If Los Angeles’ housing market has shown us anything this year, it’s that luxury real estate is on track for big things in 2021.
In the Flats section of Beverly Hills, a sprawling estate with a mansion and a private train park has sold for $31.4 million — one of the priciest transactions in the coveted Westside pocket in 2020, records show.
The sale price, which reflects furnishings negotiated separately, is one of 20 transactions north of $20 million recorded this year in Beverly Hills. Among properties sold in the Flats, it ranks as the largest sale south of Sunset Boulevard, according to luxury real estate agent Keeley Smith of Hilton & Hyland, a founding member of Forbes Global Properties.
Smith, who represented the sellers in the deal, said that the transaction reflects a shift towards quality over quantity that resulted from the coronavirus pandemic.
“These luxury houses are still selling and, at the end of the day, clients want quality, whether it be location, size or the home itself — and they are willing to pay for it,” she said. “What COVID has done is that it’s caused people to suddenly say ‘let’s get that extra bedroom; let’s make sure we have the pool; let’s make sure we have all the bells and whistles’.”
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To say the Beverly Hills estate on North Rexford Drive has bells and whistles would be an understatement.
Comprised of two lots totaling nearly 2 acres, the property includes a French-inspired mansion, a guardhouse, a pool house and two guesthouses. Combined, the structures provide more than 33,000 square feet of living space, eight bedrooms, 12 antique fireplaces and 15 bathrooms. A two-story library with dual offices is another feature of note.
Among the largest private properties in the Flats section, the estate incorporates tracks and switchbacks for running miniature diesel and steam locomotives. The working train park, which is rideable but requires a conductor, is accompanied by a lighted tennis court, expanses of lawn and a swimming pool.
Thirty-foot hedges surround the property, making it largely private from the street.
Smith said that the market for Beverly Hills remains strong largely due to the amenities the area provides.
“You don’t want to give up any of the amenities and the quality of life that you can get in a big city,” she said. “But if you can have your own green space, Beverly Hills is the place to do it.”
Richard Maslan, also with Hilton & Hyland, represented the buyer in the transaction.