Asking dollar volume of Los Angeles County signed contracts continued to slip for the third straight week as some say the upcoming elections are partially to blame for the contraction.
Signed contracts in the County totaled 16 for the week ended Oct. 21, which equated to $102.3 million in asking dollar volume, according to Douglas Elliman’s Eklund Gomes team’s weekly report. The Eklund Weekly Luxury Report LA rounds up signed contracts of Los Angeles County homes on the MLS with asking prices of $4 million or more.
Last week’s totals compare to 16 signed contracts in the prior week for $139.3 million in asking dollar volume, according to the Eklund report.
“Traditionally, we see a fall slow down and with this being an election year, there is the potential for a continued decline, but that is far from certain,” said Marcy Roth, Eklund Gomes California managing director and luxury agent.
Roth went on to say average asking prices per square foot — which penciled out to $1,312 last week — aren’t seeing the same “marked decline” as dollar volume. That compares with $1,358 per square foot and $1,238 per square foot for the weeks ended Oct. 20 and Oct. 13, respectively.
A five-bed, six-bath home in Santa Monica nabbed the top spot among last week’s signed contracts.
The roughly 5,400-square-foot home at 541 Stassi Lane has an asking price just under $11 million.
Coldwell Banker Realty’s Todd Baker has the listing. Property records show the seller is a trust tied to Steven H. Levine and Cynthia Silvagni Levine.
The home was originally listed for sale last February for $11.5 million.
Designed by the late architect Ray Kappe, the home touts a floating staircase, ocean views, screening room and sport court. Kappe co-founded the Los Angeles architecture school Southern California Institute of Architecture.
Last week’s second-largest home under contract, based on listing price, is a Beverly Hills Flats residence at 608 Walden Drive. The nearly 4,200-square-foot home has an $8.5 million ask, with listing sites indicating it’s a probate sale.
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Sotheby’s International Realty’s Grace Carelli is the listing agent.
The interior and exterior of the 1920s Spanish-style home were renovated with hardwood and tiled flooring. It has high-beam ceilings and a solarium with a retractable glass roof.