Los Angeles

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A homes sale in the Hollywood Hills has broken new pricingrecords. Rannie Huang-Greer of Ten XRealty sold the two-property home in the submarket'sfamous Bird Streets in two separate transactions totaling $75.5million. The previous record for the neighborhood was set in 2012for $39 million. The two transactions were $42.5 million and $33million.

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"I have been working with the client for more than two years,and we were looking in Northern California in the Bay Area and inLos Angeles," Huang-Greer, a broker at Ten X Realty, tellsGlobeSt.com. "The timing was just right for this property, and themarket is really good. I try to help my clients understand thecurrent market trends and how they can get a potential return ontheir investment, whether they are going to live there or not."

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The luxury real estate market is hot, according to Huang-Greer,and not just in Los Angeles but throughout California. "In the BayArea, Los Angeles and even San Diego, the luxury markets are doingreally well. A lot of agents and a lot of buyers expect that themarket is going to continue to go up," says Huang-Greer. "That iswhy my buyer ultimately pulled the trigger and bought theproperty."

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The luxury market can be difficult to track because many of theproperties are quietly for sale. "A lot of luxury homes are not onthe market. Most of these properties trade hands in off marketdeals," says Huang-Greer. "For that reason, networking becomesreally important. One of these deals was an off-market transaction.The owners were actively looking for buyers."

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A strong local and national economy is driving demand for luxuryhousing in California. In addition, California is still consideredaffordable compared to other luxury real estate in the globalmarket. "The economy is good; the stock market is good; andinterest rates are low," says Huang-Greer. "If you look at globalreal estate, even the $40 million transaction is still relativelyinexpensive compared to other markets, like a penthouse in HongKong, Shanghai or Beijing. It is a big purchase, but compared towhat you can buy in Asia, the pricing has not reached to a pointthat people cannot afford."

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In addition, Huang-Greer expects pricing to continue to increasein California this year. "For sure, that will happen this year,"says Huang-Greer. "There are so many higher priced listings outthere, so there is a lot of opportunity for larger sales."

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.