The Vanishing Market For $100 Million Homes
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Only Los Angeles, where the luxury market had its best year on record in 2015, seems immune from the high-end chill. There were 482 closed sales over $5 million last year on the west side of Los Angeles, compared to 442 in 2014. Thirty-seven were for $20 million or higher, more than double the 14 at that price point in 2014. Notably, most of the $20 million-plus sales were to Americans; four were to Chinese and six were to nationals of other countries.
“We had a wonderful year last year,” says Steve Frankel, an L.A.-based luxury broker with Coldwell Banker Previews International. “We’re not completely dependent on China taking a downturn. There’s plenty of high-end money in Los Angeles and also from people moving from New York.” This year is off to a slower start, with luxury sales volume slightly down in January 2016 compared to one year earlier.
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