The global luxury property market offered little to excite investors or sellers in 2016, as a combination of oversupply and several sources of political uncertainty led to a sluggish market. In California, the two main luxury real estate areas of San Francisco and Los Angeles look set to enjoy differing fortunes in 2017.
The Bay Area in particular seems likely to continue to suffer, with plenty of high-end property chasing the available luxury dollars, while Los Angeles is expected to enjoy a more buoyant market, continuing the trend it has set for the last several years.
All that being said, California still has one of the world’s greatest concentrations of luxury property on the market, with prices to make even the most well-heeled look twice. Here are just five of the most desirable – and expensive – residences in the Golden State.
5. 901 Alpine Dr, Beverly Hills ($72m)
Although this property is much smaller in scale at only 1.5 acres, its location in Beverly Hills makes it an enviable proposition created for city living rather than rural retreating. Boasting 11 bedrooms including staff quarters, the residence is furnished throughout with brass, mahogany, and marble for a home of true elegance and luxury. The property also includes a private gym, spa, and pool, and even a commercial elevator between floors.
4. Rancho San Carlos, Montecito ($85m)
Covering 237 acres of prime land, this historic ranch includes a main residence covering close to 30,000-sq.ft, designed and built in 1931 to exceptional architectural standards. Based around a central courtyard, the 30-room home offers privacy combined with excellent views across the estate.
3. Del Dios Ranch, Santa Fe ($85m)
Perfect for the person of substantial means who values privacy, the Del Dios Ranch features a luxury residence surrounded by 210 acres of exceptionally desirable land. The home itself covers over 8,000-sq.ft, with an entire wing dedicated to an indoor pool and spa facility, while the master suite is situated on a fully private second level. The grounds include over 40 acres of productive Valencia orange groves, as well as a lake, tennis court, and extensive equestrian facilities.
2. Silicon Valley Estate, Los Altos Hills ($88m)
A positive steal at $88m, this property is ideal for the high-flying entrepreneur who wishes to combine business with the comforts of home. Featuring extensive grounds, office facilities, and luxurious guest suites, the estate allows for impressive business gatherings, while the fully private quarters boast massage and sauna facilities for after-hours relaxation.
1. 924 Bel Air Rd, Bel-Air ($250m)
Coming in at a cool quarter of a billion dollars, this Bel Air Enclave property is the masterpiece of noted developer Bruce Makowsky. Resembling nothing more than a superyacht on dry land, the residence offers prospective buyers the benefits of 12 bedrooms, 21 bathrooms, an 85-foot infinity swimming pool, huge windows and an impressive array of entertainment facilities from a 40-seat Dolby theater to a four lane bowling alley. This property, however, comes with responsibilities: it takes a full-time staff of seven to keep afloat.
The Californian super-luxury real estate market may not operate within the same leagues as regular property, with stratospheric prices seeming to belie talk of a slowdown. Nonetheless, the rampant inflation of previous years has slowed considerably, or even reversed, and for those with extremely deep pockets there are some spectacular properties on the market, albeit at serious prices.