The Blinding Effect of the “Mega-Listing”

“When you think about it, Million Dollar Listing has become a quaint title.”

Another agent chimed in, “In L.A. they should just call it Listing.”

I was at my office’s caravan review where we go over the broker open listings we saw earlier in the day. The review evolved into a discussion of the preponderance of the mega-listing.

There was a time, just a few years ago, that a $30 million listing would turn a few heads and get agents to take notice, but now the $30 million house barely ranks notice. “Did anyone see so-and-so’s listing on Lindacrest?”

“I did.”

“What did you think?”

“I don’t think it’s worth 33 million. Maybe 28.”

Other agents nodded their agreement and we moved on to the next listing. It’s difficult to be wowed by twenty and thirty million dollar listings when vacant land can sell for as much.

Even, and I can’t believe I’m actually writing this, even the $65 million listing has become a bit ho-hum. I’ve become immune to the wonders of the excesses in those houses (televisions that rise from pools, aquarium hallway walls that rival those in Las Vegas hotels), and I move from a sixty-five million home to see an eighty, then drive on to a $120 million listing.

The numbers themselves astound me, the houses, on the other hand, fail to impress me — not that they are not impressive, there’s just a point where excess loses its effect (much the way people discuss which is more painful: kidney stones or childbirth — let’s just agree that after a certain point, it just doesn’t matter).

The mega-listing is here to stay. And with even modest condos in West LA going for upwards of $800,000 (while more exclusive condos are selling for $5 million, $10 million, $15 million… you get the point), Million Dollar Listing does seem quaint. That’s why I like to travel to places like Tennessee, Vermont, New Mexico… Heck, even Iowa. Yes, they all have their million dollar listings, but in those places, people actually take notice.

March Market Report

Every month Douglas Elliman releases a “Micro-Market Report” that analyzes each area and sub-market in Southern California. Click here to read the report, and let’s talk about what’s going on in your area.Market Report

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