Spec mansions top LA's $94M in signed contracts
The work of speculative developers caught buyers' eyes with the two largest homes to go into contract last week representing new builds, according to Douglas Elliman's Eklund Gomes team's Eklund Weekly Luxury Report Los Angeles.
The weekly roundup counts Los Angeles County properties listed in the Multiple Listing Service for $4 million or more. The eight-bed, 10-bath home at 2180 Stradella Road in Bel-Air topped the report based on its $16.5 million asking price, which pencils out to $1,744 per square foot.
Rouja Koleva of The Agency has the listing, according to property records. The seller is developer Ramtin Ray Nosrati, who paid $8.5 million for the property in 2018. The home, which is still under construction, spans nearly 9,500 square feet and includes a home theater, gym, and infinity pool.
The second-largest home to go into contract last week was a 9,000-square-foot property at 1231 Lago Vista Drive in Beverly Hills, listed for $14.5 million, according to the report. The home was designed by architect Paul McClean and features a rooftop deck, pool, and spa. The listing is held by Branden and Rayni Williams of Hilton & Hyland.
The luxury market in Los Angeles has been booming, with a record $94 million in signed contracts last week alone. The surge is largely due to the rise of spec mansions and new developments, which are catching the attention of buyers.
"We’re seeing a lot of new construction and we’re seeing a lot of spec homes that are being built," said Fredrik Eklund of Douglas Elliman. "It’s very, very popular to have that new build, that new home with all