Will Los Angeles Luxury Real Estate Become a Buyer’s Market?

Los Angeles’ luxury inventory is creeping up. Demand is a different story.

The supply-demand imbalance, reflected in the latest Eklund Weekly Luxury Report Los Angeles, offers signs of a possible slide to a buyer’s market with 114 new listings added to Los Angeles County’s inventory last week with an average absorption of 11.5 months. That compares with 84 listings in the prior week and absorption of just under 10 months.

“While it’s too soon to predict, should these trends continue, buyers in the luxury market will find themselves with more options and likely a corresponding increase in negotiating power,” said Marcy Roth, Eklund Gomes California managing director.

The Eklund Gomes team’s weekly report rounds up new signed contracts and listings of homes and condos priced at $4 million or more in the MLS.

In all, 25 contracts were inked last week, adding up to $198.9 million in asking dollar volume, according to the report. The total consists of 23 single-family home deals and two in the condo segment.

Last week’s top home under contract, per the Eklund report, was the $25 million listing at 813 North Alpine Drive in Beverly Hills.

Rodeo Realty’s Jimmy Heckenberg is the listing agent.

Property records indicate the seller is Yong Jin Chung, who placed the home on the market in January after buying it in 2021 for $19.2 million.

The seven-bed, 10-bath home is more than 11,000 square feet on a half-acre lot in the city’s Flats neighborhood. Highlights of the home include a dual staircase anchoring the two-story foyer, wine cellar, gym, spa, golf simulation room, pool and garage that can fit more than 10 cars, according to marketing materials.

Last week’s top condo contract is a unit at the Blair House in Century City, with an ask of just under $5 million.

Westside Estate Agency’s Mark Gruskin and Amber Abbitt have the listing.

The condo wasn’t sitting on the market long, going into contract eight days after the seller, a trust, placed the home on the market, according to property records and listing sites.

Unit 2202 at 10490 Wilshire Boulevard is about 3,500 square feet with three beds and four baths. It includes a primary suite with a walk-in closet and soaking tub. Other features of the home include a gourmet kitchen, wraparound balconies, dedicated entrance for service staff and open floor plan.

Blair House residents have access to a swimming pool and spa, tennis court, library, conference room and wine lockers among other amenities.