LA Inks $120M in Signed Resi Contracts

More inventory is piling into Los Angeles County’s luxury market as dealmaking struggles to keep pace.

Douglas Elliman’s Eklund Gomes team reported 100 new single-family listings added to the market last week as some industry watchers wait to see whether the trend shakes out to a full-blown buyer’s market.

The seven-day period ended Feb. 23 marked the second straight week that the inventory absorption rate rose, most recently going from 11.5 months to 17.5 months, according to the Eklund Weekly Luxury Report Los Angeles.

The report surveys Los Angeles County properties in the MLS listed at $4 million or more.

Eklund Gomes California Managing Director Marcy Roth cautioned against calling the situation a buyer’s market, saying “it’s too soon to make that prediction.”

Overall, Los Angeles County’s luxury residential market had 17 signed contracts last week, amounting to asking dollar volume of $119.8 million. All but one of the contracts were single-family residences. The totals are off from the 25 contracts adding up to $198.9 million in volume inked in the week ended Feb. 16.

Sitting at the top of last week’s single-family home contracts is 1120 Angelo Drive, with an ask of just under $13M.

The Beverly Hills Post Office property is listed by Coldwell Banker Realty’s Todd Baker.

The seller is a limited partnership called 1120 Angelo Drive with ties to an El Segundo address, according to property and state records.

The modern farmhouse-style home went on the market Jan. 20 and counts five beds and six baths across 6,224 square feet. Highlights include a roughly 14,000-square-foot lot, vaulted ceilings, steel and glass retractable walls in the great room, chef’s kitchen and butler’s pantry.

Last week’s sole condo contract was at the Rosewood Residences in Beverly Hills.

Compass’ Sally Forster Jones, Christie’s International Real Estate Southern California’s Tomer Fridman and Compass Development Marketing Group hold the listing for unit 3E at 9900 South Santa Monica Boulevard on behalf of Nahla Capital. The list price is $12.8 million.

Three beds and four baths comprise the residence, which spans 3,836 square feet.

The unit is one of 17 homes at the Rosewood and comes with a private elevator, service elevator and floor-to-ceiling windows. Residents within the community have access to a 50-foot rooftop pool and spa, gym, cabanas and barbecue area.