The nation’s struggling economy continued to affect Los Angeles real estate prices this year, and the high-end luxury market was no exception. Luxury estates that hit the market in 2010 have undergone big price cuts and fluctuations, with homes in upscale neighborhoods seeing large-scale reductions.
Still, some high-end mansions have managed to sell in this down market. Real estate developer Mohamed Hadid’s Bel-Air estate, Le Belvedere, sold at $50 million (the highest-priced sold home this year). The Corona del Mar compound known as Portabello sold for $34.1 million.
These sales, however, were the exception and not the rule in real estate this year. The Los Angeles Times points out that “trophy deals,” like the sale of Belvedere and Portabello “are masking a larger malaise in the luxury market,” where the majority of luxury estates for sale, “are lingering for months without nibbles from buyers, real estate agents say. And although Southland home prices overall have rebounded from lows hit last year, the luxury market is still trending downward.”