Many realtors in my local real estate market look with envy to Realtors who have a listing of a home above $4,500,000. What they do not realize is how tough of a market this segment is . The following is a chart for homes for sale or sold on the Palos Verdes Peninsula for a price in excess of $4,500,000:
There are currently 30 homes listed for sale for a price in excess of $4,500,000 with only 7 homes in that price range selling in the last 6 months. 3 homes are currently in escrow. Of those that sold, 2 sold quickly, while the other 5 took an average of one year to sell.
The expenses of selling homes in this price range also tends to be much greater than a lower priced home. To attract the quality of buyer in this price range requires advertising the home in higher end magazines.
Playing in this market requires a great deal of patience and the willingness to spend the money required to properly market the home, something only a few Realtors possess.
Be careful what you wish for.
For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at https://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.
