Key Points:
- Last week was a slow period for luxury home contracts in Los Angeles County, led by a new build in Studio City.
- The property at 3274 Oakdell Road, which hit the market for just under $14 million, had the highest asking price among homes that went into contract.
- Total luxury contract volume reached $98.3 million across 14 deals, reflecting a decline from the prior week and a 25 percent drop compared to the same time last year.
Last week was slow in the luxury contract realm across Los Angeles County, with a Studio City new build listed for under $14 million topping all residential contracts inked. The home at 3274 Oakdell Road in Fryman Canyon was built by Studio Rob Diaz and M. Alexander Design. It posted the top price for the week based on a report compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team. The Eklund Weekly Luxury Report Los Angeles rounds up single-family homes and condominiums listed in the Multiple Listing Service for $4 million or more and lists the top contracts based on asking price.
The 6,500-square-foot five-bedroom home hit the market in March for just shy of $14 million and was also listed for rent at $88,000 per month in June. Roth noted the listing was at “an uncommon price point for the neighborhood.”
Equity Union’s Andrew Dinsky and Compass’ Jennifer Winston hold the listing for the home whose sale was pending as of Monday. Built on a 27,000-sqaure-foot lot, the mansion features a smart home system, media room, pool, guest suite, a glass bridge, private gym and wellness suite.
Including the Fryman Canyon home, there were 14 luxury contracts recorded in Roth’s report with a total asking volume of $98.3 million, which she called “a much quieter week for the luxury market.”
Last week saw less action compared to the week prior — which had contract volume exceeding $150 million — and was down 25 percent from the same week last year.
The second priciest home to secure a contract was The Elm Estate at 605 North Elm Drive in the Beverly Hills Flats, asking just shy of $13 million. The modern Spanish style mansion, which spans about 6,200 square feet, hit the market in April for nearly $14 million before taking a price cut in June. As of Monday, the sale of the 1924-built five-bedroom home was contingent.
Rochelle Maize of Nourmand & Associates-Beverly Hills holds the listing. Amenities include a pool house, chef’s kitchen, pool and spa. It’s unclear who the seller is, though they bought the property in 2022 for $6.6 million.
