LA Market Among World’s 17 Priciest

The Los Angeles area is one of only 17 so-called “ultra-prime” residential markets worldwide. This means that during each of the prior three years, at least three homes per year sold for over $25 million. The latest report from global real estate brokerage Knight Frank goes through August 2018, and the total for the LA area comes to 51 ultra-prime qualifying homes. This doesn’t include Malibu, which, despite being within Los Angeles County, is counted as a separate market with its own 12 homes sold for over $25 million during the same time period.

Three more of the 17 ultra-prime markets are in the US: New York City, Palm Beach, and Aspen. Also among the 17 are London and Hong Kong, which along with NYC are in the top 3 spots each with over 150 qualifying sales. Los Angeles comes in fourth, followed by Singapore then Sydney in the fifth and sixth spots. Not featured in the list is San Francisco — despite an average sale price much higher than Los Angeles, the rate of sales over $25 million is lower. So far, the top price in the city of Los Angeles was $100 million, however, it could be bested by a 157 acre plot of undeveloped land in Beverly Hills, currently listed at $1 billion.


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