When you have a very public life, every little bit of privacy is greatly valued. When you’re an “it” couple such as Kim Kardashian and Kanye West, privacy is valued so much that you’re willing to shell out an extra $2.925 million to have it at home. Recently, the celebrity couple paid just that much to buy a property adjacent to their exquisite Hidden Hills mansion.
With the hefty price tag, Kardashian and West acquired a 2,842-square-foot home and 149 acres of prime real estate in the exclusive neighborhood. The wood and brick home on the property will likely be demolished to make way for a new addition to the already sprawling estate the couple shares with their daughter and a collective of personal assistants, butlers and stylists no doubt.
Earlier this year, West and Kardashian paid $20 million for the ultra-luxurious home adjacent to their new property. That property includes a 15,667-square-foot home bedecked with eight bedrooms, rolling manicured lawns, an outdoor entertaining area, two massive swimming pools and a vineyard among other luxury wonderments.
West and Kardashian’s second purchase in their neighborhood is indicative of a trend of the ultra-rich to buy up multiple properties in a neighborhood for additional privacy and even more exquisite estates. Facebook CEO Mark Zuckerberg paid a collective $30 million for the homes surrounding his Palo Alto estate last year while Tesla CEO Elon Musk also bought his next door neighbor’s home in Bel Air for $6.75 million.
With Big Purchase, Luxury Home Prices Gain in Hidden Hills
With superstars such as Kanye West and Kim Kardashian paying out so much for multiple properties it’s easy to understand that Hidden Hills is one of the hottest suburbs to live in right now. Altos Research, a California-based real estate company, backs this up with evidence of a booming luxury real estate market.
According to Altos, the median single-family home value in Hidden Hills has been on a gaining trend since late October. As of December 26, the median single-family home value is $3,901,462. Despite a substantial dip in prices earlier in the year, the median home value has not dropped below $3 million all year and stands to only get stronger in 2015.
Hidden Hills is very much a buyer’s market, which may have been a great attractor for West and Kardashian. Altos measures buyer and seller favor through a unique value known as the Market Action Index. From a neutral value of 30, the MAI indicates with higher values that sellers are in favor and with lower values that buyers are in favor. The current MAI in Hidden Hills is 24.66. This is a very buyer-favored value as it indicates that there are more available properties than interested buyers.
In an ultra-luxury market such as Hidden Hills, this isn’t cause for concern. The buyer base is very exclusive and with only 25 properties listed on the market, buyers are working within very specific criteria.
If you are interested in the ultra-luxury homes for sale in Hidden Hills, please feel free to contact our team of luxury property experts to assist you today.