It’s true that for some time, the American real estate market was struggling. After the housing market collapse of the early 2000s it took some time for the economy to get back on its feet. But there are signs around the country that things are steadily improving, and here at Suzanne Dranow we’ve seen firsthand that the Los Angeles real estate market is thriving. In particular, the luxury real estate market is vibrant and filled with opportunities not only for sellers, but for buyers and investors as well.
A recent sale highlights just how strong the Los Angeles real estate market has become over the last few years. Michael Strahan, the retired football player who now works as a talk show host, sold his home for a staggering $21.5 million in February of 2015.
The deal was an off-market one, which also helps highlight the fact that not all of the major real estate purchases in LA take place through conventional means. However, regardless of how the home was sold, it proves that there is still demand for the kind of high-end, luxury homes that LA is famous for.
The house itself was built in 2013 and features an East-Coast traditional style design that was created by Winston Brock Chappell. Key features of the home include:
- One acre of property complete with mature trees and a large lawn
- 59 foot swimming pool
- 15,600 square feet of living space
- Three stories of decadence
- A prohibition style wine cellar with drinking lounge and glass that doubles as a TV
- Home theater
- A library with air filtration system for cigar smoking
- A sauna
- Two laundry rooms
- A full gym
- A game room
- Wrap around porch with ceiling heaters
- A covered cabana with barbecue, fridge, and fireplace
- Master wing with sitting room and fireplace
- Nine bedroom suites
- 14 bathrooms
The staggering home is a perfect example of California luxury, and even more impressive is that Strahan purchased the home for $16 million in 2013. In just two years, he managed to sell for a massive profit – proving that it’s a perfect time for buying investment luxury properties as well as purchasing your own dream home.
LA’s real estate market is thriving, and this recent sale proves just that. If you’re considering moving to the area or dipping your toes in its real estate development and investing scene, now is certainly the time.