If you’ve ever just stopped and stared at some of the breathtaking residences located in Southern California, there is a good – and valid – reason for doing so. That’s because a recent report has ranked Los Angeles among the top real estate markets for the “one-percenters.”
In fact, the newly released survey from Knight Frank found that the LA area is included in the category of ultra-prime residential real estate – just one of the 17 markets worldwide. So, what exactly does that entail?
According to the report, a real estate market may only be a part of this particular category if at least three homes have sold for a price in excess of $25 million in the area in each of the prior three years.
With that in mind, there have been more than 50 homes in Los Angeles since 2015 that have had prices of more than $25M – and that doesn’t even include Malibu – which is also included in the Knight Frank survey as a market all its own.
In addition to LA and Malibu, the other three U.S. areas that made the ultra-prime list this year were Palm Beach, Aspen, and New York City.
Credits: The Global Ultra-Prime Market 2019. Knight Frank.