Los Angeles is filled with celebrities as well as a number of wealthy residents who aren’t quite as famous. And those residents are a huge reason that the LA real estate market has continued to flourish – particular where luxury properties are concerned. Here at Suzanne Dranow, we think that taking a closer look at a recent high-profile property sale could help show a few things about the LA market.
The sale in question is the February 2015 sale of retired NFL star turned talk show host Michael Strahan’s luxury home. Sold for an impressive $21.5 million in an off market deal, this sale is a perfect example of everything we love about the LA real estate scene. Here’s a closer look at some of the things this sale shows.
- Luxury Is In Demand – The property itself is a true example of incredible luxury. It features 15,600 square feet of living space spread throughout three stories, complete with amenities like a sauna, a home theater, a wine cellar, a gym, and an elevator as well as nine bedroom suites. The sale of the property shows that there is still a tremendous demand for luxury properties, and that buyers are looking for these luxury properties on a regular basis.
- Sales Happen In Numerous Ways – You might not be able to find everything you’re looking for just by browsing the open markets. This deal was an off-market deal, showing that sometimes it’s more about who you know and who you’re working with – not just about looking at online listings and choosing a home.
- Investments Are Still Paying Off – While the property sold for $21.5 million, what’s even more impressive is that just two years ago Strahan purchased the home for $16 million. That’s a solid profit of more than $5 million, proving that now is a perfect time for anyone looking to make a real estate investment in the region.
Simply put, this sale is proof that there’s still plenty of life in the LA luxury home market, and that you owe it to yourself to take a closer look at the properties out there. There’s more potential than you might realize, and there’s something luxurious for everyone.