*The most expensive sale of the month 1141 Summit Drive in Beverly Hills sold for $16.5 million. The 16,800 sq. ft. home sitting on one acre debut on the market in September of last year for $23.5 million. . .a 30% hair-cut from the original listing price.
*The second most expensive purchase was made by Alethia Research and Management (high-net worth money management firm) founder Peter Eichler for $15,000,000. The Malibu Road home boasts 4,459 sq. ft. and is brand new construction. . .
*Other than the high-end sales above, activity above 5 million still remains light. No sales in the high-end neighborhoods of Manhattan Beach, Pacific Palisades, Brentwood and Santa Monica surpassed the $3.4 million mark according to the MLS.
*Most sales recorded under a million dollars were on the market for less than 30 days.
*With the exception of Cheviot Hills and Manhattan Beach most areas saw a healthy increase in sales compared to February of last year.