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Los Angeles Westside and Beverly Hills Market Update for June 2022
Beverly Hills, BHPO, Bel Air, Malibu, Sunset Strip, Holmby hills, Hancock Park, Brentwood, and Pacific Palisades

477 sales closed over $5 million this year compared to 451 in 2021 +5%
165 sales over $10 million compared to 148 in 2021 +11%

$40,000,000 + 13 in 2022 vs 6 in 2021 Up 115%
$30,000,000 + 21 in 2022 vs 11 in 2021 Up 90%
3 pending sales over $30 million
$20,000,000 + 42 in 2022 vs 38 in 2021 Up 10%
8 pending sales over $20 million
$10,000,000 + 165 in 2022 vs 148 in 2021 Up 11%
28 pending sales over $10 million
$5,000,000 + 477 in 2022 vs 451 in 2021 Up 5%
96 pending sales over $5 million.

42 Sales over $20 million
6 Beverly Hills
8 BHPO
7 Bel Air
9 Malibu
1 Sunset Strip
1 Holmby hills
2 Hancock Park
1 Brentwood
7 Pacific Palisades

Christophe Choo is in the top 1% of brokers internationally with 32 years of experience as the President of the Christophe Choo Real Estate Group at Coldwell Banker Global Luxury Real Estate in Beverly Hills. The #1 producing office in the United States for 24 years and the most comprehensive source for luxury real estate listings, from estate homes to luxury condominiums, incredible tear-down opportunities, and investment properties. Christophe was voted as the #1 Real Estate Video Influencer for North America in 2018.

Based in Beverly Hills, California, The Christophe Choo Real Estate Group provides exclusive luxury homes for sale on a local, global and international stage. Hence the tagline: “Locally Known – Globally Connected”.

Search for luxury properties in your area, whether in the “Platinum Triangle” areas of the Westside of Los Angeles of Beverly Hills, Holmby Hills, and Bel-Air or in The Sunset Strip, Hollywood Hills, Brentwood, Westwood, the Wilshire Corridor, Century City, Pacific Palisades, Santa Monica, Malibu, Venice, Marina Del Rey, Cheviot Hills, Hancock Park, Los Feliz and the key Westside areas of Los Angeles, the Christophe Choo is the luxury Realtor that can help you achieve your selling or buying goals in Los Angeles.

If you work for any of these companies in Silicon Beach then this is a perfect location for you. Startups seeded here include Snapchat and Tinder. Major technology companies that opened offices in the region including Google, Yahoo!, YouTube, BuzzFeed, Facebook, Salesforce, AOL, Electronic Arts, Sony, EdgeCast Networks, MySpace, Amazon.com, Apple, Inc., and Netflix

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The Christophe Choo Real Estate Group
Coldwell Banker Global Luxury
Beverly Hills Realtor | Luxury Real Estate Agent
Email: [email protected]

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Christophe Choo Luxury Real Estate Series – Beverly Hills & Los Angeles https://christophechoo.com

Transcription: Good morning from beautiful

Beverly Hills, California.

I’m Christophe Choo with the Christophe

Choo Estate Group.

And I’ve been selling real estate

now for 33 years.

I want to share with you a little bit

about the housing market forecast

in real estate for 2022

and let you know

what’s going on here

specifically in our L.A., Beverly Hills

Westside Luxury Market.

Well, the interesting thing is

there’s a lot of talk out there

and rumor in the media,

particularly trying

to give a negative slant

on the real estate market.

However, if you really look

at the data and facts,

it’s really not the case.

Just like when COVID

started a couple of years ago,

everyone was worried

the market’s going to crash.

We’re going to see

a flood of foreclosures.

We did a lot of videos

because the data simply did not support

those thoughts and opinions.

So these are, of course, still opinions,

but I do believe they are correct.

So I thought I’d share a little bit

about that for you.

So right now, even though

a lot of buyers are thinking,

oh my God, the market’s going to drop,

prices are going to go down,

that’s simply not the case.

The forecasts for price appreciation

across the United States

through this year

is based on seven different forecasters.

One is the MBA Mortgage

Brokers Association.

Zelman NAR HPES CoreLogic,

Freddie Mac and Fannie Mae.

So right now, the

expected price appreciation

United States is between 6.2% to 10.8%.

And this is actually upgraded

since the forecast

before the end of last year.

So the average forecast

for price appreciation

United States this year is 9%.

Why is that?

The stock markets

go down as crypto goes down and as the

world financial markets kind

of change and shift, people

put their money back in real estate.

And also with inflation,

the best hedge against

inflation is real estate.

Now, part of real estate has been fueled

by the low mortgage rates, of course,

and mortgage rates are expected

to continue to rise.

They’ve risen almost two points

in the last few months,

very, very quickly,

and they’re expected to rise

even further towards the end of the year.

We might even see rates as high as 6%.

But when you look historically,

we’re still at great close

to historically low rates.

And back when I started,

rates were 16, 17%.

So 6% is still a pretty darn good deal.

And in terms of home sale projections,

we will see a little dip

in the number of home sales this year

because as rates go up

for the first time buyer

market, there will be buyers

that will not be able

to afford their first time home

because rates have gone up substantially.

So that will affect the number of sales

and we’re still low overall in inventory.

So right now, the total home sale

forecast is they’re forecasting a 6.3%

increase in home sales by NPR.

Fannie Mae is suggesting 6.4% increase.

Freddie Mac is suggesting

a 6.7% increase.

And the Mortgage Brokers

Association is suggesting

a 6.9% increase.

So overall, it looks like

the number of sales

is going to continue to increase,

interest rates will increase

and values will increase

possibly by 10% this year.

So it’s still an excellent time to buy.

So what’s going on

specifically in our L.A.

Westside Luxury Market?

And we’re now in June of 2022.

So we have almost

all the data for six months.

And our luxury market

here is 5 million plus.

That includes Beverly

Hills, Bel Air, Beverly Hills Post

Office, Holmby Hills, Brentwood,

Los Feliz.

Hancock Park. Malibu.

Century City.

Hollywood Hills. Sunset Strip.

So so this is some of the main areas

that we’re talking about.

So right now, so far this year,

there have been 477 closed

sales, over $5 million

compared to 451 in 2021.

So we’re up about 5% year over year

in terms of the number

of sales, over 5 million.

So that’s somewhat in alignment

with the projections of of the

different economists,

the 165 sales this year, over 10 million

compared to 148 in 2021.

That’s an 11% increase in the $10 million

plus properties.

So what you find is doing interesting

as I go through the rest of the data,

the higher the price point,

the higher the number of sales.

So obviously the super rich we have

who can afford it

20, 30, $40 million plus home there.

They believe in the marketplace

and that’s why they’re continuing to buy.

So in our $40 Million

Plus range here in the west side of L.A.,

we’ve had 13 sales so far

this year, over 40 million

versus six in 2021.

That’s almost double

what it was last year.

It’s pretty significant.

And that was higher than the year

before, of course.

And the $30 Million

Plus sales,

we have 21 sales so far in 2022 versus

11 in 2021 saw up 90%.

So again, almost double in the $30

million price range.

And there are currently three sales

pending over 30 million

in our marketplace.

20 million plus.

It’s not quite as strong.

We have 42 sales so far closed this year

versus 38 in 2021.

So we’re up 10%

and there are currently eight homes

pending over 20 million

in our marketplace, 10 million plus.

We have 165 sales in 2021 versus 148

I’m sorry,

165 sales in 20.

22 versus 148.

2021 saw up about 11%.

And we have 28 pending

sales, currently over 10 million

and then 5 million

plus we spoke about earlier.

477 sales this year versus

451 in 2021 saw up about 5%.

In overall,

there are 96 pending home

sales right now,

over 5 million in our marketplace.

Now, what are the top areas

where people are buying property?

Specifically over 20 million.

And again, there were 42 sales

so far this year.

So Beverly Hills is always towards

the top of the list.

We have six properties sold in Beverly

Hills, over 20,000,008 in Beverly

Hills Post office.

That’s kind of unusual.

We don’t typically see that many sales

in the Beverly Hills Post Office area.

And for those of you that aren’t aware,

Beverly Hills Post

Office is a Beverly Hills address

in Beverly Hills, California.

90210 But you’re

technically in the city of Los Angeles,

so it’s in the hills

just directly above the city

of Beverly Hills,

where we have gated

communities like Beverly Park

and other communities there,

where homes can be

20, 30, 4000 plus million.

There’s some listings up,

150 million currently.

So six sales in Beverly Hills,

eight in Beverly Hills Post

Office, seven in Bel Air.

Bel-Air is always

on the top of Malibu.

They’ve been nine

significant sales

in Malibu, over 20 million

on the Sunset Strip.

The Sunset Strip has seen

a little bit of a slowdown.

Holmby Hills has had

one two in Hancock Park this year,

which is a bit more than usual.

And Car Park is

an older, established community

that was kind of established

early in the 1920s,

kind of in the center of Los Angeles,

and even had two significant sales,

over 20,000,001 in Brentwood

and seven in Pacific Palisades.

So overall, the market is continuing

to be very, very strong,

particularly the higher end you go.

And with projected price

appreciation of 6 to 10%, projected sales

increases of 6 to 7%,

the market is strong and healthy.

And like I said, rates

will continue to go up

very likely this year,

which will affect

some of the buyers in the marketplace.

However, in our luxury market,

very few homes are

purchased with mortgages.

It’s primarily a cash market,

which is part of

why we’re seeing

still very, very strong sales

in our upper markets here in the L.A.

luxury marketplace.

So I hope that’s helpful to you.

Give me a little

tidbit of information of what’s

going on here in Los Angeles

and Beverly Hills on the west side.

If you’re looking to purchase a home

or sell your home.

I’m Christophe Choo with Coldwell Banker

Global Luxury in Beverly Hills.

And we’d be happy to serve you

with all your real estate needs.

Thanks so much.

And I hope you enjoyed this video

and stay tuned for the next one.

And if you like to

subscribe to our channel,

you’ll get updates

on all of our new videos,

market updates, property tours

and just all around the fun

lifestyle, the Beverly Hills and L.A.

in the luxury world.

Thanks so much.

And I’ll see you all real soon.

Call Christophe Choo at (310) 777-6342