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Global demand and California wealth driving up luxury home prices

On Behalf of | May 3, 2018 | Residential Real Estate |

Los Angeles has emerged as the leading market in the state for luxury residential real estate. In 2017, home prices set records. The top 10 home sales that year exceeded $5.4 million. Both domestic and international buyers have been choosing the Los Angeles area as their ideal location for primary or secondary residences. In 2016, the California Association of Realtors estimated that only 13 percent of luxury homebuyers sought property purely as an investment.

Southern California entices foreign and domestic luxury homebuyers. The year-round pleasant weather, beautiful beaches, fine dining and professional sports attract people for the regional lifestyle. Diverse luxury properties from beachfront estates to horse ranches also present something for every type of buyer. The strong economy of the region offers convenience to tech moguls and the international business elite. Millionaires created by the domestic technology industry and Southeast Asian business people can live close to the West Coast’s largest port and the entertainment industry.

The state forms one of the largest economies in the world. Depending on the year, the state ranks between sixth and eleventh worldwide for economic output. With an economy that’s nearly equivalent to nations like the United Kingdom, Germany and Japan, the state is positioned to be a hub of global commerce. With both lifestyle and economic features attracting the world’s elite, the luxury home inventory remains tight in Southern California.

With large sums of money typically on the table for luxury residential real estate, a buyer or seller might desire legal representation when completing a transaction. An attorney could review a deal and inform his or her clients about potential problems, like missing disclosures, title irregularities or unfavorable terms within a purchase agreement. Addressing problems at early stages with legal representation could prevent disputes and costly litigation.