Follow us for more exclusive content
Key Takeaways
- Globally, Los Angeles is known to be among the top luxury real estate markets, with the median sale price for a luxury home standing at $1.2M in 2023.
- If you're looking to purchase a luxury property, working with a luxury Realtor is essential as they tend to be very knowledgeable about the different upscale neighborhoods and market trends within the Los Angeles luxury real estate market.
- Some of the best ways of finding luxury homes for sale in Los Angeles include: Defining your criteria, working with an experienced luxury Realtor and considering exclusive listing services.
- Among the features that differentiate luxury homes include: High price points, unique architectural designs and top notch amenities.
Disclaimers
The contents of this article are for educational purposes only. They are not intended to be a source of professional real estate advice. You will find experts on real estate investing here.
Partner with the best luxury Realtor in Los Angeles!
When it comes to navigating the world of luxury real estate in the competitive Los Angeles market, working with a Realtor whose specialty is buying and selling Los Angeles luxury homes, can make all the difference.
Ila Corcoran is a licensed Realtor and SVP of Real Estate Operations and Advisory services at Bay Street Capital Holdings. As a holder of a Bachelor's degree, two minors from California State University Long Beach and a Real Estate License, she is the perfect Realtor to work with if you're looking to buy luxury property in the upscale neighborhoods of Los Angeles.
Ila is a long time resident of Los Angeles, and is very knowledgeable of the different elite neighborhoods and also of downtown Los Angeles. Ila has worked in both commercial and residential real estate but her passion lies in residential real estate. In the course of her career, she has handled the sale of many luxury properties in Los Angeles and beyond. Therefore as a luxury home buyer working Ila in Los Angeles or the greater Southern California region, rest assured that you're in great hands.
As a luxury real estate client, Ila can help you with:
- Identifying properties that match your unique preferences and requirements for luxury living.
- Accurately assessing the value of luxury properties that you're interested in based on factors such as location, amenities and recent sales data.
- Arranging private viewings and tours of luxury properties that match your needs and preferences, taking into account your schedule.
- Negotiating the best possible deal for a home that you're interested in, as she understands the intricacies of high-value transactions.
- Maintaining confidentiality during the transaction, to ensure that sensitive information is handled with great care.
Working as an investment advisor at Bay Street Capital Holdings, Ila has managed to successfully close $10.4+ million in real estate transactions, and has also effectively managed an asset portfolio valued at $2.2+ million. Beyond this, she played a pivotal role in securing investment capital of $25 million for Resthaven, a project dedicated to establishing inclusive and secure accommodation solutions within diverse communities.
If you're looking to buy luxury property in Los Angeles and the greater Southern California area and are looking for a qualified and experienced Realtor to work with, schedule a session with Ila today.
What is luxury real estate?
For many people, luxury real estate represents homes that are located in desirable neighborhoods like the Beverly Hills estates and in other gated communities in LA.
However, luxury real estate refers to properties that are characterized by their exceptional quality, unique features and premium amenities, typically targeted towards high-net-worth individuals. What sets these properties apart is the fact that they offer a level of exclusivity, comfort and opulence that is not easily accessible within the wider real estate market.
Features of luxury real estate properties in Los Angeles
While the definition of luxury real estate can vary based on location and trends in the market, here are a few common characteristics that are typically associated with luxury properties in LA.
High price point
Luxury properties are significantly more expensive than the average homes in Los Angeles. The price tag often reflects the property's location, size and unique features. In Los Angeles for example, a luxury home can cost you anywhere between $1.2M and $100M+.
Prime location
Luxury homes are usually located in prestigious neighborhoods and are often in close proximity to high-end amenities like fine dining establishments and shopping centers. In the Los Angeles area, some prime locations where you can find stunning property include Bel-Air, Holmby Hills, Pacific Palisades among others.
Unique architectural design
Many luxury properties in LA feature unique architectural design with features like vaulted ceilings, and are usually constructed using high-quality material.
These homes are often designed by renowned architects and designers. Some prominent architects in Los Angeles who have designed some of the most luxurious properties include Frank Gehry and Michael Maltzan.
Exclusivity and privacy
Luxury properties often provide a high level of privacy and exclusivity. Gated communities and well-designed landscaping contribute to a sense of seclusion. Some of the places in Los Angeles where you can find exclusive communities include Malibu, Beverly Hills and Santa Monica.
Top notch amenities
For a home to qualify as a luxury home in LA, it usually comes equipped with premium amenities such as gourmet kitchens with high-end appliances, smart home technology and stylish private pools.
Breathtaking views
Many luxury properties offer stunning views of natural landscapes, city skylines or other sceneries. If you're in Los Angeles and are looking for luxury properties that are close to the beach, you should consider neighborhoods located in Santa Monica, Venice and Malibu. However, if you're looking to live in a luxury home where you can enjoy the views of the city, you should consider neighborhoods located in Beverly Hills, Bel Air or Brentwood.
What is the average cost of luxury homes in Los Angeles?
According to data from Redfin, the median sale price for a luxury home in Los Angeles in 2023 is $1.2M.
It is important to note that the prices differ in different regions within the US as the average sales price differs in different markets.
How to find the best luxury homes for sale in Los Angeles
Finding the best luxury homes for sale in Los Angeles requires a great amount of research and working with the right luxury Realtor. Here are some tips to help you find the best luxury home in Los Angeles.
Step 1: Define your criteria
When searching for a luxury home for sale in Los Angeles, it is important to clearly define your criteria so that you ensure your needs and preferences are met. The first thing that you should be clear on is the desired location for your home.
You should also consider factors like proximity to essential amenities and also the distance to your workplace to avoid long commutes. Other important criteria that you should also consider include:
- Ideal property size and overall square footage
- Architectural design, whether it's modern or traditional
- Desired amenities like a pool, spa, gym, home theater or expansive outdoor space
- Your budget range and any flexibility you might have
- Your preferred view, whether it's the city skyline or oceanfront
By being very clear on what you want, it becomes easy to streamline your search. That way, it can become easier to find your perfect home in Los Angeles.
Step 2: Work with an experienced luxury Realtor
Teaming up with an experienced luxury Realtor is a smart move if you're looking to buy a luxury home in Los Angeles. This is because a local LA Realtor possesses a deep understanding of the local market and they can easily share with you tailored property recommendations that align with your preferences, saving you precious time.
With their exceptional negotiation skills and access to exclusive listings, they can also help you make well-informed decisions in order for you to secure the perfect luxury.
Step 3: Consider exclusive listing services
Many sellers of luxury properties in Los Angeles don't list their homes on multiple listing services, they prefer to work with exclusive listing services and well connected Realtors. Some of the top exclusive listing companies in Los Angeles include Sotheby's International Realty and The Altman Brothers.
As a luxury buyer, exploring exclusive listing services can help you discover prime luxury homes for sale in Los Angeles. These services provide access to unique and off-market properties that may not be widely advertised. Working with an agent who has access to such services can increase your chances of finding the ideal luxury home in Los Angeles.
Step 4: Engage in social media and online communities
Another way in which you can get access to luxury properties in Los Angeles is by following and engaging luxury real estate agents and agencies on social media platforms like Instagram, where they often showcase their listings. That way, you can get real-time updates on listings and market trends as shared by these industry experts and fellow enthusiasts.
You can also join online forums and communities that are related to luxury real estate to connect with other potential luxury buyers and real estate professionals in Los Angeles.
Step 5: Be patient and diligent
Buying a home is a big decision and so it is essential that you be patient and thorough in your search.
The Los Angeles luxury real estate market can be competitive, but don't let this rush you into making a final decision if you're not completely sure that that's the home you want to settle for. Take your time and work with a skilled agent who will help you find your perfect home at the best price.
We can help you find your luxury home!
As a potential luxury buyer, navigating the Los Angeles luxury real estate market by yourself can be quite hectic.
If you would like to work with a Realtor who is well connected and fully understands the dynamics of the luxury market in Los Angeles, then get in touch with Ila today. She will help you find the best luxury home that suits your needs and preferences.
Bay Street Capital Holdings
Bay Street Capital Holdings is an established Black-owned wealth management company that specializes in financial planning, investment advisory and risk management. The firm was founded by William Huston in order to advocate for diverse founders.
What makes Bay Street unique as a firm is its unique approach in tackling overall risk and volatility, while also focusing on making great profits.
In 2023, Bay Street managed to secure a spot as a finalist in the Asset Managers: Diversity, Equity and Inclusion category during the 2023 WealthManagement.com Industry Awards, as a result of their partnership with Resthaven Properties in the real estate sector.
Sources
https://www.investopedia.com/articles/personal-finance/092414/investing-luxury-real-estate.asp
https://harveykalles.com/5-tips-for-buying-the-perfect-piece-of-luxury-real-estate/
