Strong growth in California: Engel & Völkers opens first shop in Beverly Hills

  • Top properties in prime locations cost upwards of 100 million US dollars

Hamburg/ Beverly Hills, 3 July 2014. The Engel & Völkers Residential Property Shop in Beverly Hills is located just a few steps from world-famous Rodeo Drive and right next-door to the renowned restaurant to the stars “Mr Chow”. With established shops in Los Angeles, Santa Monica, Newport Beach, Westlake Village and Solana Beach near San Diego, Engel & Völkers is now building on its position as one of the leading premium real estate brands in Southern California with this latest opening in Beverly Hills. “Our experienced sales advisors are local market experts and, together with the international network of Engel & Völkers, we will be redefining the brokerage of exclusive homes in Beverly Hills and setting the bar on professional standards even higher,” said Raphael Barragán, Managing Partner of Engel & Völkers Beverly Hills. 

Hardly any other city epitomises the Californian lifestyle quite like Beverly Hills. It is known as the epicentre of luxury and urban chic, drawing a sophisticated and wealthy clientele from around the world. Neighbouring Hollywood gives the city an additional boost in the glamour stakes and makes it a sought-after place of residence amongst celebrities. The most desirable addresses include Beverly Hills Flats, North of Sunset Boulevard and the entire area of “Beverly Hills Post Office”, which is describes all mailing addresses with the ZIP code 90210. Together with the adjoining neighbourhoods of Bel Air and Holmby Hills, Beverly Hills forms part of the so-called “Platinum Triangle”. 

Very exclusive mansions are now fetching nine-figure sums

Average prices for residential real estate in Beverly Hills range from 1,100 to 1,200 US dollars per square foot (approx. 8,700 to 9,500 euros per square metre). In the premium market segment, prices can often reach as much as 3,000 US dollars per square foot (approx. 23,800 euros per square metre). Detached properties start at 5 million US dollars (approx. 3.7 million euros), whilst top turn-key homes at prime addresses can fetch up to 100 million US dollars (73 million euros) and beyond. 

“House prices in Beverly Hills have risen continuously over recent years. This is especially true of the market segment for properties worth upwards of 20 million US dollars (approx. 14.6 million euros), due to the fact that interest has grown considerably, from international buyers in particular. Project developers are responding to this level of demand with properties that are increasingly spectacular,” reported Raphael Barragán. Around a half of buyers are from abroad, with these clients predominantly based in Eastern Europe, the Middle East, Asia and Europe. The majority of enquiries from prospective European buyers come from France and the UK. On the basis of this high demand, Engel & Völkers anticipates that prices will continue to rise in the foreseeable future. 

Buyers are not willing compromise on luxury

The most sought-after homes are turn-key properties where absolutely everything is perfect, from the location to the exclusive fittings. For many clients, top-end technical finishes, luxurious fixtures and superior quality materials are crucial criteria that must be met. Buyers in the absolute top segment also frequently request a multimedia room, wine cellar, indoor swimming pool and spa, as well as very large walk-in wardrobes. Buyers that are affiliated with the film industry often put emphasis on a so-called vanity room, where industry awards and trophies are kept. An azure blue pool in the garden and a garage with several parking spaces are standard requirements for many buyers. “Clients in this price bracket simply aren’t prepared to make any compromises,” said Raphael Barragán.

Posted in Press.