It’s no surprise that luxe listings in L.A. carry multi-million-dollar asking prices, but how about a neighborhood where the median cost for a home totals $13 million?
A median home in the Beverly Hills Gateway neighborhood of Beverly Hills costs $13.2 million, according to a recent survey from PropertyShark. It ranked as L.A. County’s priciest enclave.
What’s more, the price ticked up significantly last year. In a year-over-year comparison, median prices shot up 22 percent between 2022 and 2021 in Beverly Hills Gateway, a neighborhood best known for the Greystone Mansion and Beverly Hills Hotel.
Most of the top 10 enclaves in L.A. County were located in Beverly Hills or Malibu.
Beverly Hills’ Trousdale Estates ranked second with a median home price of about $12 million. Coming in third was the Beverly Hills Flats enclave with a median of $9.5 million. Respectively ranking fourth and fifth were the Malibu neighborhoods of La Costa and Broad Beach. La Costa had a 2022 median price of $9 million and Broad Beach had a median of almost $8.1 million. Sixth place went to Point Dume in Malibu with a price point of $7 million.
Filling the last few slots of the top 10 were Santa Monica’s North of Montana enclave. It placed seventh with a median of about $4.3 million. Bel Air ranked eighth, with a median of $4.1 million. Malibu’s Big Rock Mesa was ninth with a median of $4 million and Pacific Palisades came in 10th with a median of $3.9 million.
The PropertyShark survey found that sales declined across the board in L.A. County’s priciest neighborhoods. Beverly Hills Gateway transactions declined 25 percent comparing 2022 sales to 2021 sales.
Markets experiencing sales declines and interest rate hikes such as late 2022 often are headed toward price reductions, but L.A. County’s low inventory of housing has kept prices high through all price ranges.
While inventory for ultra luxe listings has increased in the county, don’t expect big price reductions, said Paul Salazar, an estates director with Hilton & Hyland. Interest remains high and the ultra luxe market most likely will experience some price dips in the near future.
“There’s still a lot of money in the market, and a lot of cash buyers,” Salazar said.