Holiday Slowdown Hits Los Angeles Residential Market

The holiday slowdown has hit Los Angeles’ residential market.

Mega deals have quieted down and signed contract volume overall has slowed countywide, with the latest roundup showing the slump continuing through last week, according to a report compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team.

“We think this will likely be the trend as we move through the holiday season,” Roth said of the downshift.

Total asking volume last week of homes that fell into contract was $121.1 million, off 14.2 percent from the year-ago period, according to the Eklund Weekly Luxury Report Los Angeles. Meanwhile, the number of signed contracts held steady year-over-year at 17.

The Eklund Gomes report counts properties listed at $4 million or more in the Multiple Listing Service.

Last week’s signed contracts were not the usual mega deals typical of Los Angeles’ luxury market.

A Malibu home at 28036 Sea Lane Drive was last week’s top home to go into contract based on listing price. The sellers are asking just under $11 million, or $2,640 per square foot.

Property records show the sellers are two trusts. One is tied to Leighton R. Taylor and the other is linked to Taylor’s son, Rob Taylor, and his wife Claudia Taylor. Rob and Claudia Taylor run Sea Lane Studios, a project management and design firm in Malibu.

Coldwell Banker Realty’s Sadie Pollock Barish and the Beverly Hills Estates’ Trevor Wright hold the listing.

The over 4,000-square-foot Sea Lane Drive property sits in the ultra-exclusive neighborhood known as Billionaire’s Bluff. It has its own private beach access, gardens, a saltwater pool and outdoor kitchen.

The gated property consists of a main house, guest house and separate studio structure.

Los Angeles County’s next largest home to go into contract, based on asking price, was in the nearby Pacific Palisades.

The property, located at 14148 Rustic Lane, is asking $10.4 million, or $2,371 per square foot.

Compass’ Diana Braun and Frank Langen are listing the property.

Property records show the sellers are a trust tied to Charles Corwin, film producer and CEO of content studio SK Global, and Olivia Corwin. The trust paid $9.3 million for the home in 2020.

Known as the Newman Residence, the property was designed in 1948 by Lloyd Wright and is the former home of Alfred Newman, an award-winning film composer.

The five-bed, four-bath home is 4,386 square feet sitting on nearly 1.5 acres. The property consists of a main house, in addition to two pavilions that could be used as bedrooms among other uses.