The coronavirus pandemic has created opportunity in Los Angeles’ luxury housing market. Properties are selling, but usually for far less than original asking.
The latest examples are a pair of modern-style spec mansions that sold in Beverly Hills and Beverly Park last week, but whose owners accepted significant price chops.
A 16,450-square-foot home in Beverly Hills Flats sold for $24 million, nearly half the $45 million its owner asked when it hit the market last summer, according to Variety. Despite the haircut, the price is still one of the highest sales in the area recently.
The six-bedroom, 10-bathroom property was built by developer Essam Ali and designed by architect Roman James. Some of its more over-the-top amenities include a Fendi-branded kitchen and a seven-car garage with a 58-foot-tall wall animation complete with a turntable and sound system.
The Beverly Park property is a half-finished mansion that sold for $28.5 million, according to the Los Angeles Times. That’s an 18-percent discount from its $34.7 million price tag when it hit the market four months ago.
The property was long-owned by late film producer Richard Zanuck, where he had a 10,000-square-foot brick home. That was demolished to build a 27,000-square-foot mansion, which has not been completed. Plans call for 14 bedrooms and 17 bathrooms.
After the coronavirus battered the market for part of March and all of April and May, home sales Los Angeles County surged in June but still remain under their level at the same time last year. [Variety, LAT] — Dennis Lynch