Cape Cod-style Palisades manse tops LA homes under contract

A home in Pacific Palisades topped last week’s list of signed contracts as overall velocity slowed in Los Angeles County’s luxury market coming off the elections.

The home is located at 532 Spoleto Drive with an asking price of nearly $17 million, according to a report from Douglas Elliman’s Eklund Gomes team. The group’s weekly roundup, called the Eklund Weekly Luxury Report Los Angeles, counts homes and condos in L.A. County priced at $4 million or more in the MLS.

The Spoleto Drive property has seven beds and eight baths across 10,568 square feet. Listing highlights of the Cape Cod-style house include a 1,500-bottle wine cellar, seven fireplaces, four balconies and garage for six cars.

Property and state records show the seller is an LLC managed by Jeffrey Lumer of parking management firm L&R Group of Companies.

Carolwood Estates’ Anthony Bundak is the listing agent.

Pacific Palisades saw its priciest trade this year in the sale of 538 Chautauqua Boulevard. The six-bed, 12-bath residence sold for $32.3 million in July.

Last week’s second-largest home under contract, based on list price, is located at 4640 Petit Avenue in Encino. The six-bed, 10-bath home is listed at nearly $15 million.

It’s over 12,000 square feet on a 1.2-acre lot. The listing touts a full-size basketball court, parking for staff, infinity edge pool, bar and parking that doubles as a vehicle showroom.

The seller is developer Jason Javaherian, according to property records.

The Agency’s Farah Levi, Douglas Elliman’s Josh Altman and Equity Union’s Zeev Perez have the listing.

Countywide, a dozen contracts were signed in the week ended Nov. 17, equating to $81 million in asking dollar volume, according to the Eklund Gomes report. That’s down from the prior week’s 17 contracts totaling $123.6 million in asking dollar volume, the report said.