Bravo’s popular “Million Dollar Listing Los Angeles” stars are justifiably pumped about the current red hot market.
“The luxury real estate market is a seductive investment as many of the ultra-wealthy have doubled their fortunes by riding the bull market, cashed out, and are now putting their cash into tangible, usable investments, like real estate,” says veteran cast member Madison Hildebrand, The Malibu Life (Pacific Union Malibu) citing their recent 200 Toyopa Dr. $16.3 million both-sides sale.
Josh Flagg, Rodeo Realty, with recent Beverly Hills sales in the $10 million-$16 million range and current listings such as 815 N. Whittier Dr. for $11.49 million and 811 Hillcrest for $8.49 million, agrees that the market is “very, very strong. High-end properties will continue to stay steady. I don’t see a massive increase in prices, but I also don’t see a tremendous potential of property value going down.”
David Parnes and James Harris, left in photo, of The Agency report a record-breaking year “with over $520 million in sales earning us The Agency’s MVP Award. Most recently we represented two $30 million sales in Holmby Hills, and the third-highest sale ever in Malibu for $69.9 million.”
Josh Altman and Matt Altman of Douglas Elliman, California, Beverly Hills, who sold a Bradbury, Calif., estate for $39.9 million and represented both buyer and seller side of the Kim Kardashian/Kanye West $17.8 million deal, note: “We are seeing groundbreaking numbers in the high-end market, and we are setting records across the board. High-end buyers are more discerning than ever and require the best.”
Tracy Tutor Maltas, the show’s first female agent, with recent Malibu sales in the $10 million-plus range, says: “2018 is going to be all about servicing ultra-high net worth clients and new developments in Malibu. Malibu is, and always will be, one of the most exclusive, sought out neighborhoods in Los Angeles that continues to experience record-breaking sales year after year.”