The fall selling season kicked in with a vengeance in Los Angeles with some landmark sales, including a 15-plus-acre Benedict Canyon estate for just under $33 million and excellent activity across-the-board. Despite our record-breaking heat wave, well-priced properties moved at a brisk pace, as buyers took advantage of very low interest rates and a slight bump up in inventory. October (with November close behind) is historically considered to be one of the best months to find discounted prices because of the start of school and the run-up to the holidays, but with our inventory still at lower than normal levels that may not have been the case this year. According to the California Association of Realtors, home prices in the city of Los Angeles are up 9.6% over 2014 as of Sept. 15, and by New Year's that figure is bound to go even higher. Spotlight on Beverly Hills: Since its incorporation in 1914 by oil speculators who failed to strike black gold, the city of Beverly Hills has mined real estate gold and become internationally famous as a home to the rich and the richer. With some of the best public schools in the state of California and with a police department response time of about 2 ½ minutes, the city is one of the safest and most stable small cities in the U.S.
The downturn of the early 1990's took its toll on values, but the more recent Great Recession had almost no effect, and prices now stand at the highest they've ever been. According to The Agency's Q15 Report (compiled by my firm's Research and Development Group), values in Beverly Hills are up 38.8% over 2014, to $1,527 per square foot on 39 transactions. There are currently just over 100 residential properties listed on the MLS, with the lowest priced being a 648-square-foot condo asking $529,000, and the highest being a spectacular estate at Sunset Boulevard and Alpine Drive, on slightly over 1.5 acres with a palatial 28,000-square-foot, French style residence, asking a staggering $72 million. A more "normal" residence of 4 or 5 bedrooms, south of Wilshire Boulevard, can be had for $3 million to $4 million, so buying here is not for the faint of heart or light of wallet. Of course, when you live in these environs, you are within walking distance of some of the finest shopping and restaurants in the country. Saks Fifth Avenue, Neiman Marcus and Barneys anchor the shopping district on Wilshire, and many flagship fashion stores (Chanel, Armani, Hermes and Tiffany's, to name a few) are a short walk away, on Rodeo Drive. A myriad of eateries are nearby, from Wolfgang Puck's flagship restaurant, Spago and “Top Chef” host Curtis Stone's Maude (just 25 seats, so reserve far in advance) for a big epicurean night out, to more modest establishments like the venerable La Scala, famous for its chopped salad and my favorite, Spaghetti Bolognese, and Xi'an, for a SoCal (i.e. healthier) take on American-style Chinese food. (Ask for Kenny and tell him that Ed sent you. He'll steer you to a fantastic meal. Trust me, in the Hills of Beverly you won't go hungry or barefoot.) If you're looking for an evening's entertainment, the Wallis Annenberg Center, known to locals as simply The Wallis, is a fantastic venue for attending ballet, legit theater and concerts. I've spent some great evenings there, in the landmark former Post Office building (originally dating to the Roosevelt administration) with its spectacular Zoltan Pali designed addition, the 500-seat Bram Goldsmith Theater. In spite of — or perhaps because of — the hyperexpensive real estate, Beverly Hills is a terrific place to live and work; an exciting mix of glamour, imposing architecture, style and famous sights. As the saying from the film "Scarface" goes, "Nothing exceeds like excess!" And the excessive and fabulous City of Beverly HIlls is well worth a visit should you find yourself in our wonderful City of the Angels. This article originally appeared in MarketWatch.