Summer slowdown affects tally of LA luxury houses in contract

A dozen new deals materialized last week, with Malibu topping activity

Summer Slowdown Hits LA Market for Luxury Houses

A photo illustration of 28834 Boniface Drive (left) and 5046 Carbon Beach Terrace (right) (Getty, Google Maps, Douglas Elliman Real Estate)

Megamansions and eye-watering price tags didn’t dominate last week’s roundup of Los Angeles County signed contracts as activity continued to slow.

A dozen contracts were signed last week for total sales of $101.8 million, according to the Eklund Weekly Luxury Report for Los Angeles County. That’s down from the 18 signed in the previous week between June 10 and June 16, when total volume hit $152 million.

Little change occurred in days on the market with last week’s average sitting at 73, compared to the prior week’s 72, according to the report.

Malibu appears to be bucking the slowdown.  

The city had the No. 1 and No. 2 largest signed contracts last week. Those come amid some record-breaking closings so far this year, including Oakley and Red Digital Cinema founder Jim Jannard reportedly selling his compound in the beachside city for $210 million to an unknown buyer. There was also Laurene Powell Jobs, who snapped up her fourth Malibu property for $94 million. She is the widow of Apple co-founder Steve Jobs.

Last week, a nearly 13,000-square-foot home at 5046 Carbon Beach Terrace went under active contract. The five-bedroom, nine-bathroom property has a listing price of $38 million.

Dubbed Villa Splendido, the home looks out over Billionaire’s Beach and sits on a 17-acre lot.

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Kurt Rappaport of Westside Estate Agency and Ani Dermenjian of Douglas Elliman have the listing.  

The property includes a wellness center, elevator, private office, guest house, infinity pool, outdoor pizza oven and bar.

It’s a steep drop in asking prices between the No. 1 contract signed and the No. 2 in last week’s recap.

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The home at 28834 Boniface Drive in Malibu had the second-largest contract signed, with a listing price of $7.5 million.

Robert Edie of Compass has the listing.

The Boniface Drive home totals five bedrooms and four bathrooms on over half an acre.

Eklund-Gomes began releasing its report on luxury residential pending deals earlier this month, rounding up signed contracts in Los Angeles County. The weekly recap looks at residential properties priced at $4 million or more.  

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