QUARTERLY LOS ANGELES REAL ESTATE MARKET REPORT
F. Ron Smith & David Berg
Q3 2024
STATS ON STACK Q3 2024 A look at SBP’s success THE BATTLE FOR LISTING CONTROL The Clear Cooperation Policy, explained TACOS & TEQUILA Highlights from real estate’s top digital magazine HONORS & HIGHLIGHTS Gold stars all around
ROBERT MORTON
BRANDON SMITH
KATY YAMBAO
NATHAN STADLER
KRISTA MASELLA
SEWIT ESHETU
COURTNEY WELSH
KRISTIN ALEXANDER
EDWARD HUTCHINSON
GARRETT SANDERS NATALIE GUREVITCH
Finally Fall, 2024
To Our Clients and Friends,
It’s finally Fall and suddenly, LA’s less-than-comfortable high heat summer months have magically morphed into our beloved crisp early mornings, with sunny, temperate temps in the afternoon… making way for our personal fave: sweater and coat (albeit lightweight) weather
Smith & Berg Property Group has had an exceptionally productive quarter and we are thrilled to share it with you here. We are dedicated to bringing you the latest in all things real estate, via our highly celebrated weekly blog Tacos & Tequila— and to continually share our market updates, so that you are always well informed. We do so with accuracy and a healthy dose of irreverent humor and fun. SBP is grateful to live in this fabulous city we call home.
With that in mind, we want to draw your attention to a very important issue affecting homeowners: the Clear Cooperation Policy. In a nutshell, we believe that homeowners should have the right to decide where and how their property is marketed, along with their real estate agents expert guidance and marketing expertise. Now more than ever, your choice of agents to represent your best interests is one of the most vital parts of the real estate buying and selling experience. We explain in more detail in this quarter’s market report on page 30. Find out how SBP and Compass are advocating for our clients.
We invite you to read and enjoy SBP’s Market Update for Q3, not only filled with helpful real estate info to assist in informing your real estate interests, but also SBP insights into what makes Los Angeles such an incredible place to live- from the very best in dining, upcoming local events, extraordinary experiences, the beach and much more via tacosandtequila.com
As a team, SBP takes enormous pride in working with buyers and sellers, finding first homes, dream homes, and second homes, and advising numerous clients. In Q3 alone, SBP closed 27 transactions, with $90,662,851 in sales volume! Our decades of experience informs our ability to successfully navigate the realities of the market and create successful outcomes for our clients.
Smith & Berg Property Group’s steadfast commitment to providing excellent service to our community, with an enthusiastic team spirit, along with the utmost care, compassion, confidentiality and 50+ years of real estate expertise continues to distinguish us. Let us be your next real estate call
We look forward to connecting with you soon.
All the best,
F.Ron Smith David Berg
SMITH & BERG PROPERTY GROUP, COMPASS
310.500.3931 | TEAM@SMITHANDBERG.COM 11740 SAN VICENTE BLVD, SUITE 203, LOS ANGELES, CA 90049 9454 WILSHIRE BLVD, SUITE 100, BEVERLY HILLS, CA 90212 CA DRE# 01991628, 01481236
TABLE OF CONTENTS
30 Is the Clear Cooperation Policy Hurting Homeowners? Inside the fight for homeowners’ rights.
32 Stats on Stack Q3 2024
$382,848,450 in YTD sales volume. Check out our epic stats on stack.
34 Tacos & Tequila
Real estate trends, L.A. happenings, tacos, tequila and all sorts of great stuff — on the blog now.
38 Honors & Highlights
SBP wins big.
BRENTWOOD
Brentwood offers high-style boutiques and trendy restaurants that are balanced by secluded and often palatial houses in the foothills of the Santa Monica Mountains. Providing the ultimate refuge for residents while maintaining a distinct presence in greater Los Angeles culture, Brentwood is notable for The Getty, historic Brentwood Country Mart and hotspot-lined San Vicente Boulevard.
BEST CUP OF JOE Caffe Luxxe
BEST GRUB Toscana
BEST BAR Baltaire
THIRD QUARTER 2024 BRENTWOOD MARKET
$5,537,109 AVERAGE SALES PRICE
AVERAGE PRICE PER SQUARE FOOT
TOTAL NUMBER OF SALES
HIGHEST SALE AMOUNT
AVAILABLE NOW 13209 Dobbins Place, Brentwood
$11,800,000 6BD | 8BA | 9,139 SF VIEW MORE HOMES $1,711 41 $20,500,000
PACIFIC PALISADES
Pacific Palisades is among the most polished, highbrow residential areas in Los Angeles with extravagant homes, spectacular ocean views and incredible hiking trails. Here, find the new Palisades Village, a highly curated collection of stylish boutiques and specialty shops, as well as several local joints that exude authentic small-town charm.
BEST CUP OF JOE Caffe Luxxe
BEST GRUB Porta Via
BEST BAR Pearl Dragon
Photo: Caruso.com
755 Napoli Drive, Pacific Palisades
SANTA MONICA
Brimming with beautiful homes, bustling beaches, upscale shopping and plenty of fine dining, Santa Monica is among the most iconic shoreside cities in Los Angeles. From the landmark Santa Monica Pier to the Third Street Promenade, the coastal metropolis offers every modern necessity just moments from its quaint tree-lined residential streets.
BEST CUP OF JOE Primo Passo
BEST GRUB Pasjoli
BEST BAR Calabra
$11,000,000
VENICE
Known for its hip style and laid-back culture, Venice is among the city’s hottest neighborhoods. Homes here are predominantly modern while quaint walk streets are woven with chic beach bungalows. Residents enjoy the neighborhood’s popular selection of restaurants and shops along Abbot Kinney, Rose and Pacific where hotspots like Gjelina and Ospi add an elevated touch to the casual beach scene. With a bustling boardwalk, beautiful homes and a trendy feel, locals prize Venice as one of the Westside’s most vibrant communities to live and work.
BEST CUP OF JOE Gjusta
BEST GRUB Felix
BEST BAR El Chucho
FEATURED HOME
CHEVIOT HILLS
Cheviot Hills is a charming, family-friendly neighborhood located on the Westside of Los Angeles. Known for its tree-lined streets, well-maintained homes, and proximity to parks and golf courses, it offers a tranquil suburban feel with easy access to the city’s bustling hubs. Residents enjoy a tightknit community atmosphere, top-rated schools, and nearby amenities like the Westfield Century City mall and vibrant dining options. It offers quiet living with urban convenience.
BEST CUP OF JOE FOOD
BEST GRUB
Marty’s Hamburger Stand
BEST BAR The Six Chow House
3077 Earlmar Drive, Cheviot Hills
MAR VISTA
Mar Vista charms with its blend of suburban tranquility and urban convenience on LA’s Westside. This family-friendly enclave boasts tree-lined streets of mid-century homes, while Venice Boulevard hums with local eateries and boutique stores. The weekend farmers market draws crowds with fresh produce and crafted goods, embodying the area’s community spirit. With top-notch schools, lush parks, and easy access to both beaches and downtown, Mar Vista provides an idyllic slice of Los Angeles living.
BEST GRUB Little Fatty
BEST BAR Lost and Found
BEST CUP OF JOE Alana’s
Photo: Goop.com
WESTWOOD
Westwood has upscale residential and commercial vibes, best known for being home to UCLA, The Hammer Museum, and the family-friendly Westwood Village. The neighborhood attracts a diverse crowd of residents, from out-of-towners to entertainment professionals and celebs. On a typical day, expect to see students studying at Espresso Profeta and locals eating at Fundamental LA or, more often than not, heading to red carpet events.
BEST CUP OF JOE Upside Down
BEST GRUB Violet Bistro
BEST BAR Broxton Brewery
BEVERLY HILLS
With a reputation as the “it” place for Hollywood celebrities and high-profile residents, Beverly Hills is one of the most sought after places for quiet luxury living. North Beverly Park boasts lush, sprawling estates like Trousdale and Gateway overlooking Greater L.A., while modern upscale eateries and designer boutiques can be found minutes away on Rodeo Drive. Locals, however, will find that the neighborhood’s real charm lies in its tranquil, easy-going community.
BEST CUP OF JOE Maru Espresso Bar
BEST GRUB Novikov
BEST BAR The Club Bar
FEATURED HOME
WEST HOLLYWOOD
West Hollywood packs a punch in its compact size, offering a vibrant mix of glamor and counterculture. Known for world-famous nightlife on the Sunset Strip, trendy shopping on Melrose, and a thriving LGBTQ+ scene, WeHo embodies LA’s creative spirit. This energetic city balances celebrity hotspots and design districts with quiet residential areas, making it a unique blend of excitement and livability in the heart of Los Angeles.
BEST CUP OF JOE Dialog Cafe
BEST GRUB Chez Mia
BEST BAR Tower Bar
$3,726,000
The Adler House
BY RICHARD NEUTRA
Smith & Berg Property Group is proud to have recently sold a rare piece of architectural history in Brentwood’s Crestwood Hills: The Adler House, a 1956 tour de force by renowned architect Richard Neutra. This quintessential Mid-Century Modern gem, once captured by famed photographer Julius Shulman, is emblematic of Neutra’s visionary design and remains a testament to LA’s architectural legacy.
For their representation of this legendary property and other architecturally significant homes, Smith & Berg Property Group earned a nomination for ‘Agent of Historic Architecture’ in The Hollywood Reporter’s 2024 Power Broker Awards.
“After working with another agency for 9 months with no luck, we made the switch to Smith & Berg Property Group. Their expertise, dedication, and attention to detail made the entire process so much easier for us. When challenges arose, the entire team was there every step of the way, offering solutions and handling everything with such professionalism. Smith & Berg truly saved the day, and we are so grateful for their efforts. Thanks to them, we were able to sell our home quickly and secure our forever home in Dallas! (All within 25 days!) I cannot thank them enough!”
— Adler House Seller
Have you dreamed of owning a home with significant architectural history? We can help. Contact us today to explore our collection of iconic properties.
IS THE CLEAR COOPERATION POLICY
HURTING HOMEOWNERS?
THE BATTLE for LISTING CONTROL
As a team, Smith & Berg Property Group is committed to serving our clients with the absolute best representation, which includes our high-touch, concierge-style service and attention to every detail. Our clients’ best interests are always top of mind. With that commitment comes responsibility. That’s why we’re taking a moment to help explain why Compass, representing us and thousands of agents, have been vigorously defending clients rights by asking for an end to the Clear Cooperation Policy.
Let’s cut straight to the chase: this policy, implemented by the National Association of Realtors (NAR), requires real estate agents to submit a listing to the Multiple Listing Service (MLS) within one business day of publicly marketing a property. The intention may be to create a more transparent and collaborative real estate market, but in our view, it’s a gross overreach that infringes on a homeowner’s ability to choose how and where their property is marketed.
“Homeowners should have the freedom to decide where and how their property is marketed, along with their real estate agent’s expert guidance and marketing expertise,” says Founding Partner F. Ron Smith. “Now more than ever, your choice of agents to represent your best interests is one of the most vital parts of the real estate buying and selling experience.”
Compass’ Chief Evangelist, Leonard Steinberg, recently stated in his widelyread blog that, “Homeowners should have the freedom to decide how and where their property is marketed, not be subject to restrictive policies that benefit third-party lead generators.”
On the other side of the debate, we have tech behemoths like Zillow, who have been vocal supporters of the Clear Cooperation Policy. Their argument? That it promotes a more level playing field and ensures all potential buyers have access to the same listings. Zillow’s motivation, of course, is to drive more leads to their platform, caring far less about the rights of homeowners.
“This is not just about a policy,” says Founding Partner David Berg. “It’s about preserving the fundamental rights of homeowners and ensuring they have a voice in the marketing process that best suits their individual needs.”
The battle over the Clear Cooperation Policy rages on and the outcome will have a lasting impact on the rights of homeowners. Keep in touch with us and don’t forget to subscribe to our weekly blog at tacosandtequila.com for further updates.
Tacos & Tequila
When the Smith & Berg Property Group team combines tacos and tequila (collectively our two favorite things) there’s an outpour of ideas both prolific and nonsensical. This is where the blog comes in. Here, you can read up on what’s catching our interest as of late—whether that be epic new developments in L.A. or the best sushi spots in town—and hop on the cult-favorite Tacos & Tequila train.
To read full stories visit: tacosandtequila.com
SBP NEIGHBORHOOD SPOTLIGHT: HOLLYWOOD HILLS
The Hills unlocked. To read the full story, visit here. 07.05.24
LATE-NIGHT TACO CRAVINGS? CHECK OUT THESE NEW ADDITIONS TO SBP’S LA TACO MAP!
Let’s taco ‘bout late-night eats.
To read the full story, visit here. 07.12.24
MID-YEAR MOMENTUM: SBP’S Q2 2024 MARKET REPORT
We’ve got the low down.
To read the full story, visit here. 07.19.24
SBP INSIGHTS: SUMMER HOME STAGING TIPS FROM LA’S TOP EXPERTS
Let’s hear it from the pros.
To read the full story, visit here. 07.26.24
SBP GUIDE: THE BEST NEW RESTAURANTS ON LA’S WESTSIDE
Dig in.
To read the full story, visit here. 08.02.24
GOLD MEDAL MINDSET: HOW TEAM USA’S CHAMPION SPIRIT INFORMS OUR APPROACH TO THE LA REAL ESTATE MARKET
Going for gold.
To read the full story, visit here. 08.9.24
SBP GUIDE: 9 EASY GETAWAYS FOR A MEMORABLE END TO SUMMER
An end-of-summer escape.
To read the full story, visit here. 08.23.24
SBP GUIDE: BEST WAYS TO CELEBRATE LABOR DAY IN LA LDW FTW.
To read the full story, visit here. 08.30.24
SBP’S TIPS & TRICKS FOR BUYING IN A COMPETITIVE MARKET
Our expert advice.
To read the full story, visit here. 09.06.24
SBP NEIGHBORHOOD SPOTLIGHT: WEST HOLLYWOOD
To read the full story, visit here. 09.13.24
Words of wisdom (and dad jokes).
SBP GUIDE: THE BEST BURGERS ON LA’S WESTSIDE
Cheeseburger in paradise.
To read the full story, visit here. 09.20.24
SEASONAL SIPS: SBP’S FAVORITE FALL COCKTAIL
Our go-to evening cocktails.
To read the full story, visit here. 09.26.24
2024
Honors & Highlights
Wall Street Journal (Real Trends Verified) #1 Team on LA’s Westside / #10 in the Nation 2024, 2023
Variety Magazine Showbiz Real Estate Elite 2024, 2023
Los Angeles Business Journal The List: Top 100 Residential Real Estate Agents 2024, 2023
Los Angeles Magazine’s Real Estate All-Star Team 2024, 2023
Hollywood Reporter Top Real Estate Agents 2023, 2022
Los Angeles Business Journal Leaders of Influence: F. Ron Smith & David Berg 2023, 2022
The Real Deal’s Top 20 Residential Brokers 2023, 2022
Top 1% of 29,000 Compass Agents Nationwide
ICYMI
The Real Deal’s Series of summer deals points to perky Westside LA home market
Fox Business Michelle Pfeiffer’s former LA home sells for $14 million after near $6 million price drop
Lux Expose Richard Neutra-Designed 1956 Adler House in Crestwood Hills Hits the Market for $2.9M
KRISTA
BRANDON
