LA Luxury Residential Contract Activity Slows to $76M

In the words of Douglas Elliman’s Marcy Roth, last week was a “quiet” one for Los Angeles County residential contract activity.

Thirteen homes went into contract during the week ended March 2, reflecting $75.8 million in asking dollar volume, according to Douglas Elliman’s Eklund Gomes team. That’s a slide from the 17 contracts equating to $119.8 million in volume reported in the previous week’s Eklund Weekly Luxury Report Los Angeles.

Eklund Gomes’ roundup tallies homes and condominiums listed at $4 million or more in the MLS. No condos went into contract last week, although Roth pointed to the 10 new units added to the market’s inventory as a bright spot for the seven-day reporting period.

Homes in Brentwood saw the most activity of any neighborhood or city within L.A. County, with four properties going into contract there last week. The priciest home that went into contract last week in Brentwood was the $6.5 million property at 131 South Carmelina Avenue.

Sitting in the overall top contract spot for the county is 251 21st Street in Santa Monica, which has an asking price of $10.5 million.

Douglas Elliman’s David Solomon and Anna Solomon hold the listing on behalf of a Florida limited liability company called Mer Doun. The LLC is managed by Patrick Sarkissian, according to state records.

The deed on the property indicates the LLC paid $4.7 million for the home in 2019.

The six-bedroom, six-bathroom property spans 5,217 square feet. It has gated driveway, pocket doors, courtyard with fire pit and primary suite with its own terrace.

South of Santa Monica, coming in at No. 2 among last week’s top contracts, is a Hermosa Beach home on The Strand with a listing price of $9.3 million.

The seller is a company called Security Eat 382 Inc., registered by a 1031 exchange company in Mission Viejo, a state filing shows. The entity bought 212 The Strand in 2020 for $8.2 million.

Palm Realty Boutique’s Patricia Blakemore has the listing.

The home totals 4,399 square feet with four beds and six baths and sits a few steps from the sand. It has ocean views, a theater room, an office space and two elevators.