The third week of October delivered a quieter tape and a louder debate. One of the city’s most ambitious spec homes has dropped beneath the nine-figure line. Contract activity across Los Angeles County cooled again, with the Palos Verdes Peninsula supplying the week’s top deal. Two of Beverly Hills’ leading boutiques traded a senior partner. And with the November ballot two weeks away, the state’s proposed billionaire tax has become a real estate story in its own right.
Ultra-Prime Pricing
Hollywood Hills’ 7661 Curson Terrace Drops Below $100 Million
Branden and Rayni Williams of Beverly Hills Estates have cut the asking price on their Hollywood Hills spec estate at 7661 Curson Terrace from $125 million to $99 million, a reduction of roughly 21 percent. The 22,000-square-foot residence, with seven bedrooms, twelve bathrooms and private access to Runyon Canyon, had already been taken off and returned to the market at its original price late last year. The developers attributed the new figure to a softer ultra-high-end market and a limited pool of buyers.
- $99M — New Asking Price
- –21% — From $125M Original Ask
- 2 — County Listings at $100M+
The cut leaves Los Angeles County with just two publicly listed homes asking $100 million or more. That matters less as a measure of value than as a measure of candor. Spec homes at this level are priced to a very small number of potential buyers, and when they have not yet appeared, the sellers who move first and decisively are usually the ones who transact.
Below $100 million is not a discount at this level. It is a repositioning, and the city’s most serious buyers notice who adjusts first.
Market Data
Contracts Slip Again as a Palos Verdes Estate Leads the Week
According to the Eklund Weekly Luxury Report, 17 homes asking $4 million or more went into contract across Los Angeles County last week, down 23 percent from the same week a year ago. Combined asking volume fell 16 percent to about $119.5 million, following the prior week’s 24 contracts.
- 17 — Luxury Contracts Signed
- $119.5M — Asking Dollar Volume
- –23% — Contracts vs. Last Year
The week’s leading deal came from the Palos Verdes Peninsula. 2228 Via Cerritos in Palos Verdes Estates, an estate of more than 18,000 square feet on nearly an acre and a half with coastal views, a tennis court, a putting green and a private bowling alley, went into contract asking $13.5 million. That comes to roughly $740 per square foot, a fraction of what comparable square footage commands on the Westside, and adds to a string of notable trades on the Peninsula this year. For buyers who prize land, privacy and ocean frontage over a Beverly Hills address, the South Bay keeps making a strong case.
Brokerage
Carolwood Recruits Drew Meyers From Westside Estate Agency
In a move between two of Beverly Hills’ most prominent independent firms, Carolwood Estates has hired Drew Meyers away from Westside Estate Agency. Meyers joined WEA in 2012 and was named a partner in 2022. He brings with him a $16.9 million Holmby Hills listing he co-represents with WEA co-founder Kurt Rappaport, who said the firm wishes him well.
The departure follows Jed Weisman’s move from WEA to Christie’s in September, and it comes as Carolwood has risen to the top of the county’s independent brokerages by sales volume. For clients, the lesson is a familiar one. At this level, the relationship rests with the advisor rather than the logo, and talent is moving toward the firms with momentum.
Policy
Real Estate Money Lines Up Against California’s Proposed Billionaire Tax
With Proposition 40 on the November ballot, the state’s proposed one-time 5 percent tax on net worth above $1 billion has drawn heavy spending from the real estate world. George Marcus, founder and chair of Marcus & Millichap, contributed $2 million on October 15 to Building a Better California, the committee backing two competing measures, Propositions 41 and 42, that are designed to counter it. The committee has raised roughly $91 million since August, including about $4.5 million reported from Stewart Resnick.
The measure applies to a small number of households, but its effect on the luxury market is broader. It has already accelerated questions about domicile, as shown by reporting this week on Larry Page’s Miami acquisitions ahead of the measure’s January 1, 2026 residency cutoff. Combined with Measure ULA at the city level, it gives California’s wealthiest owners one more reason to review how and where their real estate is held, regardless of how the vote turns out.
Market Pulse
A snapshot of the numbers and signals shaping the season.
- New construction is still testing the high end. A newly completed concrete residence at 1331 Linda Flora Drive in Bel Air, developed by Tim McElwee and designed by architect Jeffrey Eyster, has come to market at $36.5 million for roughly 25,500 square feet.
- The pace of luxury contracts has softened for two straight weeks. Activity remains concentrated below $5 million, while eight-figure buyers are acting only on property they see as correctly priced.
- Measure ULA remains a planning factor. The city’s transfer tax on sales above its threshold has raised about $1.2 billion over three years, well below early projections, and continues to shape how sellers time and structure significant sales.
The Takeaway
Realism at the Top, and Planning Before the Ballot
This week’s stories point in one direction. The market at the very top is resetting its expectations, from a nine-figure spec home’s 21 percent adjustment to a second consecutive week of fewer contracts. Buyers are present and active, but they reward correct pricing and well-matched property, whether in the Hollywood Hills or on the Palos Verdes Peninsula.
For sellers, a carefully calibrated list price remains the most important decision of the campaign. For owners at the highest levels of wealth, the weeks before the November election are a sensible time to review holdings with tax and legal advisors. In both cases, informed and discreet representation remains the most reliable advantage.
For guidance on navigating the current luxury market, contact Aram Afshar at aram@quintessentiallyestates.com.
