Spanish Colonial Estate Tops Week’s LA Homes Under Contract

Measure ULA tax or not, Los Angeles agents are moving forward in the luxury residential market.

That’s reflected in the latest Eklund Weekly Luxury Report LA, which tallies signed contracts of Los Angeles County homes listed in the MLS with asking prices of $4 million or more. The top two contracts for the week ended Sept. 15 are for properties in Beverly Hills and Los Angeles.

Many agents have said Beverly Hills homes have benefited because the ULA tax only applies within the city of Los Angeles, yet the extra cost hasn’t completely cooled deal-making.

Measure ULA imposes a tax on residential and commercial sales in Los Angeles and went into effect in April 2023. It applies a 4 percent transfer tax on properties that sell for $5.15 million or more, and a 5.5 percent tax on those $10.3 million or more.

The property at 1013 North Roxbury Drive in Beverly Hills was last week’s top signed contract, with a $22.9 million ask.

Property and state records indicate the seller is a Delaware-registered LLC.

The Agency’s Zach Goldsmith, Mauricio Umansky and Cicily Sterling have the listing.

The Spanish Colonial counts six beds and eight baths across 10,039 square feet. The estate sits on more than a half-acre lot and consists of three separate structures. Highlights include wrought ironwork, wood beams featuring hand stenciling, a 1,000-bottle wine room, courtyards, gardens, pool, spa and an 800-square-foot gym.

Los Angeles’ Bel-Air neighborhood hosted the second-priciest home under contract at 879 Linda Flora Drive with a just under $22 million listing price.

The seller is a Westlake Village-based LLC, according to property and state records.

Josh Altman and Matt Altman of Douglas Elliman’s The Altman Brothers Team have the listing.

The property sits on more than 3.5 acres. It counts eight beds and 11 baths across an 8,343-square foot main house and a 3,474-square-foot guest house.

The estate is big on privacy with a gated driveway running about 250 feet. It touts views of the Getty Museum, plus a pool, spa and tennis court.

Overall, condo activity in L.A. County remained slow with the second straight week of no new luxury-class contracts signed, according to the Eklund Gomes report.

Last week’s 14 properties under contract were all single-family homes adding up to $111.1 million in volume, according to the Eklund report. The listings reflect an average price per square foot of $1,273.

That compares to 16 contracts inked in the week ended Sept. 8 for volume of $95.6 million, or $1,573 per square foot.