LA’s Luxury Residential Market Ends Summer With Rally

Leaving town early last week for the Labor Day holiday didn’t appear a likely option for luxury residential agents.

Los Angeles County saw a jump in signed contracts for homes worth $4 million or more to 28, for the week ended Sept. 1, according to the Eklund Weekly Luxury Report L.A. The contracts during the unofficial last week of summer amounted to $243.7 million.

The report counts properties in the MLS with asking prices of $4 million or more.

The totals are up from the prior week’s 18 homes under contract for a little more than $156 million. They’re also the highest since Douglas Elliman’s Eklund Gomes team began producing the weekly report in June.

Beverly Hills properties held the No.1 and No. 2 spots for last week’s roundup. Agents have said the city has benefited by not falling under the City of Los Angeles’ Measure ULA, often referred to as the mansion tax, which applies a 4 percent transfer levy on properties sold for $5.15 million or more, or 5.5 percent on those $10.3 million or more.

Last week’s top contract by listing price was 1240 Shadow Hill Way. It has an asking price just under $25 million, the same as when it debuted on the market in May.

Property records show the seller is Nahor Properties, which state filings show is led by Rohan Oza. The “Shark Tank” cast member is credited with building the Vitaminwater and Smartwater brands under parent Glacéau, which he joined in 2002 as partner and CMO. Oza later went on to co-found CAVU Venture Partners in 2016.

The Beverly Hills Estates’ Rayni Williams and Branden Williams have the listing.

The contemporary-style home sits on more than half an acre with six beds and seven baths. It has an 80-foot pool, double-gated motor court, home theater and guest house.

The week’s second-largest home under contract is 814 North Whittier Drive in the Beverly Hills Flats neighborhood, with a listing price just under $18 million.

The seller is a trust tied to Los Angeles socialite Crystal Moffett Lourd, according to property records.

Carolwood Estates’ Andrew Rhoda, along with Christie’s International Real Estate Southern California’s Alex Howe and Weston Littlefield, have the listing.

The property originally went on the market in late May for just under $20 million.

The home sits on nearly half an acre and totals five beds and eight baths across 7,861 square feet. The traditional-style home has a kitchen with professional-grade appliances, saltwater pool, BBQ area and court for various sports.

Single-family homes continued to dominate the market’s activity, accounting for 26 of last week’s 28 contracts, according to the Eklund report. Those homes were on the market for an average 118 days with the price per square foot averaging to $1,377.

The week’s remaining two contracts were condos, with the units available for an average of 64 days and an average price per square foot of $2,250.