Buyers seeking out a lush dream home in some of the wealthiest areas of Los Angeles need not worry about a lack of options. From the Westside of Los Angeles to oceanfront property in Malibu, there are numerous seven-, eight- and nine-figure homes currently available on the real-estate market, with agents finding homes for buyers in the most in-demand neighborhoods that the area has to offer.
According to Luke Weil, the CEO & Co-Founder at Andina Acquisition Corp. who is also quite familiar with the area’s real-estate market, many of these buyers are buying these properties only to tear them down. As astonishing as it may seem, the high-end market is thriving so much that buyers are spending exorbitant amounts on these properties simply to own the land.
Weil believes that these buyers have the means to get the best of both worlds: a custom-built home in an in-demand neighborhood. Since empty space is not available in these posh neighborhoods, these buyers are all too happy to pay millions upon millions of dollars for the right to demolish a perfectly good home.
Among the many homes that are currently on the market in Los Angeles include a property once owned by none other than William Randolph Hearst, a 50,000-square-foot mansion that is listed for $130 million and is available for lease at a rate of $600,000 per month. That property falls just short of the value of architect Jeff Greene’s Beverly Hills home, which is the priciest listing in all of the United States at $195 million.