A recent report from City National Bank and Beacon Economics highlighted real estate as a major factor in California’s economic recovery. The overall state economy grew by 4 percent for the second quarter of this year, reversing the 2.5 percent decline for the first quarter.
In total, California is now responsible for more than 13 percent of the economy of the United States. While business properties and leasing were major factors in real estate growth, construction and residential real estate were also major contributors to the gains made. It’s not difficult to see that the Los Angeles luxury real estate market plays a major part in California’s economic growth. Just a quick look at real estate news from the Platinum Triangle for September and October 2014 reveals just how buoyant the luxury real estate market has become.
Real Estate News for the Platinum Triangle, Los Angeles
One recent listing in Beverly Hills is a speculative build by the handbag tycoon Bruce Makowsky. The $85 million mega-mansion features an 18-seat theater and Dom Perignon stocked wine cellar, alongside a host of luxurious amenities and fitments. The new home has eight bedrooms and 15 bathrooms and sits on a hillside plot of one acre in the Trousdale Estate neighborhood, giving spectacular views. This is a pure speculative development by Makowsky who said:
“There was a void of homes for super-wealthy people . . . I don’t think there’s anybody who’s served up $85million-to-$100million homes at this level for somebody to step into and buy.”
It’s rumored that Beyonce’s husband Jay Z has already visited the property twice, although his agents refused to comment on the story.
Bruce Makowsky purchased the one acre site for $12.65 million in August 2012 and it will be interesting to see if any other top-notch developer will pick up the half-acre property above the Knoll and Greystone estates recently listed by the retired actress Peggy Lipton. Ms Lipton is selling the property for $4 million and it’s understood this is another tear-down home situated on a site that’s ideal for speculative development.
Platinum Triangle Living
The Platinum Triangle roughly consists of the neighborhoods of Bel Air, Holmby Hills and the city of Beverly Hills and residents of this Los Angeles luxury real estate neighborhood benefit from access to exclusive shopping facilities, rivaling Fifth Avenue in New York or the Champs Elysees in Paris. Local haute couture and jewelry stores include Van Cleef and Arpels, Giorgio Armani, De Beers, Valentino, Jimmy Choo, Prada and Tiffany’s.
Some of the best department stores in the world and auto showrooms featuring luxury supercars can also be found within the Platinum Triangle. While it goes without saying that only the best, most luxurious hotels and fine dining establishments make it into the Beverly Hills and Platinum Triangle neighborhoods. Some local restaurants and hotels include:
- The Peninsula
- Four Seasons
- Montage Beverly Hills
- The Hotel Bel Air
- Nic’s Martini Bar
It’s not difficult to see just how much the Los Angeles luxury real estate sector must have contributed to California’s overall economic recovery. While, understandably, the residents within areas such as the Platinum Triangle will continue to ensure California remains a major player within the economy of the United States as a whole.