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Luxury property in Los Angeles selling at half price

Real estate agents are reporting an increase in calls from potential buyers in London, Moscow and Dubai seeking 'trophy' properties.

Foreign buyers purchasing luxury real estate in the affluent neighborhoods of Beverly Hills, Bel Air and Malibu. In some cases properties are selling at half their original listed price.

Last month about 20 properties were sold or are pending, ranging in price from $5 million up to $23 million. A few of the most recent sales include an 11,000 square foot Malibu area home originally listed at $27 million and sold for $14.5 million, a grand Beverly Hills estate originally listed at $21.5 million and reduced to $14 million and a historical Brentwood home originally listed at $12 million and reduced to $5 million.

'I've had a great increase recently of buyers coming from Europe, Dubai, Russia, India, Mexico and South America,' said Greg Moesser, the Estates Director at Prudential CA Realty in Beverly Hills.

'There are some great deals to be made in the current Los Angeles luxury market. In addition, some of the most spectacular properties with highly coveted locations that rarely come on the market are starting to become available. Sophisticated buyers understand perfect timing and the rewards of an extraordinary opportunity, if you have the cash,' he added.

He attended the recent international luxury real estate conference in Paris which ha already led to several meetings scheduled with foreign buyers seeking to purchase Los Angeles luxury properties.