It’s been quite an interesting year in real estate in Beverly Hills, specifically in the Flats with single family homes North of Santa Monica and South of Sunset Boulevard.

We saw our fair share of listings that were priced well and sold within a matter of days, and those that were unrealistically priced and sat on the market only to be reduced months later. But overall, we definitely saw a lot more activity and inventory than the year before.

Let’s take a look at my Beverly Hills Real Estate Market Watch and a review of 2011. Although the market tends to slow down throughout the end of the year during the holidays, we still had a good amount of activity in December:

New Listings:

• 818 North Roxbury Drive
• 903 North Roxbury Drive
• 810 North Roxbury Drive

Homes Pending Sale or Looking for Backup Offers:

• 606 North Alta Drive listed for $5,595,000
• 511 North Rexford Drive listed for $3,699,000
• 518 North Linden Drive listed for $6,500,000
• 526 North Rodeo Drive listed for $3,499,000
• 710 North Rodeo Drive listed for $7,495,000
• 621 North Rexford Drive short sale listed for $2,050,000

Homes Sold in December (an average of $990.70 per sq ft):

• 713 North Alpine Drive sold for $6,300,000
• 715 North Palm Drive sold for $9,100,000
• 618 North Sierra Drive sold for $5,500,000
• 612 North Crescent Drive sold for $3,975,000

According the the Multiple Listing Service, 45 homes sold in the Flats this year. This doesn’t include private or “quiet” sales of homes that were for sale, but were not listed on the market.

• 510 North Alpine Drive was the lowest sold price of the year for lot value only. The 11,970 sq ft lot sold for $2,736,000.
• The highest price was for 715 North Palm Drive at $9,100,000. The 8,804 sq ft home sat on a lot of over 30,000 sq ft.

The average price of homes sold this year was $4,941,000 with an average of $941.74 per sq ft. From December of 2009 to December of 2010, the MLS shows that 37 homes were sold in the flats for an average price of $4,559,000 at an average of $893 per sq ft.

There is no doubt that the market in the Beverly Hills Flats has improved within the last year and that demand by qualified buyers is high. There are still 19 active listings in the flats that have been on the market for an average of 95 days already. The new year will bring with it more motivated sellers and realistic buyers who will take advantage of the great opportunities out there.

How was your experience with the real estate market in 2011? Which direction do you think the market will head in 2012? If you have any questions or need more information on these listings, feel free to contact me. Please share your thoughts in the comments section below. I always enjoy hearing from you!