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LA luxury real estate market set for further growth in 2016, says Woodbridge Wealth

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Los Angeles luxury real estate continues to provide opportunities for speculators, and will continue to be one of the world’s best real estate markets through 2016 and beyond, according to Woodbridge Wealth CEO Bob Shapiro.

Shapiro, a veteran of real estate and its financial products, says global economic forces and increasingly impressive spec homes will ensure the area’s vitality.

“LA continues to be one of the hottest real estate markets, not to mention one of the most enjoyable places to live,” says Shapiro, whose company Woodbridge Wealth offers real estate-focused financial products to high-net worth individuals, families and financial advisors.

According to Trulia, the average sales price for homes in LA’s 90210 zip code have risen 21% in the past year, with the price per square foot up to USD916, up from USD876. With the economic stability in question among investors, especially those abroad, many are looking to put their cash into real estate. A series of recent laws in some states means that LA is one of the most accessible US real estate markets for foreign investors.

Noting the continued trend, Shapiro’s company recently purchased the former home of Hard Rock Café founder Peter Morton. The Spanish-style home at 1001 Hanover is located in the prestigious Holmby Hills neighborhood in the 90210 zip code.

In the coming weeks the home will hit the market as-is for a fraction of the price of others in the same area, which includes the Playboy Mansion. If not quickly purchased, restorations in traditional Spanish design – big windows with black cast iron, high ceilings with intricate details, and beams that run through the ceilings – will begin. The multi-million-dollar renovation is scheduled for completion in October, for an estimated USD10 million listing.

“While most of the homes in this area are modern, hacienda-style Spanish architecture like this is the essence of Southern California,” Shapiro says. “We find that these pieces tend to sell quickly, since owners like the warm touches of the Spanish-influenced style.”

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