Last year was a good year for real estate across the nation, but it was exceptional for a large portion of the Westside. By the end of 2018, LA had become pricier than even NYC, with many Westside neighborhoods ranking in the top spots.
Let’s get a quick overview of how the area did as a whole:
- LA had 16 of the most expensive neighborhoods
- Malibu had 14 of the priciest neighborhoods
- Santa Monica had 7 of the most expensive neighborhoods
- Beverly Hills had four pricey neighborhoods
And that is not all. The Pacific Palisades increased dramatically in the showing with the following:
- 189 sales
- 10% increase in median sale price
But that is just the tip of the iceberg in terms of a great real estate year for Westside neighborhoods.
Two Pricey Westside Neighborhoods in Malibu
Malibu Colony Beach/Malibu Road was the most expensive neighborhood in 2018. Even though it dropped 11%, it did not lose its ranking from 2017. Why? Because the median home sale price was $10,650,000. That’s significantly higher than the area’s median price of just $705,000, which is up about $50,000 from last year. It’s also almost three times higher than the priciest NYC neighborhood of TriBeCa with a $3,850,000 median.
The high priced sales of this neighborhood helped it keep its top spot. For instance, one home owned by a Canadian billionaire brought in $85 million. In addition to being one of the most expensive homes ever sold in California, it also boasts the longest private residence swimming pool in the state.
Beverly Hill Gateway took the 2nd spot in the list due to a median sale price increase of 31%. The median sale price was $10.05 million. The top sale was an almost $34 million mansion in March.
Two other Westside communities saw huge growth. Hollywood Hills had a 26% increase in median sale price to $1,610,000 and Brentwood saw a 24% increase to $2,276,000.
For more information about the market in different Westside neighborhoods, please give me a call. I’d love to talk about how these numbers will affect you whether you plan to buy or sell.