Home of the rich and famous, it comes as no surprise that Los Angeles is one of the metro areas with the highest total housing value in the nation. Here, even properties that boast exorbitantly high prices don’t linger on the market for long. But sometimes, an incredible exception appears among the ultra-high price tags. And, on even rarer occasions, that exception is on the same street as some of the most expensive pieces of real estate.
When reviewing some of the most coveted — and therefore, priciest — streets in the Los Angeles area in 2020, Point2 analysts found properties that not only had much lower price tags, but they seemed to belong to a different market altogether. With price differences ranging from $12 million to $120 million, the homes on our list might be on the same street, but they are worlds apart in terms of price.
Speaking of price differences — and as further proof that L.A. was one of the hottest and most dynamic markets in 2020 — many homes changed owners not once, but twice within the same year. In particular, analyzing homes that were bought and then sold again just a few months later, we discovered the five most profitable sales. The five homes on our list managed to fetch their former owners between $1 million and $8 million in profits.
- The properties that were on the same street but sold for incredibly different prices boasted price tag differences between $12 million and $120 million.
- Seven of the streets with the highest differences in price tags were in the famous zip code 90210, with four more in zip code 90077.
- 1175 N. Hillcrest Road, in Beverly Hills first sold for $38,325,000 in February of last year, only to change owners again in November for a much cooler $47 million.
Here are the top five L.A.-area streets with properties boasting the most impressive price differences. To see all the properties in our analysis, check out the full list here.
Top 5 Homes to Change Owners Twice in a Year, Reaping Biggest Profits
California has always been one of the hottest real estate markets in the nation, and 2020 was no exception. According to Forbes:
More than a fifth (21.4%) of the nation’s housing value resides in California. Homes in California are worth a cumulative $7.8 trillion, more than the next three states combined, and the state boasts four of the 10 metro areas with the highest total housing value — Los Angeles, San Francisco, San Jose and San Diego.
In this market, homes are flying off the shelves despite their eye-watering price tags and Los Angeles — with its own version of “Billionaire’s Row,” as well as its prestigious neighborhoods — is definitely setting the pace when it comes to market dynamics. Seen as status symbols, properties here sometimes change owners more than once in a year. But what properties were bought and then re-sold for the biggest profit? The following five homes earned their previous owners between $980,000 and $8,675,000.
- For this analysis, we looked at same-street transactions, focusing on the biggest differences between sale prices for the same type of property. All transactions were sourced from sister company PropertyShark.
- We started from the most expensive properties sold in 2020. For more relevant results, we only extended the search to a maximum distance of two miles on the same street.
- For the second ranking, we looked at homes with a minimum of two transactions in 2020. We then listed the top five properties that recorded the biggest difference between the first sale price and the second sale price.
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