Updated: Aug 21
The Platinum Triangle consists of, how the locals describe it, the opulent areas of Beverly Hills, Holmby Hills and Bel Air; all are adjacent and offer magnificent high class luxury homes.
Much of the top Los Angeles real estate in the Beverly Hills and adjacent areas is either above the triangle in the neighbourhood known as "the flats," or below the Platinum Triangle in the walking neighbourhoods comprising Wilshire and Olympic Boulevards areas.
Inside the city of Beverly Hills, Wilshire Boulevard defines the Platinum Triangle on the south, Santa Monica Boulevard to the northeast towards West Hollywood and Canon Boulevard on northwest including northern neighbourhoods like Beverly Hills Flats, Troutdale Estates, Beverly Park and Beverly Hills Post Office.
Living in the Platinum Triangle in Loss Angeles real estate gives residents convenient access to some of the world's finest shopping, most notably on Rodeo Drive. The area offers choice jewellers like Geary's, Van Cleef and Arpels, De Beers, Tiffany's, Harry Winston, and many others. Women's haute couture is nearly unlimited including flagship stores for Prada, Giorgio Armani, Valentino, Jimmy Choo and more. With great locations for Ricci, Zegna, Armani, Stefano, Brioni, Domenico Vacca and many more Men's fashion is equally strong.
For exotic car lovers, a trip to Ferrari of Beverly is a must. Consignment and new cars including Enzos, Ferrari 599s and the latest models are on display, with many historical "Enzo Era" cars from Marinello as well. Hint: bring your camera, but only seek for a test drive if you are seriously interested to buy.
The area boasts 4 country clubs (The Los Angeles, Beverly Hills, Wilshire, and Bel Air), several world renowned hotels (The Montage, The Luxe, The Peninsula, The Beverly Hills Hotel, Hotel Bel Air, and The Beverly Wilshire known for the iconic film “Pretty Woman.”), and amazing restaurants (there are so many, including Grill on the Alley, Bouchon, Spago, Mastro's, and Mr. Chow's).
Needless to say, the Platinum Triangle Exudes luxury in Loss Angeles real estate, as Beverly Hills and 90210 are synonymous across the world with extravagance. Buyers always like to have Homes like this because the rich want to live here, and there are not much places in the world that tout as many real estate crown jewels as Beverly Hills, Bel-Air and Holmby Hills, Unlike other luxury neighbourhoods around the world, the Platinum Triangle in Loss Angeles offers lush, pastoral grounds and sweeping city or ocean views at a price point that is still not in the top 10 in the world as far as priciest cities. Also, as the film and entertainment capital, greater Los Angeles has the advantage of being an international destination. The field of luxury properties in Loss Angeles real estate could be a great bargain to wealthy foreign buyers thanks to stability of the American Economy and foreign exchange.
Couple all these items together, and you have a unique luxury home market of Loss Angeles real estate. Still, that does not sell these quite luxury homes themselves without the input and tips from a Los Angeles real estate agent. There are only so many people in the world that can afford to buy a $5, $10, $50, or $100 million dollar home. When selling such a unique property, what concepts and best practices are used that differ from selling a more modestly priced home especially in Loss Angeles real estate?
What does a luxury seller like Hugh Hefner do differently when selling the playboy mansion (sold in 2016 for $100 Million, the top sale in the US)? How about a Middle Eastern sultan, or an A list Celebrity?
Some of these principles will apply to home selling in general, but most will be reserved for the one of a kind, ultra-luxurious like in Los Angeles real estate. Below are the major differentiators to selling a luxury property that if used effectively, will bring rousing success.
It is essential to pick the right person for the right job. Doctors, for example, are considered experts in medicine and health. If you are not feeling well, would you really trust your cousin to start rifling around your body who might have watched a lot of YouTube videos and read articles online? If the answer is yes, I can't help you. If the answer is, “God no, she isn't getting anywhere near my blocked artery,” we are on the same page then.
For the ultra-luxury, practical and working knowledge of such critical information such as the number of sold, active, and expired luxury homes on market in the area, the average number of days it takes to sell a luxury home, the overall absorption rate (amount of time it takes the market to “absorb” a home from active to sold), and the ideal target buyer market is critical to success. As the saying goes, “The loftier the building, the deeper must the foundation be laid.” And this is where the real estate agent in Los Angeles comes to your rescue to offer you all the information you need.
Though a home is being sold, but in reality, home buyers in this rarefied air buying a lifestyle in Los Angeles real estate. As in Maslow's hierarchy of needs, no one “needs” a $47 million dollar home. Like a 12 car garage, views of the Pacific Ocean, or a 30 person theatre room, this is a want. Understanding that you are selling lifestyle positions your marketing to succeed.
As an example, our firm may host galas at homes for hundreds of people, complete with yachts, Bentleys, and helicopters. For different properties, we may have a sommelier in the wine cellar giving tours of the vintages in stock, an art curator showcasing various artists, or a musical or runway fashion performance in the great room or on the grounds. The party showcases the profile of the house and all it has to offer.
As marketing plans are created and implemented, luxury homes require sellers and real estate agents to turn up the volume!!!! Sticker shock pricing, loud, in your face public relations, and over the top marketing and advertising will bring the type of exposure essential for an ultra-luxury home.
As an example, here were several components of the Playboy Mansion sale in 2016:
1. The home was listed for $200,000,000, though this was later explained as a marketing ploy to get exposure. As mentioned, the home sold for 12 that amount.
2. With a price so high, press from around the world gave free exposure by publicizing the planned sale everywhere.
3. Lifestyle video tours were created and given to the press and general public to show the uniqueness of the estate, including the zoo, world famous grotto, and pipe organ.
Homes owned by Elvis Presley, Marylyn Monroe, and Prince have fetched sums much greater than similar homes in the immediate area. Why? A list buyers treat these homes like a collector item, a slice of history that offers a story unlike any other home, and sellers, have the ability to take advantage of this star power.
Let’s again look at the playboy Mansion. The home is iconic, with 29 rooms placed in the gothic Tudor estate. In addition, it has been on TV countless times in programs like realty show Girls Next Door, Sex and the City, and Entourage.
Now this doesn't mean the sale will be quick or easy. When a celebrity sells a home, it may add caché to the property, but if the home needs work, wealthy jet setters don't have the patience to take on a new project. Particular designs of some celebrity homes are taste specific, for example some musicians have recording studios and some athletes install indoor basketball courts. These instances have mixed impact on buyers as prospective buyers are really going to like it or hate it.
Celebrity-owned properties could star-struck potential buyers though yet many would like to remain anonymous. They try to stay away from much-publicized celebrity homes.
Luxury buyers work with a different set of criteria when looking to acquire a luxury estate, home, or condominium. The most prominent examples include:
Discretion: Privacy is of extreme importance, not only as a lifestyle choice but also for safety, avoidance of fans/paparazzi/onlookers, and legal concerns. Many high-end buyers will buy in a trust or through a manager, with nondisclosure agreements being commonplace. Upon purchase, walls, fences, gates, and shrubs are often installed to increase discretion.
Off market: High end buyers are often drawn to homes that have never hit the Multiple Listing Service. The allure is part owning something no one else has seen and part a hope for privacy. Agents call these "pocke listings," and attempt to sell via the whisper chain through their networks.
Time: Ultra buyers value amenities, design, and personal home style, but often don't want to wait if these items are not in place in the home already. There is also less emotional attachment to the home as well. The average home owner, depending upon the area, will stay in a home for 10+ years. A high end or celebrity buyer may stay for a 3rd of that, or less. As an example, Taylor Swift is said to have bought a Massachusetts home in November 2012 to be near boyfriend Conor Kennedy and to have sold it four months later, after they broke-up.
Be it the right team, lifestyle positioning, marketing volume, celebrity, or unique buying, ultra-luxury homes in the Platinum Triangle in Los Angeles real estate represent a high standard of living.
Being a Beverly Hills local and a real estate agent in Los Angeles, I’m the go-to real estate professional for all my client's real estate needs, and I’d love the opportunity to be your real estate professional as well. Be it a starter home or an ultra-luxury residence, my team and I are here for you.
To help you on your real estate journey, how about I send you a complimentary copy of my top selling book, “One In A Million”. Filled with the best tips and ideas on all things realty, One In A Million highlights how a great agent and game plan come together to ensure your luxury home expectations are exceeded.
Download “One In A Million” NOW on my website (with the price crossed out but with the shipping cost left in)
Why not Google me: “Erik Brown Beverly Hills”.
Or call me at 424-239-6519.
When buying or selling, you are not moving a home, you are improving your lifestyle. LET'S BEGIN YOUR JOURNEY HOME, TODAY.
REALTOR, ENTREPRENEUR, SPEAKER, AND AUTHOR ERIK BROWN has helped hundreds of clients buy and sell homes in multiple cities, he has started and sold multiple businesses and investments, and considers his practice to be a lifestyle designer and architect.
Outside the box and questioning authority, Brown's thought provoking views of home buying and selling best practices have earned him speaking engagements across the country. Every year, he and his team work with hundreds of home buyers and sellers toward their dream home goals.
Visit my web site to connect with me:
OR call me at 424-239-6519
Erik Brown, Luxury Realtor| Beverly Hills: 424.239.6519| Minneapolis: 612-294-0447