The celebrity-adored, gated-community of Brentwood is about to lose a little bit of its star wattage as Oscar-winning actress Reese Witherspoon has listed her exquisite, private estate located in the neighborhood in anticipation of her reported move to the Pacific Palisades.
The main residence of the property is a sprawling five-bedroom, 5.5-bathroom Spanish-style villa situated on a double lot. The home is all-at-once cozy, bright and airy. The entryway of the home features a two-story foyer and sweeping staircase. Vaulted ceilings abound throughout the residence’s rooms, which include formal living and dining rooms featuring rich wood ceiling accents, a library and an eat-in kitchen with French doors that open out onto the richly manicured grounds of the property.
The master suite is an ideal oasis for parents or busy professionals looking to escape after a long day. The sanctuary features a vaulted ceiling, cozy fireplace, luxurious marble bathroom and his-and-hers walk-in closets. Adjacent to the very private bedroom is another room that makes for the perfect home gym or office.
The grounds of the home are ideal for outdoor entertainment. The property boasts a swimming pool, spa, fire pit and built-in barbecue pit. The spacious patio also offers plenty of space for dining and socializing.
Witherspoon and her husband, Jim Toth, purchased the parcels of land that comprise the property piecemeal, starting in December 2003 and finishing all overhauls in December 2013 for a grand total of just over $11 million. The property with the main residence can be purchased for a cool $10.5 million, with an option to buy the adjacent 28,870-square-foot-lot for an additional $3.5 million.
Los Angeles Real Estate Market Update
As a smaller community located within Los Angeles, Witherspoon’s Brentwood neighborhood is a part of one of the most rapidly appreciating housing markets in Southern California. According to Altos Research, a California-based real estate analytics company, the median single-family home value for all of the Los Angeles metropolitan area is $640,760 as of June 20. This value has been on increasing for three solid months now, and with an increasing demand for Los Angeles homes, it doesn’t look to be slowing down any time soon.
Altos measures buyer and seller power within housing markets using a unique value known as the Market Action Index. From a neutral value of 30, the MAI indicates who exactly has the power in any given market. At 42.54, home sellers are in control in Los Angeles as they are the minority and are thus seeing less competition in attracting buyers.
These conditions will no doubt help to drive home prices even higher over the next few weeks. Home buyers can look forward to a slight increase in home inventory before appreciation rates are regulated and the market gets on a more even playing field.
Do you want to bring your own star wattage to any one of the magnificent neighborhoods in Los Angeles? Please contact our team today, as we would love to assist you in finding the perfect luxury home that meets all of your real estate needs.
Check out these Los Angeles homes priced from $2 million to $3 million
$2,995,000 : 10537 CUSHDON Avenue, Los Angeles5 beds, 3 baths
$2,278,000 : 2437 N EDGEMONT Street, Los Angeles3 beds, 4 baths
$2,975,000 : 12424 W SUNSET, Los Angeles4 beds, 4 baths
$2,149,000 : 1855 REDCLIFF Street, Los Angeles3 beds, 3 baths
$2,099,000 : 10128 EMPYREAN Way #204, Los Angeles2 beds, 3 baths
See all City of Los Angeles Luxury Homes For Sale.
(all data current as of 10/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.