.
709 N. Bedford Drive | Beverly Hills | $6.8M
This 92-year-old Spanish-style home in the Flats was marketed as a development opportunity, sold as-is by a trust. The lot totals just under a third of an acre. The existing home is about 3,600 square feet with four bedrooms and 3.5 bathrooms. The sale comes out to $1,884 per square foot. The home hit the market in early April asking $7 million. Hilton & Hyland’s Paul Salazar represented both the buyer and seller in the deal.
265 W. Naomi Avenue | Arcadia | $4.2M
This new construction home spans about 8,350 square feet on a lot that’s just over an acre. There are five bedrooms and 6.5 bathrooms. Amenities include a gym, wine room, theater room, and an office. The backyard has a large swimming pool as well. The sale comes out to $505 per square foot, the lowest amount of the five priciest sales last week, likely because of its location. The property first hit the market in October for $5 million.
Ash Rizk with Coldwell Banker Realty Arcadia represented the buyer, while Mingsheng An with Keller Williams represented the buyer.
1230 El Hito Circle | Pacific Palisades | $3.6M
This single-story home built in 2006 mixes Mediterranean aesthetics in a modern form. The home spans just under 4,300 square feet with four bedrooms and five bathrooms. The sale comes out to $843 per square foot. The lot is about a half-acre with a pool in the backyard. Amenities include commercial-grade kitchen appliances, three fireplaces, and a home office. Anthony Marguleas with Amalfi Estates had the listing, while the buyer was represented by Simon Beardmore of Compass.
1142 Hartzell Street | Pacific Palisades | $3.4M
This Spanish-style home is 3,300 square feet, with four bedrooms and three bathrooms. The sale pencils out to $1,034 per square foot. It was rebuilt in 2012, according to the listing. Anthony Marguleas with Amalfi Estates also represented the seller. Michael Edlen with Coldwell Banker brought the buyer.