LA’s Luxury Residential Market Takes Summer Vacation

Los Angeles’ luxury residential market went on summer vacation last week.

Signed contracts between July 8 and July 14 plummeted to nine, halved from the previous week’s total, according to a report from Eklund-Gomes. The report tallies signed contracts for Los Angeles County residential properties priced at $4 million or more.

Volume among those signed contracts totaled $50.9 million, lower by more than half from the previous reporting period’s total as dealmaking cooled.

Century 21 Plaza’s Enrique Campos has the listing for last week’s largest pending contract, a four-bed, four-bath home at 631 North Hillcrest Road. The Beverly Hills Flats property has an asking price of $7.5 million.

The property went into default last year, according to property records. The owner, Maria Elizabeth Montero Leon, filed for Chapter 11 bankruptcy in December, court documents show. A bankruptcy court judge later approved a 363 sale of the home, which allows proceeds from the transaction to pay back creditors.

The Hillcrest home totals 3,598 square feet and was built in 1941. It has a library, theater in the basement, pool house and garden.

Los Angeles County’s condo market, not as robust as single-family home activity, saw one signed contract last week.

It’s for a two-story penthouse unit at 10490 Wilshire Boulevard in the Blair House complex. It has a listing price of just under $7 million.

Coldwell Banker Realty’s Jade Mills and Re/Max One’s Matthew Goldberg have the listing.

Property records show the seller is a trust tied to the late Homer Milton Harvey whose father, Leo Harvey, founded the Harvey Machine Company. That business later became Los Angeles aluminum manufacturer Harvey Aluminum, which also involved Homer and his brother Lawrence Harvey.

The Wilshire Boulevard unit has four bedrooms and six bathrooms across 6,552 square feet. Views from its floor-to-ceiling windows include everything from the Hollywood sign and Griffith Observatory to Catalina Island.

Inside there’s a private elevator, spiral staircase, chef’s kitchen and bar. Outside it has three balconies.