As far as price points that are doing well within the luxury market, the “$2 million to $5 million range is doing pretty well, with $5 million to $10 million not doing as well,” said UCLA Ziman Center for Real Estate professor and developer Paul Habibi.
“North of $10 million is still doing fairly well because there is a limited number of homes and a limited number of buyers,” he said.
International buyers have had a strong presence in the luxury market of late, Mr. Habibi said. “There has been a little bit of dearth of Chinese investment in L.A., but it hasn’t really made a dent in pricing yet.”
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