Known for its often-outlandish celebrities, sprawling movie lots, great weather, surfing, and beautiful beaches, California is also home to some of the priciest real estate in the country — especially in Los Angeles County.
However, whether it’s in Southern California, Northern California, or even half-way in between, homes in the Golden State seem to run the gamut in terms of price tag.
In prime areas and sometime not so prime areas, some residential homes are listed in the millions. Other properties with ocean views and more acreage can easily be listed at the half-billion-dollar mark. Homebuyers who enter the California real estate market for the first time might very well find hunting for a home to be a very eye-opening experience.
Needless, to say, many new – or even second, or third time around home- buyers – might be caught off-guard at the high prices, as well as what they get for their hard-earned cash.
But they don’t seem to be deterred as sales and interest in the Golden State are strong and attracting buyers from all over the country and even the world.
According to an article on the website PropertyShark: “Regularly ranking among the 10 largest GDPs globally, and boasting easy connectivity and endless lifestyle options, California is an attractive real estate market for global investors, especially on the upper end of the spectrum. The flow of foreign money into L.A.’s luxury real estate market became more pronounced after the 2008 housing crash, especially from investors from Southeast Asia. While tech tycoons continue to invest in rapidly appreciating Silicon Valley communities like Palo Alto, Los Altos and Mountain View, they are also buying further south, in L.A. County, where prices are skyrocketing.”
The website reports “the top 10 priciest homes ever sold in L.A. County hit the half-billion mark in 2017,” and it decided to delve deeper into “finding the most expensive residential transactions of all time in the Golden State.”
The study further reports that with prices between $74M and $117.5M, the most expensive home sales in California’s history belong to celebrities, an heiress, and Japan’s wealthiest man, to name a few on the list.
The website also reports the “10 all-time priciest residential sales in California took place in L.A.’s Platinum Triangle of Bel Air, Holmby Hills and Beverly Hills, Malibu’s Billionaire’s Beach and the Silicon Valley communities of Redwood City and Los Altos.”
Here are some its other findings in terms of real estate transactions according to the article:
- The No. 1 most expensive home ever sold in California is located in Silicon Valley’s Redwood City. Designed by Allan Greenberg, it was purchased by Masayoshi Son in 2012, at a big price tag of $117,500,000.
- Malibu’s priciest home took the No. 2 spot –Hard Rock Café’s co-founder Peter Morton’s former residence sold for no less than $110M.
- Also on the list for $85M and considered one of the most lavish residences in the world, The Manor in Holmby Hills. It was built by entertainment magnates Aaron and Candy Spelling in 1988. It is currently owned by Petra Ecclestone, daughter of Formula One baron Brian Ecclestone.
You can check out the full story here: https://www.propertyshark.com/Real-Estate-Reports/2018/07/26/the-most-expensive-homes-ever-sold-in-california/