Former model and television personality Tyra Banks is expanding the amount of properties at which she can strut her stuff. The magazine covergirl and governing body of “America’s Next Top Model” recently picked up a brand-new home in the Pacific Palisades for $3.295 million.
Banks bought the turnkey home through a blind trust, a deal in which much of the details have been kept quiet. What is known is that the property is fit for a supermodel. The contemporary luxury home features 5,200 square feet of living space. Throughout two stories the home houses a den/office, two fireplaces, four bedrooms and five bathrooms.
The home’s contemporary design allows for an airy, open concept main floor with lofty ceilings and wide-plank, white oak floors. The airiness is further complemented by the oversized windows, which allow plenty of sunlight to filter into the indoor space. Custom moldings line the rooms, giving them a simplistic sophistication. In the back of the home, sliding pocket doors open out to a vast lawn and outdoor living space outfitted with a fireplace.
Marketing materials for the home also called out an LED lighting program throughout the home and a European-inspired kitchen with quartz countertops.
Banks is no stranger to real estate investments. She owns a bevy of properties throughout New York City as well as luxury homes in Beverly Hills and Ladera Heights.
Pacific Palisades Luxury Market Update
It’s no wonder a supermodel such as Tyra Banks is interested in properties in Pacific Palisades. The community is one of the most luxurious that Southern California has to offer. According to Altos Research, a California-based real estate analytics company, the median single-family home value in Pacific Palisades is currently $3,418,654. Prices in this community have been on somewhat of a flatline since falling off from a high point of $4.30 million in March.
Throughout this period of price fluctuations demand has remained strong in Pacific Palisades as indicated by Altos’ unique measure of buyer demand and seller inventory known as the Market Action Index. With a neutral value at 30, the MAI indicates whether trends are moving high in favor of home owners looking to sell or low in favor of home buyers. The current MAI in Pacific Palisades is 41.27, which means there are more buyers than available homes on the market and thus a strong demand.
This demand is working with a stagnant inventory of about 70 properties on the market as of November 28. With a limited amount of properties and a large and eager buyer base, Pacific Palisades home owners may be able to expect their home values to climb over the coming months.
If you are interested in picking up a modelesque home in Pacific Palisades, please contact our team of luxury property experts today. We’d love to help you find the home of your dreams in any one of Southern California’s beautiful communities.