L.A.’s luxury home market has slowed in the last week, but deal velocity continues at a solid and steady pace.
Homes under contract in Los Angeles County totaled $120.7 million in volume across 20 contracts for the week ended Sept. 30, according to the Eklund Weekly Luxury Report LA.
The totals are down slightly from the prior reporting period’s 24 contracts totaling $157.5 million that Douglas Elliman’s Eklund Gomes team counted from MLS data of L.A. County homes listed at more than $4 million.
A five-bed, five-bath house at 167 North Bentley Avenue in Bel-Air was the week’s top home under contract, with a list price just under $9 million.
It initially hit the market in March with a $10.5 million asking price.
Property and state records show the owner is an LLC tied to an overseas entity. It has owned the property since December 2021, when it was acquired for $6.8 million.
The Agency’s Lindsay Guttman and Berkshire Hathaway HomeServices California Properties’ Lauren Ravitz have the listing.
The gated property totals about 5,400 square feet and sits on a nearly one-acre lot. It touts an outdoor shower, cold plunge and sauna as part of a wellness area. The home also has a gym, speakeasy bar and patio for entertaining.
Sitting in the No. 2 spot of largest homes under contract last week was the four-bed, five-bath Brentwood home at 1805 Westridge Road, which had a list price of $8.8 million.
The deal ended up closing before the release of Eklund’s report, with a mystery buyer paying $7.5 million for the property, according to listing sites.
Property records show the seller was David Alexanian.
The Agency’s Santiago Arana represented the seller, while Westside Estate Agency’s Kurt Rappaport represented the buyer.
The mid-century Modern totals more than 3,000 square feet, with views of the Pacific Ocean and hillsides, high ceilings, a courtyard and pool.
Last week’s roundup of homes under contract reported an average of 56 days on the market and an average price per square foot of $1,513. That compares with the prior reporting period’s average of 58 days on the market and $1,325 per square foot.
The city of Los Angeles accounted for most of the new contracts, with six homes last week. Santa Monica came in second with three homes under contract.
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