(Bloomberg) — Home prices in high-end Los Angeles neighborhoods including Beverly Hills, Santa Monica and Bel Air have surpassed levels reached before the housing bubble burst even as values in the region’s broader market continue their recovery.
In areas including the Westside and downtown Los Angeles, the median price of single-family homes and condominiums was $885,000 in the fourth quarter, up 7.3 percent from a year earlier and 0.7 percent from the previous three months, brokerage Douglas Elliman Real Estate and appraiser Miller Samuel Inc. said in a report Thursday. It was the first by the two firms for the country’s second-largest city.
“It’s what we’re seeing in Manhattan and in high-end housing markets across the country,” Jonathan Miller, president of New York-based Miller Samuel and a Bloomberg View contributor, said in a telephone interview. “There’s been this general shift toward higher-end real estate, less dependent on financing.”