In today’s luxury real estate climate, there is one factor that is discerning typical homes from the ultra-upscale: individuality. Home buyers in Southern California have been setting records for the priciest homes being sold, which is revealing that there is still a market out there for the uber-expensive homes even in the face of economic recovery, however the market is changing.
In Southern California there is no shortage of luxury homes. Some have been inhabited by some of the richest and most glamorous inhabitants, however today’s luxury buyers aren’t necessarily looking to rest their heads where Hollywood’s hottest stars have in the past. Instead, buyers are moving toward brand-new, spec homes that are chock full of incredible features and amenities.
Los Angeles, in particular, has been a hotbed of super expensive spec homes, including one that was recently sold to Minecraft creator Markus Persson.
“No one is worried about it until the music stops. And it hasn’t stopped yet,” said agent Ben Bacal to the Wall Street Journal.
Hot homes on the market today are valued more for the work put into creating them than location, especially in locales like Southern California where nearly every community is ideal. This is evocative of a few decades ago when works from architects like Frank Lloyd Wright and Philip Johnson were revered and commissioned by elite home buyers.
What goes into building a luxury spec home?
Despite the hot market fueled by demand, spec home building isn’t for the faint of heart. When the sky is the limit in terms of the materials and services that are available to luxury home owners, it can be difficult to anticipate just what a buyer might want in a home.
“When you’re building a home like this, there is no budget,” says Shelly Osadon to Curbed Los Angeles.
Together with her husband, Osadon is financing a $35-million in Beverly Hills. The duo found rather early on in the process that spec home building can be quite challenging, but also rather rewarding.
From the beginning the Osadons set out to “wow buyers with amenities and design elements they didn’t known they wanted,” Mr. Osadon said to Curbed Los Angeles.
Along with the Osadons is another prolific Los Angeles home developer who isn’t letting a few county stipulations stand in his way. Celebrity developer Mohamed Hadid is currently working on an ostentatious megamansion in Bel Air. Despite having his building permits revoked by the Los Angeles Department of Building and Safety, Hadid has continued work on the house which is a reported 30,000-square-feet in size.
Although Hadid has been threatened with legal action if he doesn’t take down certain parts of the home that were built without being approved, the home will likely still find a buyer. Among the incredible features of the massive home are an in-home IMAX theater, a sushi bar and a 7,000-square-foot master suite.
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Check out these Los Angeles homes priced from $4 million to $8 million
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$5,250,000 : 8952 ST IVES Drive, Los Angeles3 beds, 4 baths
$6,595,000 : 12020 CHALON Road, Los Angeles5 beds, 7 baths
$4,995,000 : 1432 N KINGS Road, Los Angeles4 beds, 6 baths
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(all data current as of 8/17/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.