FOR IMMEDIATE RELEASE
Australia’s best nominates Los Angeles as the pinnacle for luxury property
James Pratt, Australia’s leading real estate auctioneer and celebrity broker, has identified Los Angeles as the best place for a luxury property investment in 2018
Los Angeles, CA | 2018 – While the domestic strength of the Los Angeles luxury property market is no small secret, Australia’s top auctioneer has provided an international perspective which confirms that the US capital of glamour is viewed equally as favorable, overseas.
James Pratt, CEO of James Pratt Auctions Group, which is Sydney-based, has a strong reputation globally, including in Beverly Hills, James holds 17 national auction price records in Australia, is the host of the TV show “Only the Best”, and has a long list of celebrity auction clients.
Pratt is currently in the US and says that while other cities, including San Francisco and Sydney, finished 2017 with record growth, a number of factors combined, ensure that Los Angeles is the best place to purchase property within the world.
“The Los Angeles housing market finished 2017 with a 5.7% increase, taking its valuation to $2.7 trillion, the most of any city in the country, even ahead of New York!” says Pratt. There is also an argument to be made that LA is known to have the best weather and climate in the country.
In addition, businesses want to move to LA, it has the strength of entertainment, media and technology sectors, providing countless opportunities for entrepreneurs and visionaries.
LA is quickly developing a reputation as a major rival to San Francisco’s Silicon Valley, with leading company data analysts CB Insights, reporting in mid-2017[i], LA is home to two of the busiest trading ports in the world and a wide variety of major tech-driven businesses; ranging from transportation and aerospace, to consumer goods and electronics.
This is further enhanced by statistics showing that Southern California home prices surged 8.6% in November 2017 compared to the year prior, while the median sale price reached a record high of $505,000 in December.
In the luxury price point, Pratt says high end luxury homes continue to be in high demand and a force that confirms confidence in the market.
“For example, Kim Kardashian-West and Kanye West bought a 9,000-square foot Bel-Air mansion for $9 million in 2013, before selling it last November for $17.8 million,” Pratt notes.
Luxury broker, Tanya Stawski of Sotheby’s Realty in Beverly Hills, currently has the listing at 2227 Stratford Cir, in Bel-Air Crest, around the corner from Kim Kardashian and Kanye West’s recent sale. Stawski says demand for gated communities has increased, but in general, the LA real estate market is currently very active. Local and international buyers are purchasing multiple properties and there is a high volume of buyers in the ultra-luxury range.
Another recent example of the thriving LA luxury market is this month’s sale of the home of DJ Steve Angello, who paid $3.9 million for a 4-bedroom, a 4,500-sq. ft. home located behind the Hollywood sign, back in 2013, That same home just sold this January to DJ Calvin Harris for $5.5 million.
Pratt says, “From a global perspective, the value for money to be found in Los Angeles is second to none.”
According to Courtney Poulos, host of "My City's Just Not That Into Me", and Broker/ Owner of Acme Real Estate, “The hottest areas in Los Angeles for homebuyers now are the ones that offer buyers a lifestyle trifecta: live, work, and play.”
While there is scientific flaw in looking explicitly at “how much” over list price a property sells, Poulos says, “There is definitely an upward trend in prices. People who bought their homes even 5 years ago are making a huge return in the market now, and I'm sure they thought it was ‘top' of the market when they purchased!”
“A study[ii] shows single-family home sales were up 30% in the third quarter of 2017, and luxury condo sales had increased by 24% compared to 2016, which shows that buyers are continuing to find value in LA,” he says.
Usually you pay high prices for a luxury home in either a ‘lifestyle driven’ area or in a ‘business driven’ city landscape, but in LA you to have access to both, which is rare.
Over a number of trips to the US in the last ten years and with his company's global network, Pratt has seen how the market has adapted to meet demand.
“To facilitate the growth in luxury markets such as LA, real estate portals such as Juwai, Zillow and Realtor.com, have made the process of searching for international property and investing overseas easier and easier,” he explains.
For Pratt, this is why LA is the best lifestyle and business real estate market in 2018… in the world!
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About James Pratt Auctions Group
Under the direction of CEO James Pratt, the JPA Group is an award-winning high performance real estate auction company with a presence in Sydney, Australia and a strong reputation within Los Angeles, USA. Offering a range of high performance auction services, JPA Group has become the number one auctioneer of choice for celebrities, business tycoons and major companies in the global property market, James who is the CEO is also the host of the TV show Only the Best, and is currently presenting a new LA lifestyle pilot at present.