{"id":25014,"date":"2013-05-24T17:31:09","date_gmt":"2013-05-24T21:31:09","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=25014"},"modified":"2013-05-24T17:31:09","modified_gmt":"2013-05-24T21:31:09","slug":"average-price-of-luxury-home-in-los-angeles-rises-7-1-percent","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/average-price-of-luxury-home-in-los-angeles-rises-7-1-percent\/","title":{"rendered":"Average Price of Luxury Home in Los Angeles Rises 7.1 Percent"},"content":{"rendered":"

Image: LA Classic Estates<\/em><\/p>\n

In the first quarter of 2013, the average price of\u00a0luxury homes<\/a>\u00a0in Los Angeles County rose 7.1% compared to the first quarter of 2013.<\/p>\n

A new study by the First Republic Prestige Home Index by First Republic Bank\u00a0<\/i>indicates that the average price of a high-end home in Los Angeles for the first quarter of 2013 was $2.1 million, which is 1.9% higher than the average price in the final three months of 2012.\u00a0The Beverly Hills Courier<\/i>\u00a0reports that Billy Rose of\u00a0The Agency<\/a>\u00a0in Beverly Hills said, \u201cthe first quarter of this year was on fire.\u201d<\/p>\n

Los Angeles average luxury home price of $2.1 million compares to $2.8 million in San Francisco and $1.7 million in San Diego, and it is the highest it has been in almost four years.<\/p>\n

President and COO of First Republic Bank told\u00a0The Beverly Hills Courier<\/i>, \u201cLimited inventory exists in many areas, and buyer demand is accelerating for properties in the most desirable neighborhoods. Many homes have received multiple offers and are selling over the asking prices.\u201d<\/p>\n

Rose indicates that these results are a consequence of a \u201creal confidence in the economy, foreign buyers and wealthy people who no longer want to hold off buying homes.\u201d An observed lack of inventory has created what appears to be a \u201ctrue competition in the market.\u201d<\/p>\n

The study looked at homes in many high-end areas of Los Angeles, including Beverly Hills, Calabasas,\u00a0Malibu<\/a>, North Hollywood, Pacific Palisades, Santa Monica, Bel Air, Westwood, Brentwood and more.<\/p>\n

Like Haute Living Los Angeles? Join our\u00a0Facebook page<\/a>\u00a0or follow us on Twitter\u00a0@HauteLivingLA<\/a>. Want Haute Living Los Angeles delivered to your inbox once a week?\u00a0Sign up<\/a>\u00a0for our newsletter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Image: LA Classic Estates In the first quarter of 2013, the average price of\u00a0luxury homes\u00a0in Los Angeles County rose 7.1% compared to the first quarter of 2013. A new study by the First Republic Prestige Home Index by First Republic Bank\u00a0indicates that the average price of a high-end home in Los Angeles for the first […]<\/p>\n","protected":false},"author":11,"featured_media":25016,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,1],"tags":[303,179,127],"class_list":["post-25014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-news","tag-luxury-home","tag-luxury-homes","tag-luxury-real-estate","market-california"],"acf":[],"yoast_head":"\nAverage Price of Luxury Home in Los Angeles Rises 7.1 Percent<\/title>\n<meta name=\"description\" content=\"In the first quarter of 2013, the average price of luxury homes in Los Angeles County rose 7.1% compared to the first quarter of 2013.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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