Source: The Hollywood Reporter
Even if, as many experts anticipate, 2016 goes down in history as the high-water mark for the current boom in Los Angeles’ luxury real estate market, it will have been one heckuva run. It’s been five years of scorching-hot growth for L.A.’s residential market and things have barely cooled with the median home price on track to increase 7 percent in 2016 over the previous year.
The year started off strong and held steady through each fiscal quarter. But it was the waning months that will be remembered as redefining what constitutes a momentous real estate sale, at least in the high end of the market. Capping off 2016 were a trifecta of astronomically huge deals that started with the record-setting sale of the Playboy Mansion in August and went on to include a few other choice parcels of real estate that bear some of the city’s most remarkable history.