Beverly Hills has long been synonymous with expensive mansions, and a new report out from Christie's International Real Estate (via Forbes) confirms they're top of the heap. The report, which is called "Luxury Defined" without ever defining what it means by "luxury," found that Beverly Hills had the highest average starting price for a "luxury home" of any other major international cities—$8 million. New York's point of entry into the luxury market was $5 million; San Francisco was $3 million.
The report did note that the highest-priced houses were trading hands, on average, for about 14 percent less than their listing price last year. The "notoriously unsellable" Fleur de Lys, which finally sold in 2014, was LA's top sale at $88 million (in an all-cash sale!!)—still a staggering sum, but significantly less than its $125-million pricetag. And the ludicrous Beverly Hills spec mansion with candy room and decorative motorcycle, which set a record for Beverly Hills when Minecraft creator Markus "Notch" Persson bought it for $70 million, was originally asking $85 million. Still painfully unreachable amounts for most of the world, but a big old disappointment for the sellers.
Los Angeles ("referencing Beverly Hills and surrounding") was also among the top 10 cities in 2014 for luxury real estate, which is a little better defined than "luxury home": to rank the markets, Christie's assessed "two types of market dynamics: those that measure the relative 'luxuriousness' of a market and those that take its overall 'temperature.'" Multiple factors that go into those calculations are broken down here:
· 2015 Global Luxury Real Estate White Paper [CIRE]
· BREAKING: Minecraft Creator Snatches Bonkers Bev Hills Megamansion From Beyoncé and Jay-Z For $70MM [Curbed LA]
· Holy Shit: Notoriously Unsellable Fleur de Lys Sells For Record-Busting $102 Million in Holmby Hills [Curbed LA]