The California real estate market appears to be making a comeback, as home sales and pending sales rebound from staggering losses.
In fact, one real estate guru says luxury real estate in Beverly Hills and surrounding communities such as West Hollywood, Bel Air, Century City, Santa Monica and Malibu is hotter than ever.
Ikem Chukumerije is a top-producing celebrity real estate broker specializing in residential luxury sales, leasing, and financing in Beverly Hills.
His clientele includes corporate executives, professional athletes, entertainers and first time homebuyers in places like Beverly Hills, Hollywood Hills, Malibu, Bel Air and Santa Monica.
"The economy has definitely impacted my business, but in a great way," says Chukumerije. One of his past listings in Beverly Hills was available for $1,395,000 and sold within 27 days for 1,495,000 with multiple offers.
The average price per square foot for Santa Monica is currently $614, an increase of 1.2 per cent compared to the same period last year. In Malibu, the average is $815 per square foot, up 16.6 per cent from the same period last year, while the per-square-foot price average in Los Angeles is lower at $266, up 7.7 per cent - the same period last year.
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