" Mr. Habibi, who is also a builder, landlord and developer, remains optimistic about the overall market.
'There have been fewer sales, but the deals are happening at a higher price point,' he said.
"In Los Angeles, 38% of homes now sell above asking price, according to a recent report from Zillow.
Almost 18% of homes sell for over $1 million, according to a recent report from real estate data tracker CoreLogic.
" 'The luxury market has continued to exhibit strong pricing movements,' Mr. Habibi said, and developers are responding by bringing those luxury condos to market.
" 'Downtown has really been a hotbed of development, with domestic developers as well as developers from China and Canada,' he said. 'Just look at all of the cranes downtown.' "
[MG: 1/15/2020]
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