Los Angeles Luxury Residential Market’s Signed Contracts Hold Steady

Summer slowdown? Not for Los Angeles’ luxury residential market.

Buyers signed 18 contracts for a total volume of about $107 million between July 1 and July 7, according to a report from Douglas Elliman brokerage team Eklund Gomes. The report counts homes in Los Angeles County listed at $4 million and above that go into signed contracts.

The roundup reflects an increase from the prior week’s 16 contracts, although volume was off from the $113.3 million notched during that same comparable period.

The lion’s share of the activity remains centered around single-family home deals, with the segment’s top contract last week at 2240 Hermosa Avenue in Hermosa Beach.

The South Bay home is listed at $9.5 million, after originally entering the market in October for $10.8 million.

Bayside Real Estate Partners’ Bryn Stroyke is the listing agent on the four-bed, six-bath home totaling 4,568 square feet. The seller is a trust tied to Suzanne and Joseph DeSimone, property records show.

The South Bay home replaced the property at 24810 Jacob Hamblin Road in Hidden Hills as the week’s top single-family deal. The Hidden Hills property, with an asking just under $11 million, re-entered the market not long after the release of Eklund-Gomes’ L.A. report.

Beverly West boost

Two contracts for condos were signed last week, up from one in the previous seven-day reporting period.

Last week’s activity was generated entirely from the Beverly West condo tower, with the top contract there, unit 6S, listed at $5.9 million.

The three-bedroom, four-bathroom property totals more than 4,100 square feet. A terrace looks out onto Century City and the fairways of the Los Angeles Country Club. Inside, the home touts a dedicated elevator, floor-to-ceiling windows and kitchen island sized for entertaining.

Last week’s only other signed condo contract, also at Beverly West, totals 3,800 square feet with a $5.5 million listing price. Unit 6N is expected to close at just under $5 million, according to Jones Fridman International at Compass.

“The fact that the building is boutique and very high in security is what is really driving sales,” said Amir Ensani of Jones Fridman International in an email to The Real Deal.

Ensani, along with Jones Fridman International’s Tomer Fridman and Sally Forster Jones, have the two listings. The seller of both is Beverly West developer Emaar LA Properties.

Residents of the luxury condo tower have access to a house car, pool, concierge and security.