LA Luxe Home Contracts Paused in Fire Zones

Home sale contracts in Los Angeles not surprisingly fell last week in neighborhoods affected by the fires in what could be a glimpse into the wildfires’ impact on residential dealmaking.

Eleven contracts, most of those single-family deals, were signed last week and amounted to asking dollar volume of $72.2 million, according to the Eklund Weekly Luxury Report Los Angeles.

That compares with five homes totaling $77.3 million recorded for the week ended Jan. 5, Douglas Elliman’s Eklund Gomes team reported. The Eklund Gomes roundup counts MLS listings of $4 million or more in Los Angeles County.

Contracts in the South Bay accounted for more than any other area or city, with four properties in Manhattan Beach and Hermosa Beach. Those homes have listing prices between $5.3 million to just below $8 million.

The Oppenheim Group President Jason Oppenheim told The Real Deal on Friday that demand is currently greatest in Westwood, Brentwood, Santa Monica and other areas closest to where those who lost their homes in the Palisades Fire had previously lived. But the lack of supply is pushing people south into areas such as the South Bay and Orange County.

“The problem is that there’s hundreds, thousands of people looking for properties,” Oppenheim said. “In fact, you can’t even find a hotel in L.A.”

Priciest deals

Last week’s top home under contract, based on asking price, was an eight-bed, 10-bath property at 618 North Arden Drive in Beverly Hills. The 8,000-square-foot home in the Beverly Hills Flats is listed at $15.8 million.

Carolwood Estates’ Drew Fenton has the listing.

Property records show the sellers are West Palm Beach-based Township Capital Executive Board Member Krista Gorelik and Township founder and CEO Matthew Gorelik.

Coming in as the second-priciest home under contract was 1014 Hampton Road in Arcadia.

The five-bed, seven-bath home has more than 7,000 square feet on a lot larger than 1.5 acres.

The 1930s-built home is listed for just under $8 million by Re/Max Elite Realty’s He George Gao.

Property and state records show the seller is Henrui Properties, an Arcadia-based limited partnership managed by President Yuan Wang.

Highlights of the home include a two-story foyer, butler’s pantry, gardens and tennis court, according to the listing.

On Los Angeles County’s supply side, active listings jumped in the market last week by 8.1 percent compared to the prior seven-day period to 946, according to the Eklund Gomes report. The majority of those new entrants, 105, were single-family homes, while a dozen condos were put up for sale.