How to Buy a Luxury House
Posted On July 19, 2021
The word “luxury” has come to mean different things to different people.
For many people, it means luxury furniture.
For others, it can mean luxurious cars, fine jewelry, and even the most expensive designer shoes.
And for some, it could mean luxury vacations, designer dresses, and high-end art.
But what does “luxurious” mean for someone who’s looking for a house in the Los Angeles area?
According to Zillow, a real estate site that tracks luxury home listings, nearly every luxury house sold in the L.A. area in the past two years has been in the city of Los Angeles.
That’s according to the data, which ZillOW crunched over the past year and included sales data from the Real Estate Board of Greater Los Angeles and other sources.
The data also showed that in 2017 alone, the average price of a luxury home in the U.S. was $1.2 million, a 40% increase from 2016, according to Zellers.
While luxury homes are usually pricey, that doesn’t mean they’re always the most affordable.
While they may be a lot of money, the median home price for a family in L.L.A., the Los Angles metro area, is $1,500,000.
That number jumps to $1 million for a single person.
Zillows says the median house price in the entire L.C. area is $4,000,000 (the median house prices in some of the most densely populated parts of the state are in the $3 million to $4 million range).
That makes the median value of a $2.8 million home in Los Angeles nearly three times more expensive than the median for the rest of the United States.
A lot of these homes were built before the recession, but many of them are still worth the money, and that’s where the home shopping and appraisal services come in.
With the demand for luxury homes growing, Zillower says that luxury homes can be found all over the country.
If you want to buy one of these luxury homes right now, Zellow recommends checking out the website of an online appraisal service like Zillos Realty, Zendesk Real Estate, and other sites.