Luxury Home Market Rebounds In L.A.

This Brentood house originally listed for $3,625,000; after seven offers a deal was reached within 10 days for the sale of the five-bedroom, six-bathroom home for $3.85 million. Source: Coldwell Banker Previews International via Bloomberg

Luxury Homes Spur Bidding Wars In L.A. As Market Rebounds -- Bloomberg

A week after Christine Lynch listed her house in the Brentwood neighborhood of Los Angeles for $3.625 million, she had seven offers. Within 10 days, a deal was reached for the five-bedroom, six-bathroom home -- and for $225,000 more than she asked.

“My first reaction was, ‘Wow, I guess we’re really doing this,’” Lynch, 55, said in an interview. The all-cash transaction was completed on April 23. “I was really surprised by this level of interest and how quickly it sold,” she said.

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My Comment: Too early to tell if the market is improving.