LA Luxe Signed Contracts Fall Amid Continued Slowdown

Los Angeles luxury residential contracts limped along last week to reach a total asking dollar volume of $135 million across 18 properties.

“It’s another slow week in Los Angeles with a fair showing in the single-family segment, but certainly not the volumes we would hope to see,” said Marcy Roth of Douglas Elliman’s Eklund Gomes team, which publishes the weekly report.

The roundup counts signed contracts of Los Angeles County homes listed in the Multiple Listing Service for $4 million or more.

In the prior week, 23 contracts were signed, which was good for $161.8 million in asking dollar volume.

A total of 95 single-family listings and three condomiums entered the market last week, continuing the drumbeat of a possible shift to a buyer’s market in Los Angeles.

“Inventory is steadily increasing week over week and while that may be cause for concern to some sellers, we do see that well-priced homes are still going under contract,” Roth said. “Sellers who price according to overall market conditions and don’t consider the micro market conditions of their specific neighborhoods are finding themselves in a waiting game as buyers have options and they are choosing to explore them.”

Last week’s top home under contract, based on asking price, was 911 North Beverly Drive in Beverly Hills.

The six-bedroom, seven-bathroom home spans nearly 6,500 square feet and is listed for just under $22 million. Built in 1926, the Spanish Revival-designed home was used during Prohibition, according to the listing.

The seller is Los Angeles-based Black Hill LLC, which state filings indicate is tied to talent manager Mark Gillespie.

Sotheby’s International Realty’s Eric Lavey holds the listing.

South of Beverly Hills in Hermosa Beach, is last week’s second-largest home that went into contract, based on a listing price of nearly $12 million.

The seller is a trust tied to Dean and Kelli Hallett. Dean Hallett is the president of executive coaching and leadership firm Hallett Leadership. He previously held executive positions at Twentieth Century Fox and Walt Disney Studios.

Joseph Group’s William Joseph and Rachel Joseph have the listing at 2722 Hermosa Avenue.

The four-bed, six-bath home was built in 2020 and totals nearly 4,800 square feet. It has a rooftop deck, elevator that stops at each of its four levels and ocean views.