THE RED PAPER 2020
No 1
THE AGENCY 2020 YEAR IN REVIEW
Well, 2020 was quite a year.
The year we were challenged like never before, as individuals and as a company. The year everything we built over the last nine years was put to the test. As times became more challenging, we grew closer as a team and came together to do what we do best—serve each other, our clients and our communities. In preparing our first annual Red Paper, one common sentiment was shared among our global offices time and time again. In 2020, our clients, our agents and our company seized the day. As home became the center of the universe, people seized the opportunity to enhance their living experience in every way. Homebuyers hit the market seeking bigger spaces, home offices, gyms and swimming pools. They made the leap to a new city, state or remote location that improved their lifestyle, not just their commute. First-time homebuyers took the plunge, capitalizing on low interest rates and their newfound flexibility. Second homebuyers hit the road, buying the ultimate getaway—the equestrian estate, beachfront home, ski chalet, vineyard or off-the-beaten-path property with room to roam. Our agents around the world stood ready to heed the call. Putting their clients’ health and safety first, they took their businesses online, offering virtual tours, FaceTime consultations and digital contract services. And they did it without losing what will always be the most vital part of the real estate process—the personal connection. At the same time, they supported their local communities by making masks, feeding essential workers and helping the homeless. As a company, The Agency didn’t just persevere; we continued to grow and expand. We welcomed our new President, Rainy Hake Austin, and scores of agents across the globe. We launched new offices in D.C. Metro, Toronto, Kitchener, Carmel and Studio City coming soon, while continuing our streak of record-breaking sales. The Red Paper serves as both a reflection of the year gone by and a glimpse of what our experts predict the year 2021 will hold. In our tenth year as a company, we take one very clear lesson with us from 2020—real estate proves essential—people will always need to buy, sell, move and resettle. Home and loving where you live are more important than ever. Never miss the opportunity to seize the day. Carpe Diem.
Contents United States Market Reviews ARIZONA
THE PLATINUM TRIANGLE
GREATER PALM SPRINGS
The Year of the $10M+ Estate
Trophy Homes Trading Hands
Times are Changing in the Desert
No 11
No 41
No 77
ASPEN
MALIBU
SOUTH FLORIDA
Making an Entrance
California Dreaming
A Bicoastal Migration
No 15
No 49
No 81
D.C. METRO A Changing of the Guard
BEACH CITIES The Sand & Sea Beckon
No 19
No 53
THE BAY AREA
BRENTWOOD & PALISADES
On the Move
A Westside Sunrise
No 23
No 57
HEALDSBURG Cheers to Wine Country
SAN FERNANDO VALLEY The Valley's on the Rise
No 31
No 65
CARMEL
PASADENA
Youth & Beauty
Coming Up Roses
No 33
No 69
PARK CITY
ORANGE COUNTY
A Flurry of Activity
All About the Beach
No 37
No 73
LETTER FROM OUR CEO No 7
SOCIAL MEDIA SPOTLIGHT No 9
THE RED PAPER 2020
International Market Reviews
TORONTO & WATERLOO REGION Spreading Their Wings No 91 VICTORIA & COWICHAN Canada’s Island Life No 95 PUNTA DE MITA & PUERTO VALLARTA Life Beneath the Palms No 101 LOS CABOS Aprovecha El Día No 105 RIVIERA MAYA Staying a While No 109 TURKS & CAICOS The Jet Set No 115
THE AGENCY HIGHLIGHTS
No 119
No 5
Letter From Our CEO The pandemic changed our values, how we communicate and conduct business, and most notably, how we live. A wave of lifestyle-driven real estate purchases began across the country in spring. Scores of newly minted remote employees fundamentally moved markets—an impact that will be felt for years to come. Joining them were those seeking to upgrade for more room, dedicated homework or Zoom-friendly spaces, areas to sanitize groceries and packages, or simply a place to relax in the sun and soak in a brief moment of serenity. While major cities will eventually draw people back to their bustling urban hearts, the movement among buyers seeking a bigger backyard or more room to roam has caused a tectonic shift in inventory levels and pricing across the board. First-time homebuyers in Los Angeles looking for a single-family residence with a backyard for $2M and under will continue to face hot competition from their fellow home shoppers. Aggressive deal terms, bidding wars and homes snapped up hours after listing are par for the course in this price range and locale. While in Malibu, single-family home sales jumped 104%, and buyers were spending $8M+ for properties off the beach.
In Arizona, a new level of luxury hit the market to meet the demand of well-heeled buyers migrating largely from California. The $10M+ Arizona manse is here to stay. Markets that were seeing a slow to steady pace of absorption preCOVID, are now hungry for inventory. In Aspen, single-family home sales rose 81%, while in Park City, single-family home sales rose 49% as buyers headed to mountain destinations for R&R in the great outdoors. High-rise and condominium offerings were a big cause for concern when the pandemic struck, and buyers were deterred by the idea of mixing and mingling in common spaces. But their popularity is back on the rise in select markets, from Los Angeles to South Florida. In the new year, we expect further return in most major markets that are high-rise living centric, including Toronto and the greater Miami region. We also saw a desire for a “safe nucleus” in the form of gated communities in destinations such as Palm Springs and the San Fernando Valley. The appeal of having the safety and security of who was entering the neighborhood was a draw, as was the availability of sports naturally primed for social distancing—tennis, pickleball, and golf.
THE RED PAPER 2020
"The pandemic changed our values, how we communicate, conduct business and most notably, how we live."
In the high-end, second-home market, one thing was clear. Buyers now want to live where they vacation. In Turks & Caicos, the minute the travel ban was lifted, travellers took to the skies and bought a little piece of island paradise. The same can be said for Mexico’s popular resort destinations—Los Cabos, Todos Santos, La Paz, Riviera Maya, Puerto Vallarta, and Punta de Mita. In the year ahead, the work-from-home model will likely hold strong, and international buyers who left the market in 2020 will be back by summer or fall. Joining national and international buyers will be Generation Z prospects looking to plant their stake in the ground. For Gen Z buyers who have already purchased a home, we have seen a strong preference for single-family residences with larger backyards—much like buyers across the spectrum. This demand will result in very tight inventory throughout the year, especially if favorable interest rates continue. All of this change has brought great opportunity for us to reevaluate our way of life, our approach to business, and our perspective on what home truly means. As we enter this new chapter, I invite you to live 2021 with the spirit of what we at The Agency will be subscribing to this year. Carpe Diem.
MAURICIO UMANSKY Founder & CEO @MUmansky18 No 7
SOCIAL MEDIA SPOTLIGHT
The Rapid Evolution of Social Media Sales
The Agency began 2020 as one of the world’s most-followed residential brokerages on social media, a platform we knew would one day transform the real estate industry. The global pandemic sped up the impact social media has on real estate sales, and there is certainly no turning back. With buyers growing more comfortable searching for almost anything on social media, home shopping was simply the next evolution, accounting for millions of dollars of sales in 2020. Early in the pandemic, we noted a shift in consumer habits and adjusted our strategy immediately. Agent-led video tours quickly became the mostviewed content as they gave home-bound shoppers an inside look into a property’s every nook and cranny. And the more creative, the better. We began sharing IGTV agent-led tours on our @TheAgencyRE Instagram account in September 2019, increasing video posts by 100% in 2020. While videos previously garnered around 5,000 views each, toward the end of 2020, 8590 Hollywood Blvd had exceeded 150,000 views. And all those looks and likes directly translated to contracts that were e-signed, sealed and delivered. Everything from vacation rentals to vacant lots, condos and private estates caught the attention of social media-savvy buyers. Agents hosted virtual open houses via Instagram Live, while others provided a humorous look into the daily life of a real estate agent. And clients were captivated, going beyond the property search to select agents who provided an appealing glimpse into their properties, as well as their personalities and professional style. Many reconnected with agents, friends and colleagues they worked with long ago as social media provided the optimum, socially distant meeting space. In 2021, expect video content to remain king as buyers continue searching the world over for properties.
THE RED PAPER 2020
Social Media Growth Instagram Followers
273,508
338,973
400K
300K
24% INCREASE IN NEW FOLLOWERS
250%
200K
INCREASE IN IGTV VIDEO VIEWS
100K
450%
0 2019
2020
7,248,378
8,097,783
10M
7.5M
100K
75K
5.0M
50K
2.5M
25K
0
0 2019
12%
2020
INCREASE IN VIDEO VIEWS
94,446
YouTube Subscribers
69,926
YouTube Views
INCREASE IN NUMBER OF DIGITAL CAMPAIGNS RUN BY AGENTS
2019
35%
2020
INCREASE IN SUBSCRIBERS No 9
THE RED PAPER 2020
Arizona
The Year of the $10M+ Estate
It was a scorcher in Arizona this year, and we’re not talking about the temperature. The real estate market hit record highs from late summer to fall during what’s typically the slowest season of the year. In 2020, single-family home sales in Scottsdale and Paradise Valley were up 9% with median prices rising 18% over 2019. As 2020 closed, The Agency noted the team had nearly doubled their entire sales volume year over year. And one new trend that had been bubbling for years emerged—the rise of the $10M+ estate. Of the six that closed over that price point, two were listed for over $20M. Savvy developers, who had anticipated that the market would demand more high-end, luxury properties in the new decade, hit their stride. Buyers from California, Washington, Colorado and Chicago joined well-heeled locals seeking their place in the sun, requesting larger homes with expanded amenities and outdoor living spaces. Buyers recognized the value in The Grand Canyon state, where they can get more bang for their buck, and snapped up larger homes in all-cash deals.
A Glance Ahead Travel restrictions kept international visitors, specifically those from Canada, at a distance, but they are expected to return in the new year. Also expect more transplants arriving to Arizona from highlytaxed and high-priced markets demanding Californiaesque mansions, with a lower price tag. Meeting the demand for ultra-luxury inventory, developers will continue to raise the bar when it comes to new homes and residential communities. The $1M - $2M market should remain extremely active as buyers realize the value proposition and lifestyle the state affords. No 11
Single-Family Residences SCOTTSDALE & PARADISE VALLEY
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
6,391
$740,000
$281
46
1,090
2.0
YoY
9%
18%
14%
-23%
-37%
-43%
2019
5,866
$625,000
$247
60
1,741
3.6
2018
5,763
$600,000
$235
61
2,524
5.3
2017
5,622
$555,000
$222
67
2,588
5.5
2016
5,262
$517,500
$212
69
2,846
6.5
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
7,000
$800,000
6,000
$700,000
5,000
$600,000 $500,000
4,000
$400,000
3,000 $300,000
2,000
$200,000
1,000
$100,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year
2016
2017
2018
2019
2020
$10MM+ Sales by Year
MONTHS OF INVENTORY BY YEAR
$10MM+ SALES BY YEAR
7.0
7
6.0
6
5.0
5
4.0
4
3.0
3
2.0
2
1.0
1
0.0
0
2016
SOURCE: ARMLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences SCOTTSDALE & PARADISE VALLEY
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
1,745
$260,000
$238
39
337
2.3
YoY
8%
13%
11%
-17%
6%
-2%
2019
1,616
$231,000
$215
47
318
2.4
2018
1,641
$219,000
$202
42
489
3.6
2017
1,629
$199,000
$183
43
519
3.8
2016
1,441
$180,000
$167
59
585
4.9
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
2,000
$300,000
1,800 $250,000
1,600 1,400
$200,000
1,200 1,000
$150,000
800 $100,000
600 400
$50,000
200 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
2017
2018
2019
2020
No 13
Making an Entrance
After making its December 2019 debut, The Agency Aspen was out of the gate and off to the races. Single-family residence sales in Aspen were up 81%, while median prices rose 54% over the year before. Though Aspen buyers typically seek properties within walking distance to downtown, there was nothing typical about 2020. Limited inventory, paired with the desire for more space, had buyers seeking properties further out of town with more land. However, ski-in/ski-out properties never lose their appeal, with one of Aspen’s most stunning properties, 926 S. Mill Street, listing with The Agency for $39.995M. While travel restrictions limited international buyers from Australia, New Zealand, Europe and South America, those who could escape to the mountains did so from Texas, California, New York, Florida and Chicago. The demand for topdollar rentals for the summer, fall and holiday season soared, with homes like 501 West Hopkins Avenue garnering up to 10 inquiries a day. In some cases, brokers took a “name your price” approach for their clients, with this particular property renting in June for a never-before-seen price of $130,000 per month. Charged with listing some of the finest homes in the region, the team was also tapped to represent some of the most significant new development projects in Aspen and beyond. Aspen-based boutique home builder, Peak3 partnered with The Agency to bring four exceptional new residential offerings to market as demand for homes in the
THE RED PAPER 2020
Aspen
mountain destination soared to new heights. Noting the vast connections with the international jet set crowd, Costa Palmas in Los Cabos tasked The Agency to exclusively represent the project in the Aspen area. There was much to celebrate as the team headed into the holiday season with a freshly inked deal with the award-winning luxury villa rental company, Cuvée. On Instagram, @TheAgencyAspen became a fan favorite as the team’s insider look at the “GiddyUp Aspen” lifestyle drew much more than likes. The owners of The Ranch at Snowmass Creek, a spectacular riverfront estate on the market for 12 years, spotted the Aspen team’s signature style and in-depth market knowledge on social media and decided they were ready for a relaunch. The Agency listed the property in February, created a bidding war by June and closed for $11.12M in August. Also a result of some serious social media muscle, the Aspen team secured another equestrian estate, listing The Red Barn, a 37.5acre horse property in Carbondale for $20M.
A Glance Ahead The mountains are always calling. Aspen will remain a top year-round destination in 2021, as more people extend their vacations, choosing to work and learn from home amidst endless natural beauty and outdoor recreation. Expect tight inventory, record prices and the need to plan ahead to secure your slice of snow-capped heaven. No 15
Single-Family Residences ASPEN
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
161
$9,250,000
$1,624
194
94
7.0
YoY
81%
54%
26%
-35%
-75%
-86%
2019
89
$6,000,000
$1,284
298
375
50.6
2018
75
$5,425,000
$1,331
204
539
86.2
2017
100
$6,300,000
$1,490
299
709
85.1
2016
55
$5,065,000
$1,272
193
899
196.1
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
180
$10,000,000
160
$9,000,000
140
$8,000,000 $7,000,000
120
$6,000,000
100
$5,000,000
80
$4,000,000
60
$3,000,000
40
$2,000,000
20
$1,000,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 250.0
200.0
150.0
100.0
50.0
0.0 2016
2017
SOURCE: ASPEN GLENWOOD MLS
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences ASPEN
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
185
$2,625,000
$1,894
107
90
5.8
YoY
31%
44%
23%
-27%
-22%
-41%
2019
141
$1,822,500
$1,542
147
116
9.9
2018
141
$1,580,000
$1,429
179
136
11.6
2017
175
$1,550,000
$1,321
169
121
8.3
2016
134
$1,279,000
$1,187
174
168
15.0
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
200
$3,000,000
180 $2,500,000
160 140
$2,000,000
120 100
$1,500,000
80 $1,000,000
60 40
$500,000
20 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2016
2017
2018
2019
2020
No 17
THE RED PAPER 2020
D.C. Metro
A Changing of the Guard
Washington D.C. certainly had the world’s attention in 2020. While all eyes were on the nation’s capital, The Agency launched its first D.C. Metro office with a team of 30 top-producing agents who sold more than $250 million of real estate in 2020. There’s never a dull moment in the Washington market, which sees continual turnover in residents on a local, national and international level. While the onset of the pandemic slowed real estate worldwide, the Washington market was energized by May. Overall, single-family home sales in the region rose 4%, while median prices rose 6% over 2019. Emotional reasons fueled the desire to move among buyers across the D.C. region. If you didn’t like your kitchen before the pandemic, you certainly detested it by spring. Buyers hit the market seeking dual offices, a backyard and a swimming pool, which never used to be a coveted amenity in the area.
Buyers faced low inventory as demand ticked up, and Covid-cautious sellers held off on listing to bypass any unnecessary visitors in their homes. This low-inventory environment created multiple-offer scenarios, as winning bids offering no contingencies for inspections and financing gained the upper hand. Longheld agent relationships within the marketplace served clients well when it came down to the final hour.
A Glance Ahead As the new administration moves in, a fresh crop of homebuyers will arrive on the scene, as will new inventory from sellers who chose to wait out the pandemic and election results. Expect to see more demand for amenities conducive to the work-fromhome environment and features that enhance the living experience for the whole family. No 19
Single-Family Residences MONTGOMERY COUNTY | NORTHWEST D.C. | SOUTHWEST D.C. | MCLEAN
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
8,183
$679,000
$330
8
678
1.0
YoY
4%
6%
3%
-43%
-64%
-65%
2019
7,838
$640,000
$319
14
1,874
2.9
2018
7,497
$630,000
$307
15
1,654
2.6
2017
7,778
$612,750
$298
18
1,659
2.6
2016
7,750
$580,000
$289
21
1,879
2.9
Sales by Year
Median Sales Price by Year MEDIAN SALE PRICE BY YEAR
SALES BY YEAR 9,000
$800,000
8,000
$700,000
7,000
$600,000
6,000
$500,000
5,000
$400,000
4,000
$300,000
3,000
$200,000
2,000
$100,000
1,000
$0
0 2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: BRIGHT MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences MONTGOMERY COUNTY | NORTHWEST D.C. | SOUTHWEST D.C. | MCLEAN
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
4,837
$340,000
$315
12
838
2.1
YoY
0%
3%
-3%
-20%
-42%
-42%
2019
4,850
$329,900
$324
15
1,446
3.6
2018
4,877
$315,000
$306
17
1,257
3.1
2017
5,133
$315,000
$307
19
1,137
2.7
2016
4,713
$300,000
$285
22
1,298
3.3
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
6,000
$400,000 $350,000
5,000
$300,000
4,000
$250,000
3,000
$200,000 $150,000
2,000
$100,000
1,000
$50,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 21
THE RED PAPER 2020
The Bay Area
On the Move
Always a hotbed of innovation, The Bay Area was way ahead of the curve in 2020, with Silicon Valley tech giants already experimenting with the workfrom-home culture. At the peak of the market in 2018, prices were reaching dizzying heights, causing a migration from San Francisco to other Bay Area communities. While this trend was expected to continue in 2020, San Francisco saw a 3% increase in single-family home sales and a 3% rise in media prices over 2019. Condominium sales however were down 2% with prices dropping 3% within the city. Bay Area markets outside the city thrived in 2020. Single-family home sales in Alamo and Danville rose 28% with median prices rising 9% over 2019. In Marin, single-family home sales rose 8% with median prices rising 10% over the year before. Homes with room for a pool, office, study space, yard, gym and accessory dwelling unit for extended family were selling for 10%-30% over the asking price, sometimes garnering more than 20 offers a piece within days of hitting the market. The winning bids had some of the most desirable terms, such as an offer above the listing price, no contingencies, and a seller requesting to lease the residence back for a few months. The high-end market was at its strongest in years, with a number of record-breaking sales in the East Bay, including 7 Country Oak Lane, which sold for $19M in the Alamo countryside.
A Glance Ahead A strong seller’s market is predicted in 2021 throughout the region, with North and East Bay communities in close proximity to the city expected to remain in high demand. The city itself will see a boost in inventory, including a range of residential offerings in the new Yerba Buena Island community coming to market, offering sweeping bay views minutes from Downtown San Francisco. Within the year, people are expected to again feel the draw of city life across the country. Anticipate the city of innovation to become the city of reinvention as San Francisco steps back into the spotlight on the global stage. No 23
Yerba Buena Island SAN FRANCISCO
San Francisco As It Was Meant To Be Lived
THE RED PAPER 2020
The Agency Development Group represents the most unique and exciting residential offering in the city of San Francisco—Yerba Buena Island. Situated on the naturally formed, tree-lined island in the heart of San Francisco Bay, the residential community merges nature and wellness into everyday life, located minutes from the heart of Downtown. A collection of 266 residences is designed to blend with the island’s topography, taking advantage of sweeping views of the San Francisco skyline and surrounding Bay
Area. Condominiums, flats, townhomes and estate homesites offer 5 miles of trails, 72 acres of green space, beach access and a private, residents-only club by Aidlin Darling Design. Residents will also enjoy commuter service to and from Downtown San Francisco from the neighboring Treasure Island ferry terminal.
Learn More at YerbaBuenaIslandSF.com No 25
Single-Family Residences SAN FRANCISCO
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,182
$1,650,000
$956
14
164
0.9
YoY
3%
3%
1%
0%
122%
116%
2019
2,126
$1,600,000
$942
14
74
0.4
2018
2,220
$1,587,000
$906
14
210
1.1
2017
2,261
$1,415,000
$855
14
129
0.7
2016
2,221
$1,325,000
$782
21
197
1.1
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
2,500
$1,800,000 $1,600,000
2,000
$1,400,000 $1,200,000
1,500
$1,000,000 $800,000
1,000
$600,000 $400,000
500
$200,000 0
$0 2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2016
SOURCE: SFAR MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences SAN FRANCISCO
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,685
$1,204,500
$1,032
31
541
2.4
YoY
-2%
-3%
-5%
63%
156%
162%
2019
2,745
$1,240,000
$1,082
19
211
0.9
2018
3,006
$1,200,000
$1,059
20
357
1.4
2017
2,886
$1,142,750
$989
24
284
1.2
2016
2,791
$1,085,000
$950
29
307
1.3
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR 3,500
$1,400,000
3,000
$1,200,000
2,500
$1,000,000
2,000
$800,000
1,500
$600,000
1,000
$400,000
500
$200,000 $0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 27
Single-Family Residences MARIN
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,182
$1,427,075
$711
26
141
0.8
YoY
8%
10%
10%
-21%
-87%
-88%
2019
2,027
$1,294,000
$648
33
1,088
6.4
2018
1,990
$1,340,000
$666
28
911
5.5
2017
2,047
$1,250,000
$631
31
624
3.7
2016
1,904
$1,199,500
$601
34
444
2.8
Sales by Year
Median Sales Price by Year MEDIAN SALES PRICE BY YEAR
SALES BY YEAR $1,600,000
2,500
$1,400,000 2,000
$1,200,000 $1,000,000
1,500
$800,000 1,000
$600,000 $400,000
500
$200,000 0
$0 2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: BAREIS MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Single-Family Residences DANVILLE & ALAMO
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
1,163
$1,584,107
$563
8
35
0.4
YoY
28%
9%
6%
-52%
-30%
-45%
2019
910
$1,460,000
$530
17
50
0.7
2018
900
$1,450,000
$525
12
119
1.6
2017
958
$1,380,000
$504
11
103
1.3
2016
921
$1,300,000
$474
14
138
1.8
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
1,400
$1,800,000
1,200
$1,600,000 $1,400,000
1,000
$1,200,000
800
$1,000,000 $800,000
600
$600,000
400
$400,000
200
$200,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2016
2017
SOURCE: EAST BAY / BAY EAST
2018
2019
2020
No 29
THE RED PAPER 2020
Healdsburg
Cheers to Wine Country
If there was ever a time to crack open a bottle of wine, 2020 was certainly the year. The scenic Sonoma and Napa countrysides typically draw crowds of adoring wine aficionados and second-home owners. In 2020, many chose the vine life full time, buying vineyards large and small and breaking records along the way. In Healdsburg, single-family home sales rose 13%, while median sale prices rose 7% and active inventory dipped 48% at year’s end compared to 2019. The more typical second-home market transitioned into the primary home marketplace, with people seeking land, privacy, value, and in some cases, a new business venture. Purchasing a vineyard was a popular bucket-list item, but the pandemic was the catalyst for many to choose a lifetime spent stomping the grapes. Small growers who were ahead of the game, initially harvesting grapes as a hobby, were suddenly earning thousands of dollars on their private labels. With vineyard life being an extremely competitive and complicated venture, The Agency team guided buyers through the transaction process while helping navigate the nuances required to grow and build the business. For those not diving into the barrel full time, the region was still a top choice among buyers leaving San Francisco and Silicon Valley in search of more space, value and amenities. Despite a slow start to 2020 and a pause during the September wildfires, the market thrived throughout the year. Homes under $1M sold quickly, especially those that were already remodeled, offered turnkey living and had more than three bedrooms on one story.
A Glance Ahead Buyers from more populated areas will likely continue planting roots in Sonoma and Napa, but seasonal pauses in the market are expected throughout the year. Remodeled and completed homes will remain coveted items for families looking for a seamless transition to life in wine country. No 31
THE RED PAPER 2020
Carmel
Youth & Beauty
The green fairways and picturesque shores have made the Monterey Peninsula a desirable destination for jet setters and collectors seeking the finest luxury homes to add to their portfolios. In 2020, single-family home sales rose 42% with median prices rising 21% over the year before. Throughout the year, Carmel and Pebble Beach saw a shift in demand as younger buyers traded Silicon Valley life for the beauty and serenity of these quaint coastal towns. This youthful injection of energy was felt in downtown Carmel, Pebble Beach and across the real estate market. A lack of inventory, which dropped 63% at year’s end compared to 2019, led to a spike in land sales as motivated buyers snapped up properties to custom build from the ground up. The increase of custom builds signals a long-term commitment to the area, affording buyers the chance to personalize their living spaces to meet what is anticipated to remain the new work-from-home normal, with offices and the perfect Zoom background among top-of-mind amenities. Unbuilt parcels and residences within golf course communities are in high demand, as buyers covet an outdoor outlet primed for social distancing.
A Glance Ahead The migration of younger buyers will likely continue from the Bay Area and around the Golden State, with Carmel and Pebble Beach satisfying the desire among those unphased by the high cost of living for an exquisite destination to call home. This demand, paired with diminishing inventory, will likely result in a competitive market. Expect to see further interest in land sales and ground-up builds as a result. No 33
Single-Family Residences HEALDSBURG
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
197
$865,000
$512
55
44
2.7
YoY
13%
7%
-2%
-21%
-48%
-53%
2019
175
$810,000
$521
70
84
5.8
2018
184
$899,500
$535
47
79
5.2
2017
190
$867,000
$481
57
54
3.4
2016
195
$850,000
$466
68
84
5.2
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
250
$1,000,000 $900,000
200
$800,000 $700,000
150
$600,000 $500,000
100
$400,000 $300,000
50
$200,000 $100,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: BAREIS MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Single-Family Residences CARMEL
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
349
$2,045,000
$963
39
53
1.8
YoY
42%
21%
8%
-29%
-63%
-74%
2019
246
$1,687,500
$888
55
145
7.1
2018
259
$1,825,000
$893
69
132
6.1
2017
282
$1,525,000
$886
91
126
5.4
2016
274
$1,400,000
$791
93
161
7.1
Sales by Year
Median Sales Price by Year MEDIAN SALES PRICE BY YEAR
SALES BY YEAR $2,500,000
400 350
$2,000,000 300 250
$1,500,000
200
$1,000,000
150 100
$500,000
50
$0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: EAST BAY / BAY EAST
2017
2018
2019
2020
No 35
THE RED PAPER 2020
Park City
A Flurry of Activity
There was little time in 2020 for The Agency team to take full advantage of Park City’s 400 miles of hiking and biking trails, hot air ballooning, fly fishing and outdoor adventure. With listings ranging in the early $100’s up to $30M+, Park City offered something for everyone, and homes were going under contract within hours of hitting the market. Recording the busiest summer in more than three decades, our agents were hard at work making the dream of outdoor adventure a reality for scores of city dwellers seeking the solace of the slopes. Single-family home sales rose 49% over 2019, with median prices rising 25% to $1.877M and active inventory dropping 59% at year’s end. In 2019, there were four sales over $8M, compared with 18 above that mark as of December 2020. As for the condo market, sales rose 28% while prices held steady, signaling the desire for more space and privacy throughout the market. Land also saw a significant uptick in pricing, with increases ranging from 25% to 50% higher year over year, especially larger parcels with incredible mountain views. While single-family and land prices increased substantially, Park City still offers significant value compared to other high-end ski destinations such as Vail, Telluride and Jackson Hole. As more renters came for extended summer and holiday stays, the market tightened, with little highend rental inventory available by year’s end.
The authentic lifestyle of historic Old Town, home to the iconic Sundance Film Festival, attracts buyers and renters from both coasts, particularly those from Chicago, Texas and Arizona. Being the most accessible mountain resort in the country, only 35 minutes from Salt Lake City International Airport, Park City drew more buyers from California in 2020, specifically those from San Francisco, who began traveling beyond Lake Tahoe for their mountain escape. Many from California chose to call Park City home yearround, selling their businesses or relocating them to Utah to enjoy the tax benefits paired with an active lifestyle.
A Glance Ahead The year-round outdoor appeal of Park City will continue drawing buyers and renters from around the country. Expect to see a robust market for new development in 2021 and the coming years, with significant projects adding scores of luxury residences along with ski lifts and ski runs. The year ahead will likely bring movement on the recently purchased lots as custom homes rise to accommodate extended stays among families and friends. Emphasis will be placed on environmentally responsible builds as buyers strive to preserve Utah’s undeniable beauty for generations to come. No 37
Single-Family Residences PARK CITY
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
810
$1,876,500
$467
38
121
1.8
YoY
49%
25%
22%
-28%
-59%
-73%
2019
543
$1,500,000
$383
52
297
6.6
2018
516
$1,443,500
$382
57
401
9.3
2017
560
$1,232,290
$339
50
366
7.8
2016
499
$1,100,000
$324
49
389
9.4
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
900
$2,000,000
800
$1,800,000
700
$1,600,000 $1,400,000
600
$1,200,000
500
$1,000,000
400
$800,000
300
$600,000
200
$400,000
100
$200,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: PCMLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences PARK CITY
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
913
$699,000
$318
30
238
3.1
YoY
28%
0%
-36%
-30%
-34%
-48%
2019
714
$700,000
$498
43
361
6.1
2018
587
$640,000
$468
37
551
11.3
2017
656
$577,000
$413
44
448
8.2
2016
626
$538,500
$383
35
522
10.0
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR 1,000
$800,000
900
$700,000
800
$600,000
700
$500,000
600 500
$400,000
400
$300,000
300
$200,000
200
$100,000
100
$0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
12.0 10.0 8.0 6.0 4.0 2.0 0.0 2016
2017
2018
2019
2020
No 39
THE RED PAPER 2020
The Platinum Triangle
Trophy Homes Trading Hands
The Platinum Triangle, encompassing Beverly Hills, Bel Air and Holmby Hills, is globally recognized as the symbol of luxury real estate in America. Home to palm tree-lined streets, iconic shopping and the world’s most famous zip code, the area saw a number of sales at the high end of the market. Two off-market sales reached above the $120M mark in 2020. Sales of homes over the $20M mark saw an increase in the Platinum Triangle, with 29 changing hands in 2020, compared to 19 the year before. Overall, single-family home sales in the Platinum Triangle dipped 6%, as did median home prices over 2019. Whether seeking legacy homes or modern new builds, buyers wanted to balance form and function, focusing on how they would distribute their family’s need to work, live and play indoors and out. While expansive homes consuming most of the lot were once the trend, buyers were now seeking expanded outdoor spaces, more greenery and optimum view lines.
A Glance Ahead Expect a renewed surge of international buyers once overseas travel resumes, with Los Angeles remaining a top global destination for luxury home purchases. Pent up demand could position Los Angeles, including the coveted Platinum Triangle, for a record-breaking year in real estate. No 41
Single-Family Residences BEVERLY HILLS | BEL AIR | HOLMBY HILLS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
290
$3,293,986
$1,014
58
197
8.2
YoY
-6%
-6%
3%
-7%
3%
10%
2019
309
$3,499,000
$986
62
191
7.4
2018
261
$3,500,000
$1,083
55
144
6.6
2017
324
$3,450,000
$974
59
146
5.4
2016
299
$3,101,000
$925
62
174
7.0
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
350
$4,000,000
300
$3,500,000 $3,000,000
250
$2,500,000
200
$2,000,000
150
$1,500,000
100
$1,000,000
50
$500,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences BEVERLY HILLS | BEL AIR | HOLMBY HILLS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
69
$1,264,800
$685
47
57
9.9
YoY
-22%
-1%
-1%
-9%
63%
108%
2019
88
$1,278,500
$693
52
35
4.8
2018
101
$1,230,000
$735
33
38
4.5
2017
132
$1,243,500
$673
46
24
2.2
2016
133
$1,185,000
$622
56
40
3.6
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
140
$1,400,000
120
$1,200,000
100
$1,000,000
80
$800,000
60
$600,000
40
$400,000
20
$200,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
No 43
Single-Family Residences WEST HOLLYWOOD
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
116
$2,005,000
$944
35
61
6.3
YoY
6%
8%
1%
-22%
97%
85%
2019
109
$1,850,000
$938
44
31
3.4
2018
118
$1,755,000
$963
29
26
2.6
2017
134
$1,658,250
$977
42
23
2.1
2016
135
$1,585,000
$889
42
34
3.0
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
160
$2,500,000
140 $2,000,000
120 100
$1,500,000
80 $1,000,000
60 40
$500,000
20 0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences WEST HOLLYWOOD
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
347
$800,000
$734
42
109
3.8
YoY
3%
3%
4%
6%
73%
68%
2019
337
$780,000
$707
40
63
2.2
2018
351
$790,000
$711
34
91
3.1
2017
406
$719,000
$650
40
65
1.9
2016
391
$690,500
$638
41
71
2.2
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
450
$900,000
400
$800,000
350
$700,000
300
$600,000
250
$500,000
200
$400,000
150
$300,000
100
$200,000
50
$100,000 $0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
No 45
Single-Family Residences SUNSET STRIP | HOLLYWOOD HILLS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
411
$2,062,508
$892
54
211
6.2
YoY
2%
9%
9%
6%
7%
4%
2019
402
$1,885,250
$818
51
198
5.9
2018
410
$1,869,250
$818
50
168
4.9
2017
474
$1,805,500
$785
47
166
4.2
2016
416
$1,781,785
$747
57
205
5.9
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
500
$2,500,000
450 400
$2,000,000
350 300
$1,500,000
250 200
$1,000,000
150 100
$500,000
50 0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences SUNSET STRIP | HOLLYWOOD HILLS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
85
$719,000
$619
44
37
5.2
YoY
-8%
7%
-1%
26%
85%
100%
2019
92
$674,000
$624
35
20
2.6
2018
101
$641,000
$568
34
29
3.4
2017
124
$590,750
$549
41
20
1.9
2016
120
$542,500
$520
42
30
3.0
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
140
$800,000
120
$700,000
100
$600,000 $500,000
80
$400,000
60
$300,000
40
$200,000
20
$100,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
No 47
California Dreaming
Malibu had one of its busiest markets ever on record in 2020, with a 104% increase in single-family home sales and a 36% increase in condo sales over 2019. The beachside community’s evolution was fully realized, providing everything buyers and renters wanted in a place to call home amidst the pandemic. More than a quaint, country beach town, Malibu is now regarded as a sophisticated dining, shopping, equestrian and cultural destination, surrounded by picturesque hiking and biking trails extending from the coast to the Santa Monica Mountains. At the start of 2020, the Malibu community was still recovering from wildfires, and the crystal ball for the year ahead was foggy. Malibu could have gone one way or the other, but when the pandemic struck, demand for life in the ‘Bu skyrocketed. People from cities across the country looked to the California Coast to ride out the pandemic or finally plant roots without the constraints of office life. Buyers in the $8M+ range typically want direct beach access, but during the pandemic, they expanded their horizons for the space, freedom and value of Malibu’s hillsides and canyons. The Agency team sold 3250 Serra Road for $16.55M, a record-breaking transaction off the beach. The lower end of the luxury
THE RED PAPER 2020
Malibu
market in the $2.5M to $5M range attracted couples and young families entering the market. By summer, inventory throughout Malibu started to dwindle, shifting from a buyer’s to a seller’s market for the first time in 10+ years, with prices trending upward as a result. Median single-family home prices rose 8%, while median condo home prices rose 18% over 2019. Much of the movement came from the Southern California region as people sought first and second homes without commuting distance being a factor. Homes in every price range saw multiple offers as buyers sought indoor-outdoor living, guest houses, fitness facilities and tennis courts, which made a swift and steady comeback in the marketplace.
A Glance Ahead The Malibu market is expected to remain strong and inventory incredibly tight in 2021. Given the low inventory paired with an unwavering demand for the Malibu marketplace, expect developers to rebuild, remodel, or repair properties that were affected by the 2019 fires. No 49
Single-Family Residences MALIBU
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
255
$3,600,000
$1,104
72
138
6.5
YoY
104%
8%
6%
-15%
-7%
-54%
2019
125
$3,340,000
$1,042
84
148
14.2
2018
209
$3,155,000
$1,099
80
130
7.5
2017
222
$3,050,000
$981
105
165
8.9
2016
227
$2,870,000
$864
105
208
11.0
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
300
$4,000,000 $3,500,000
250
$3,000,000
200
$2,500,000
150
$2,000,000 $1,500,000
100
$1,000,000
50
$500,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences MALIBU
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
80
$1,155,000
$788
76
26
3.9
YoY
36%
18%
2%
24%
-32%
-50%
2019
59
$975,000
$774
61
38
7.7
2018
54
$1,200,000
$782
74
37
8.2
2017
64
$1,000,000
$700
71
27
5.1
2016
56
$917,500
$697
83
27
5.8
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
90
$1,400,000
80
$1,200,000
70 $1,000,000
60 50
$800,000
40
$600,000
30
$400,000
20
$200,000
10 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
2017
2018
2019
2020
No 51
THE RED PAPER 2020
Beach Cities
The Sand & Sea Beckon
Morning beach strolls before punching the clock, seaside cafes and bars for an afternoon break, and sunsets over the ocean to finish the work day were once figments of the imagination for the busy Angeleno. Venice through Palos Verdes came with all the beachy benefits, but a hefty commute to Downtown and West Los Angeles. With driving to the office not top of mind in 2020, the Beach Cities saw more buyers seeking sand, surf, quality schools and a walkable lifestyle that offered outdoor recreation amongst ongoing stay-at-home orders. Overall, the Beach Cities saw a 9% increase in single-family home sales and median prices over 2019. The summer saw heightened sales activity, with homes from $2.5M+ selling within two to three weeks. Early in the pandemic, Venice, Playa del Rey and the Marina saw an influx of buyers from the East Coast, Northern California and Greater L.A. moving to live within close reach of Silicon Beach’s tech centers.
A Glance Ahead The Beach Cities are expecting a busy 2021 as demand grows and inventory dwindles. While new inventory will be arriving to market in the way of new construction and remodeled older homes, expect price points to trend slightly upward as the market remains highly competitive especially at entry level prices in these marketplaces. No 53
Single-Family Residences HERMOSA BEACH | MANHATTAN BEACH | REDONDO BEACH | VENICE BEACH
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
997
$1,940,000
$935
19
188
2.3
YoY
9%
9%
3%
-24%
-16%
-23%
2019
911
$1,775,000
$909
25
224
3.0
2018
892
$1,839,000
$933
20
223
3.0
2017
1,039
$1,710,000
$882
20
173
2.0
2016
1,041
$1,610,000
$848
36
244
2.8
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
1,200
$2,500,000
1,000 $2,000,000
800 $1,500,000
600 $1,000,000
400
$500,000
200 0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences HERMOSA BEACH | MANHATTAN BEACH | REDONDO BEACH | VENICE BEACH
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
697
$1,100,000
$619
14
81
1.4
YoY
-4%
3%
4%
-28%
-24%
-21%
2019
724
$1,067,000
$594
20
107
1.8
2018
708
$1,140,000
$589
15
150
2.5
2017
751
$1,020,000
$551
14
92
1.5
2016
762
$905,000
$512
33
103
1.6
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
900
$1,200,000
800 $1,000,000
700 600
$800,000
500 $600,000
400 300
$400,000
200 $200,000
100 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 55
THE RED PAPER 2020
Brentwood & Palisades
A Westside Sunrise
The lure of L.A.’s Westside, with its coveted coastal enclaves, tree-lined hillsides, big-time views and small-town charm, proved powerful in 2020. Sales of single-family homes throughout Brentwood and Pacific Palisades rose 14% with median prices up 5%, while in Santa Monica, single-family home sales rose 13% over 2019. Brentwood saw a swift recovery at the high-end of the market, with buyers craving more space and proximity to nature and outdoor recreation. The condo market held steady, with a 1% increase in median prices, while inventory rose by year’s end even as condos spent less time on the market compared to 2019. Among the most successful projects were newer builds with updated systems and health-minded features, such as HEP filters and HVAC systems. Pacific Palisades saw a decline in sales early in the year, but by summer, sales of single-family homes were on the rise. While typical Palisades buyers are relocating from the East Coast for work, 2020 saw a surge in buyers from across Los Angeles seeking larger, multi-generational homes with five or six bedrooms, dual offices, homework rooms, gyms, expanded backyards and guest houses. By fall and winter, buyers from across the country, specifically from New York City, returned to the market seeking solace from winter and room to play, live and work in the comfort of home.
A Glance Ahead Expect a strong year ahead on the Westside in both the single-family and condominium markets. New-build, single-family homes that halted construction during the pandemic and did not sell prior to completion will be delivered, bringing fresh inventory to a market of buyers looking for turnkey, move-in ready homes. No 57
Single-Family Residences BRENTWOOD
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
241
$3,200,000
$997
58
88
4.4
YoY
7%
2%
2%
-3%
31%
23%
2019
225
$3,135,000
$981
59
67
3.6
2018
246
$3,100,000
$978
47
80
3.9
2017
251
$3,194,700
$1,027
42
67
3.2
2016
247
$2,665,000
$901
55
66
3.2
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
300
$3,500,000
250
$3,000,000 $2,500,000
200
$2,000,000
150 $1,500,000
100
$1,000,000
50
$500,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences BRENTWOOD
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
170
$950,000
$701
41
42
3.0
YoY
2%
-4%
4%
14%
163%
156%
2019
166
$986,113
$676
36
16
1.2
2018
165
$1,000,000
$673
33
30
2.2
2017
204
$899,500
$649
31
14
0.8
2016
234
$872,500
$607
39
23
1.2
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
250
$1,200,000 $1,000,000
200
$800,000
150 $600,000
100 $400,000
50
$200,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 59
Single-Family Residences PACIFIC PALISADES
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
251
$3,295,000
$1,090
44
76
3.6
YoY
21%
7%
0%
35%
17%
-3%
2019
208
$3,071,250
$1,086
33
65
3.8
2018
231
$3,350,000
$1,091
34
57
3.0
2017
259
$3,150,000
$1,045
41
52
2.4
2016
258
$2,792,500
$981
49
89
4.1
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
300
$4,000,000 $3,500,000
250
$3,000,000
200
$2,500,000
150
$2,000,000 $1,500,000
100
$1,000,000
50
$500,000
0
$0
2016
2017
2018
2019
2020
2016
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences PACIFIC PALISADES
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
70
$1,134,000
$679
44
23
3.9
YoY
-8%
2%
4%
30%
5%
14%
2019
76
$1,112,500
$650
34
22
3.5
2018
64
$1,193,783
$653
34
30
5.6
2017
76
$1,130,000
$609
20
14
2.2
2016
88
$890,000
$579
43
10
1.4
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
100
$1,400,000
90
$1,200,000
80
$1,000,000
70 60
$800,000
50 $600,000
40 30
$400,000
20
$200,000
10 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
2017
2018
2019
2020
No 61
Single-Family Residences SANTA MONICA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
225
$2,752,100
$1,206
33
54
2.9
YoY
13%
1%
0%
-14%
50%
33%
2019
199
$2,735,000
$1,206
38
36
2.2
2018
196
$2,814,500
$1,215
38
34
2.1
2017
248
$2,530,000
$1,176
28
29
1.4
2016
227
$2,450,000
$1,031
39
47
2.5
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
300
$3,000,000
250
$2,500,000
200
$2,000,000
150
$1,500,000
100
$1,000,000
50
$500,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences SANTA MONICA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
411
$1,050,000
$910
45
128
3.7
YoY
17%
-10%
1%
24%
133%
99%
2019
351
$1,165,000
$904
36
55
1.9
2018
384
$1,150,000
$917
33
83
2.6
2017
406
$1,102,500
$867
27
55
1.6
2016
410
$1,000,000
$798
39
73
2.1
Median Sales Price by Year
Sales by Year
MEDIAN SALE PRICE BY YEAR
SALES BY YEAR $1,400,000
420 410
$1,200,000
400 390
$1,000,000
380
$800,000
370 $600,000
360 350
$400,000
340
$200,000
330
$0
320 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 63
THE RED PAPER 2020
San Fernando Valley
The Valley's on the Rise
2020 gave new meaning to living the good life over the hill. Angelenos saw the San Fernando Valley as the ideal destination for a change of pace and lifestyle. While the Valley has long been a favorite among celebrities, professionals and families seeking privacy and prime schools, in 2020, it welcomed first-time homebuyers, who recognized the value the Valley provides. Single-family home and condo sales were up 6% while median prices rose 10% and 5% respectively. The Westside-inspired aesthetic, new construction and remodeled homes proved hot commodities. As a result, older homes were snatched up for their land value, and the majority of home construction turned to new builds.
and buyer of the third-highest sale in The Oaks and Calabasas at 25364 Prado De La Felicidad for $7.5M in April. The few trophy properties that came to market in Calabasas and the gated city of Hidden Hills sold quickly. Privacy, security and celebrity cache paired with the opportunity to custom build were the ultimate lure for the most discerning home seekers. The Westlake Village community recorded an $8.1M sale in 2020—one of the highest of all time.
An influx of out-of-town buyers and tech talent, coming from the Bay Area and New York, joined Westside buyers seeking more amenities, such as sports courts and grass lawns. The converted garage was a hot amenity, housing the office, fitness studio or Zen room. The Valley was also trending for social media stars from TikTok, Instagram and YouTube, snapping up new homes (in all-cash deals) that provided the perfect backdrop to document their adventures on film.
A Glance Ahead
In Calabasas, gated enclaves like The Oaks were in high demand with homes selling above the $8M mark. The Agency represented both the seller
The Agency will continue to expand in the area, adding a new Studio City office to serve buyers and sellers across the Valley in close proximity to Hollywood. The transition of buyers from the Westside to the Valley is expected to continue, while it will be harder to find anything under the $1M mark in Sherman Oaks or Studio City, where inventory is expected to remain limited. Expect to see more mega-mansions and high-net-worth buyers arriving on the scene as people continue to seek more space and amenities, such as homework rooms, dual offices and the outdoor-focused lifestyle the Valley provides. No 65
Single-Family Residences SAN FERNANDO VALLEY
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
3,055
$1,315,000
$552
17
394
1.5
YoY
6%
10%
7%
-65%
-11%
-17%
2019
2,869
$1,198,000
$514
48
445
1.9
2018
2,797
$1,165,000
$511
43
821
3.5
2017
3,091
$1,076,000
$477
47
602
2.3
2016
2,998
$1,035,000
$458
52
757
3.0
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
3,500
$1,400,000
3,000
$1,200,000
2,500
$1,000,000
2,000
$800,000
1,500
$600,000
1,000
$400,000
500
$200,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences SAN FERNANDO VALLEY
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
1,395
$542,500
$430
20
177
1.5
YoY
6%
5%
5%
-57%
34%
27%
2019
1,320
$515,000
$410
46
132
1.2
2018
1,252
$520,000
$412
36
275
2.6
2017
1,573
$485,000
$382
39
148
1.1
2016
1,441
$440,000
$355
46
253
2.1
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
1,800
$600,000
1,600 $500,000
1,400 1,200
$400,000
1,000 $300,000
800 600
$200,000
400 $100,000
200 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 67
THE RED PAPER 2020
Pasadena
Coming Up Roses
Beloved for its classic charm and historic character, Pasadena is embracing its newfound appeal among buyers from L.A.’s Westside. As younger buyers gravitate east, contemporaryinspired remodels, which would have been frowned upon 15 years ago, are gaining momentum. While many properties are being reimagined with modernized amenities, original design elements, such as wood beams, intricate tile work and character accents, are being thoughtfully preserved. Newly fashioned homes with a subtle nod to history provide the ideal blend of SoCal lifestyle, added space and buying power, when compared to the Westside. Pasadena is an L.A. submarket anomaly, offering a wide range of price points, from the $400K condo to the multi-million-dollar estate. In 2020, single-family home sales dipped 8%, but median home prices rose 14% as active inventory dropped by 25% at year’s end compared to 2019. Pasadena’s attainable and incremental price variety allows the younger demographic, such as Hollywood executives and tech professionals, to move within the community three or four times as their families grow. These buyers are
leading the shift in design trends as they seek larger yards, pools and additional dwelling units that can be converted to an office, dedicated homework room, or simply space to relax. In 2020, homes under the $1.5M mark saw multiple offers and bidding wars, with 2648 St James Place selling for $200K over asking price after receiving more than 50 offers. Higher end properties also saw increased demand, such as the 8,322-square-foot, five-bedroom 1725 Orlando Road, which had been on the market for over a year, selling for $7.69M in October.
A Glance Ahead Inventory is expected to remain tight in the thriving Pasadena real estate market in 2021 as buyers continue moving inland from the coast. Homes not yet remodeled are likely to trade for top dollar, either before or after getting their Westside-inspired makeover. The appeal of the historic home will live on in Pasadena, which remains a favorite among architectural aficionados. No 69
Single-Family Residences PASADENA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
903
$1,200,000
$655
26
88
1.2
YoY
-8%
14%
7%
-24%
-25%
-18%
2019
984
$1,055,000
$610
34
117
1.4
2018
945
$1,050,000
$600
30
214
2.7
2017
1,021
$984,370
$575
30
169
2.0
2016
1,074
$875,000
$533
38
185
2.1
Sales by Year
Median Sales Price by Year MEDIAN SALES PRICE BY YEAR
SALES BY YEAR 1,200
$1,400,000
1,000
$1,200,000 $1,000,000
800
$800,000 600
$600,000 400
$400,000
200
$200,000 $0
0 2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences PASADENA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
538
$655,000
$545
29
99
2.2
YoY
-2%
1%
4%
-17%
62%
65%
2019
547
$650,000
$525
35
61
1.3
2018
612
$645,250
$526
25
138
2.7
2017
657
$608,000
$492
30
99
1.8
2016
685
$560,000
$453
37
137
2.4
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
800
$700,000
700
$600,000
600
$500,000
500 $400,000
400 $300,000
300
$200,000
200
$100,000
100 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 71
All About the Beach
The surf and sales were up in 2020. Orange County’s relaxed beachy lifestyle proved irresistible for those seeking more space for their money, compared to Los Angeles and other driveable SoCal destinations. Orange County’s prime coastal markets saw a 15% increase in single-family home sales and 11% rise in median home prices over the year prior. By year’s end, both the single-family and condo markets saw their inventory halved year over year, with condo sales increasing 10%. A wave of astute inland and city buyers, who certainly did their homework, flocked to the shores, buying second homes to add to their portfolio or finally taking the plunge to become a first-time homeowner. Homes in the $500-$700K range were selling before they hit the market. Fixer-uppers within close reach of the beach up to $2.2M were hot commodities, sparking bidding wars, all-cash offers and competitive deal terms. In the $10M and up range, homes were updated
THE RED PAPER 2020
Orange County
with trending amenities, such as UV rooms for sanitizing clothes and gear, private offices and expanded outdoor spaces. The Agency Orange County team continued to grow in 2020, bringing historic properties to the market, such as 35811 Beach Road, a private paradise encompassing the home of late waterman and surf legend Wayne Schafer and approximately 127 feet of Dana Point beachfront. The OC team more than doubled their sales volume over 2019 and grew their market share in the luxury coastal neighborhoods of Irvine, Newport Beach, Newport Coast, Laguna Beach and Dana Point.
A Glance Ahead The beach life will hold its appeal, but buyers will face the lowest inventory on record since 2013 at the start of the year. Inventory will likely rise as the year progresses. No 73
Single-Family Residences NEWPORT BEACH | NEWPORT COAST | LAGUNA BEACH | DANA POINT
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
1,587
$2,215,000
$871
36
361
2.7
YoY
15%
11%
4%
-22%
-52%
-58%
2019
1,384
$2,000,000
$841
46
749
6.5
2018
1,329
$2,055,000
$846
42
788
7.1
2017
1,476
$1,992,500
$800
49
686
5.6
2016
1,440
$1,822,500
$767
70
738
6.2
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
1,800
$2,500,000
1,600 $2,000,000
1,400 1,200
$1,500,000
1,000 800
$1,000,000
600 400
$500,000
200 0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: CRMLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences NEWPORT BEACH | NEWPORT COAST | LAGUNA BEACH | DANA POINT
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
472
$881,938
$625
30
92
2.3
YoY
10%
6%
3%
-26%
-51%
-55%
2019
431
$835,000
$609
40
186
5.2
2018
412
$813,750
$591
34
203
5.9
2017
489
$760,000
$567
36
169
4.1
2016
481
$740,000
$543
60
190
4.7
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
600
$1,000,000 $900,000
500
$800,000 $700,000
400
$600,000
300
$500,000 $400,000
200
$300,000 $200,000
100
$100,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
2017
2018
2019
2020
No 75
Times are Changing in the Desert
In 2020, the Palm Springs market saw a migration of a new clientele—the 20s to 30s Silicon Valley tech talent. These sophisticated buyers were drawn from the Bay Area by the comparably affordable home prices, paired with their newfound flexibility to conduct business remotely, largely using the products they had a hand in creating. Even during the heat of summer when temps reached 120 degrees, the allure of the desert lifestyle was impossible to pass up. Sales in summer skyrocketed by 70% over the summer before, combined with a median price increase of 14%. Overall, single-family home sales in the region rose 15% in 2020, while median home prices rose 11% over 2019. Golf, tennis, and trendy pickleball—sports primed for social distancing in the outdoors—led to the classic country club lifestyle’s increased popularity. More spacious homes provided room for an office, media room, private pool and dedicated spaces to unwind as a family.
THE RED PAPER 2020
Greater Palm Springs
The lack of inventory, with active properties on the market down 39% over the summer, meant homes at every price point sold within days. Desert retreats were no longer used for just the weekend but rather became primary residences, especially for those hailing from drivable major cities, such as Los Angeles. Buyers and renters looking to secure extended holiday accommodations found limited availability, especially at the very high end of the market.
A Glance Ahead The change in buyer demographics will likely inspire new home design trends for the region. Buyers with multiple family members are expected to forgo the open floor plan in favor of more dedicated spaces for working and learning from home. The inventory will likely remain tight in country club communities as golf, tennis and pickleball continue to rise in popularity. No 77
Single-Family Residences PALM SPRINGS | RANCHO MIRAGE | PALM DESERT
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
3,201
$610,000
$271
46
408
1.5
YoY
15%
11%
11%
-22%
-22%
-32%
2019
2,780
$550,000
$245
59
520
2.2
2018
2,782
$535,000
$238
60
735
3.2
2017
2,834
$490,000
$225
68
591
2.5
2016
2,590
$460,000
$218
76
753
3.5
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
3,500
$700,000
3,000
$600,000
2,500
$500,000
2,000
$400,000
1,500
$300,000
1,000
$200,000
500
$100,000 $0
0 2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: CLAW
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences PALM SPRINGS | RANCHO MIRAGE | PALM DESERT
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,553
$310,000
$219
46
358
1.7
YoY
7%
9%
7%
-10%
15%
7%
2019
2,381
$285,000
$205
51
311
1.6
2018
2,519
$270,000
$190
53
457
2.2
2017
2,544
$243,500
$174
69
550
2.6
2016
2,106
$235,000
$168
78
685
3.9
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR $350,000
3,000
$300,000
2,500
$250,000
2,000
$200,000 1,500
$150,000 1,000
$100,000
500
$50,000 $0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 79
A Bicoastal Migration
South Florida’s tri-county region, comprising Miami-Dade, Broward and Palm Beach, continually welcomes out-of-state buyers settling down to enjoy the sun, sand and tax-friendly living. It was widely reported that in 2020, about 1,000 people each day made the move to Florida, with people flocking to the most popular destinations in the southern region of the state. There to guide and assist them with their house-hunting journey was The Agency team—which recorded a 193% growth in sales volume year over year.
Condominiums, which experienced a slump at the beginning of the pandemic due to the communal nature of high-rise living, returned to favor by year’s end. The Agency team listed and sold Penthouse 5 at 3501 N. Ocean Drive, which was one of the highest price-per-square-foot sales in the Hollywood area.
While New Yorkers have long led the charge to Florida’s sunny shores, last year saw a new contingent making the move from Boston, Chicago and California. Single-family residences in suburban neighborhoods were a hot commodity in 2020. Many embarked on the quest to find the perfect home with lots of room for the entire family to live, work, learn and play. As homes were listed and sold at a swift pace, the demand drove down the median days spent on the market, as well as available inventory.
A Glance Ahead
THE RED PAPER 2020
South Florida
The South Florida market will continue to pique the interest of buyers from around the country seeking a tax-friendly environment and buyers from around the world seeking the glamor and beach-centric lifestyle the region affords, from Miami to Palm Beach. Expect condominium sales to return to pre-pandemic levels and developers to incorporate even more advanced amenities and air filtration systems to keep residents safe and sound. No 81
Single-Family Residences MIAMI | MIAMI BEACH
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
6,398
$415,000
$240
37
1,772
3.3
YoY
-5%
11%
12%
-12%
-39%
-36%
2019
6,706
$375,000
$214
42
2,903
5.2
2018
7,202
$360,000
$203
40
4,533
7.6
2017
7,045
$340,000
$186
41
4,453
7.6
2016
7,629
$310,000
$164
83
4,639
7.3
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
9,000
$450,000
8,000
$400,000
7,000
$350,000
6,000
$300,000
5,000
$250,000
4,000
$200,000
3,000
$150,000
2,000
$100,000
1,000
$50,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: BEACHES MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences MIAMI | MIAMI BEACH
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
7,215
$272,500
$257
67
7,368
12.3
YoY
-9%
7%
5%
12%
-10%
-1%
2019
7,930
$255,000
$245
60
8,188
12.4
2018
8,371
$248,000
$243
68
11,110
15.9
2017
7,924
$239,000
$225
70
10,486
15.9
2016
8,402
$220,000
$207
96
9,852
14.1
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR $300,000
9,000 8,000
$250,000
7,000
$200,000
6,000 5,000
$150,000 4,000
$100,000
3,000 2,000
$50,000 1,000
$0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2016
2017
2018
2019
2020
No 83
Single-Family Residences PALM BEACH
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
176
$5,400,000
$1,338
164
60
4.1
YoY
110%
10%
8%
55%
-58%
-80%
2019
84
$4,900,000
$1,235
106
142
20.3
2018
111
$4,200,000
$1,154
103
120
13.0
2017
94
$4,275,000
$1,194
204
140
17.9
2016
87
$3,750,000
$1,038
119
145
20.0
Sales by Year
Median Sales Price by Year MEDIAN SALES PRICE BY YEAR
SALES BY YEAR $6,000,000
200 180
$5,000,000
160 140
$4,000,000
120
$3,000,000
100 80
$2,000,000
60 40
$1,000,000
20
$0
0 2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 25.0
20.0
15.0
10.0
5.0
0.0 2016
SOURCE: BEACHES MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences PALM BEACH
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
330
$843,500
$512
121
241
8.8
YoY
4%
33%
15%
37%
-23%
-27%
2019
317
$632,500
$446
88
315
11.9
2018
345
$575,000
$386
94
876
30.5
2017
314
$437,500
$332
100
759
29.0
2016
313
$455,000
$289
97
659
25.3
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
400
$900,000
350
$800,000 $700,000
300
$600,000
250
$500,000
200
$400,000
150
$300,000
100
$200,000
50
$100,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2016
2017
2018
2019
2020
No 85
Single-Family Residences FORT LAUDERDALE
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
1,959
$470,000
$291
46
627
3.8
YoY
3%
22%
19%
-8%
-32%
-34%
2019
1,905
$385,000
$244
50
926
5.8
2018
2,063
$355,000
$238
40
1,363
7.9
2017
2,020
$319,450
$214
46
1,268
7.5
2016
2,162
$290,000
$194
50
1,340
7.4
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
2,500
$500,000 $450,000
2,000
$400,000 $350,000
1,500
$300,000 $250,000
1,000
$200,000 $150,000 $100,000
500
$50,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: BEACHES MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences FORT LAUDERDALE
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,061
$335,000
$263
76
1,429
8.3
YoY
-1%
12%
5%
12%
3%
5%
2019
2,089
$300,000
$251
68
1,381
7.9
2018
2,474
$327,188
$255
57
2,120
10.3
2017
2,044
$282,000
$242
73
2,155
12.7
2016
2,084
$280,000
$228
72
2,184
12.6
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR $400,000
3,000
$350,000
2,500
$300,000
2,000
$250,000
1,500
$200,000 $150,000
1,000
$100,000
500
$50,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2016
2017
2018
2019
2020
No 87
Single-Family Residences BOCA RATON
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,727
$520,000
$233
34
531
2.3
YoY
10%
13%
9%
-21%
-48%
-52%
2019
2,490
$460,000
$213
43
1,016
4.9
2018
2,688
$440,000
$207
43
1,513
6.8
2017
2,621
$432,250
$200
41
1,663
7.6
2016
2,837
$395,000
$191
43
1,734
7.3
Sales by Year
Median Sales Price by Year MEDIAN SALES PRICE BY YEAR
SALES BY YEAR 3,000
$600,000
2,500
$500,000
2,000
$400,000
1,500
$300,000
1,000
$200,000
500
$100,000 $0
0 2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: BEACHES MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences BOCA RATON
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,690
$235,113
$173
45
1,072
4.8
YoY
-3%
9%
9%
0%
-7%
-4%
2019
2,776
$215,000
$158
45
1,158
5.0
2018
3,039
$210,000
$158
41
4,815
19.0
2017
2,891
$190,000
$146
42
4,313
17.9
2016
2,890
$182,875
$138
46
3,701
15.4
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR $250,000
3,500 3,000
$200,000 2,500
$150,000
2,000 1,500
$100,000
1,000
$50,000 500
$0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2016
2017
2018
2019
2020
No 89
Spreading their Wings
High-rise living is synonymous with big city life, and Toronto boasts some of the most luxurious high-end buildings in North America. In 2020, living life at the top wasn’t a high priority for buyers who looked further afield when the pandemic struck. Condominium sales dipped 9% from 2019, but median prices rose 6%. A refreshed emphasis on lifestyle drove a shift in demand for properties designed to accommodate a new work-from-home normal. Coveted features included a home office, pool, family media room and space to grow your own produce. One pandemicsavvy new construction even featured a UV closet that sanitized clothes and gear with the flick of a switch. Toronto’s high-end real estate market is historically driven by foreign buyers from Asia and the Middle East, but in 2020, travel restrictions altered that trend. Overall, single-family home sales dipped 17%, as median prices rose 10% over 2019. Local buyers were motivated to move to Toronto’s East and West Ends, where they found great comparable value, paired with more space, yard and fresh air. The CA$1.5 million price point was the sweet spot with homes in the most desirable city and suburban neighbourhoods selling within a matter of days. Anything under that price point garnered multiple offers and bidding wars. The Agency Toronto team noted one CA$690,000 home with 91 showings and 9 offers in one week, selling for CA$100,000 over asking price in seven days with an all-cash, no contingency deal winning the day. One hour away, Waterloo Region saw a migration from Toronto and other urban centers as buyers sought
THE RED PAPER 2020
Toronto & Waterloo Region
more land, space and value for their money. Though sales dipped slightly, single-family median prices rose by 17% and median days spent on the market dropped by 43% over 2019. Multiple-offer situations were a daily occurrence throughout most of the year, as demand intensified across all price points despite the pandemic. The Agency reported one listing with almost 60 showings in a week and 16 offers. Garnering $100K or more over asking price was a consistent trend throughout the region. Affluent buyers finally found the time to shop and make the move they had likely been thinking about for a while, with the pandemic serving as a catalyst for change. Waterloo Region draws people from all over Canada for its impressive combination of industry, outdoor-focused lifestyle and commitment to sustainability.
A Glance Ahead Toronto’s high-rise lifestyle is tipped to make a comeback in 2021 when international investors slowly return to the market and younger buyers can comfortably return to city life. New condominiums are set to be completed, infusing the city market with fresh inventory and plenty of options. Single-family home inventory is expected to remain low, especially in the sought-after CA$2M and under price range. In Waterloo Region, tight inventory is anticipated to continue into 2021, with buyers seeking more square footage and accessible green space. No 91
Single-Family Residences
TORONTO
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN DOM
2020
2,060
$1,869,365
11
YoY
-17%
10%
-21%
2019
2,480
$1,696,695
14
2018
2,307
$1,764,215
12
2017
3,149
$1,972,000
8
2016
3,926
$1,635,982
7
Sales by Year
Median Sales Price by Year
SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
5,000
$2,500,000
4,000
$2,000,000
3,000
$1,500,000
2,000
$1,000,000
1,000
$500,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
Condominium Residences
2020
TORONTO
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN DOM
2020
10,411
$660,026
12
YoY
-9%
6%
-6%
2019
11,485
$622,815
13
2018
11,896
$578,814
13
2017
14,187
$523,834
11
2016
15,122
$425,877
18
Sales by Year
Median Sales Price by Year
SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
20,000
$800,000
15,000
$600,000
10,000
$400,000
5,000
$200,000
0
$0
2016
SOURCE: TRREB
2017
2018
2019
2020
2016
2017
2018
2019
2020
CAMBRIDGE KITCHENER WATERLOO
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
2020
4,800
$620,000
$391
8
YoY
-4%
17%
11%
-43%
2019
5,013
$530,000
$354
14
2018
4,798
$487,500
$330
14
2017
5,815
$465,000
$320
10
2016
5,899
$380,000
$259
13
Sales by Year
THE RED PAPER 2020
Single-Family Residences
Median Sales Price by Year
SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
8,000
$800,000
6,000
$600,000
4,000
$400,000
2,000
$200,000
0
$0 2016
2017
2018
2019
2020
2016
2017
2018
Condominium Residences
2019
2020
CAMBRIDGE KITCHENER WATERLOO
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
2020
2,311
$418,000
$359
12
YoY
-1%
13%
14%
-33%
2019
2,336
$370,000
$314
18
2018
2,372
$340,000
$289
18
2017
2,403
$320,000
$370
14
2016
2,423
$255,000
$209
22
Sales by Year
Median Sales Price by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR
3,000
$500,000
2,500
$400,000
2,000
$300,000
1,500
$200,000
1,000
$100,000
500 0
$0 2016
2017
2018
SOURCE: CAMBRIDGE ASSOCIATION OF REALTORS
2019
2020
2016
2017
2018
2019
2020
No 93
Canada’s Island Life
British Columbia’s capital city was in high demand for buyers across the country who came in droves seeking the waterfront lifestyle and Canada’s best weather. After the pandemic shutdowns, sales soared as buyers from Vancouver to Toronto and the United States headed west. Single-family home sales in Victoria rose 42% over 2019, while condo sales rose 15% over the year before. The Victoria market saw 57 sales over the CA$3M mark in 2020, compared to 18 in 2019. The highest sale in 2020 was CA$9.5M, compared to CA$7.68M the year before. The majority of high-end sales were waterfront properties, as buyers demanded water views, privacy and space within close reach of the city. As buyers reevaluated what they wanted in home and life, high-end homes in the CA$2M to $2.5M range sold at a record pace, spending 60 days on the market as opposed to the usual year or more. Homes in the $1M and under range saw multiple offers, with sales up 65% and inventory down 25% throughout Victoria. The Agency had two record-breakers in 2020, selling the highest sale in Victoria municipality for CA$4.4M at 1851 Crescent Road and the highest sale in Victoria Rockland at CA$3.5M at 1535 Despard Avenue. The office also held the most sales by any one agent over CA$3M. Popular for its adventurous, outdoor-centric lifestyle, the Cowichan Valley saw sales rise significantly from May on, but overall, single-
THE RED PAPER 2020
Victoria & Cowichan
family home sales were down 13%. However, prices rose 6% and active inventory dipped 41% at year’s end over 2019. More spacious, singlefamily homes sold quickly, while the condo market dipped 30% compared to the year before. The Agency Cowichan team holds the record for most sales over CA$1M in the Cowichan Valley. In 2020, the team had the highest sale on record of a single-family property on Shawnigan Lake, 1890 Flicker Road for CA$2.44M; the secondhighest sale ever of a single-family property on Lake Cowichan, 8171 Saseenos Road at CA$2.1375M; and the third-highest sale in Nanaimo, 2800 Benson View at CA$2.45M.
A Glance Ahead The Vancouver Island lifestyle will continue to attract buyers from mainland Canada and the U.S., with inventory expected to stay tight in Victoria. Expect the seller’s market to continue, while many will hold off on listing due to limited options for relocating within the area. The Cowichan Valley will likely continue to benefit from buyers seeking more space, access to nature and proximity to outdoor adventure. Videos and images showcasing the Cowichan lifestyle will continue garnering “sight unseen” interest and offers from afar. No 95
Single-Family Residences VICTORIA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
2,502
$835,000
$386
21
249
1.2
YoY
42%
7%
4%
-28%
-65%
-76%
2019
1,760
$779,950
$370
29
719
4.9
2018
2,930
$811,000
$379
21
504
2.1
2017
3,772
$769,000
$359
14
350
1.1
2016
4,924
$665,000
$311
14
290
0.7
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
6,000
$900,000 $800,000
5,000
$700,000
4,000
$600,000 $500,000
3,000
$400,000
2,000
$300,000 $200,000
1,000
$100,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2016
SOURCE: VREB
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences VICTORIA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
1,795
$425,000
$471
28
342
2.3
YoY
15%
0%
5%
4%
-16%
-27%
2019
1,561
$424,000
$449
27
408
3.1
2018
2,824
$440,000
$432
17
428
1.8
2017
3,613
$393,000
$394
12
260
0.9
2016
3,891
$339,900
$326
19
218
0.7
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR 4,500
$500,000
4,000
$450,000 $400,000
3,500
$350,000
3,000
$300,000
2,500
$250,000
2,000
$200,000
1,500
$150,000
1,000
$100,000
500
$50,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 97
Single-Family Residences NANAIMO AND COWICHAN
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
1,781
$585,000
$285
20
313
2.1
YoY
-13%
6%
10%
5%
-41%
-32%
2019
2,040
$549,900
$260
19
530
3.1
2018
2,521
$525,000
$255
15
443
2.1
2017
3,235
$474,900
$234
12
352
1.3
2016
3,471
$415,000
$200
17
389
1.3
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALE PRICE BY YEAR
4,000
$700,000
3,500
$600,000
3,000
$500,000
2,500
$400,000
2,000 $300,000
1,500
$200,000
1,000
$100,000
500 0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
SOURCE: VREB
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences NANAIMO AND COWICHAN
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
508
$300,000
$293
26
137
3.2
YoY
-30%
-6%
3%
30%
-32%
-2%
2019
724
$320,450
$286
20
200
3.3
2018
949
$305,000
$276
12
134
1.7
2017
1,001
$260,000
$237
8
92
1.1
2016
1,049
$237,257
$208
21
111
1.3
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
1,200
$350,000
1,000
$300,000 $250,000
800
$200,000
600 $150,000
400
$100,000
200
$50,000
0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2016
2017
2018
2019
2020
No 99
Life Beneath the Palms
For those now working remotely, why not do so from the tropical beachfront of Mexico? This was the sentiment of Mexican national and international buyers alike, who turned their annual vacations in Puerto Vallarta and Punta de Mita to a long-term stay. Wealthy Mexican buyers from Monterrey and Guadalajara traded trips to Las Vegas, Lake Tahoe, Vail and the South of France for second homes on the palm tree-fringed coast within a private flight or driving distance from home. American buyers who were absent at the start of the pandemic returned by summer’s end, many choosing to spend the winter months working from their highend rental or newly acquired second or third home. Overall single-family home sales dropped 27% and median home prices dropped 15% over 2019, while condo sales and median prices dropped 3% and 4% respectively. The region continued drawing buyers attracted to amenity-rich living experiences primed for social distancing, with luxury homes and communities offering golf, tennis, beach access and equestrian
THE RED PAPER 2020
Punta de Mita & Puerto Vallarta
facilities. Prime inventory in the $2M to $5M price range were snapped up quickly as were homes in the high-end rental, resale and new development markets. A major source of on-the-ground intel, The Agency Puerto Vallarta and Punta de Mita teams were called upon by high-end travel agencies throughout Mexico to assist in finding that needle in the haystack—an available luxury beachfront retreat. Agents also began receiving many inquiries for rentals from around the world.
A Glance Ahead The demand for the Puerto Vallarta and Punta de Mita lifestyle is expected to remain strong in 2021. While prime offerings will likely be absorbed quickly, new inventory is coming to market, such as the private villa offerings at the new One&Only Mandarina, located up the coast in Riviera Nayarit. No 101
Single-Family Residences PUNTA DE MITA AND PUERTO VALLARTA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
110
$167,000
$95
225
145
15.8
YoY
-27%
-15%
-2%
38%
-34%
-10%
2019
150
$196,500
$97
163
219
17.5
2018
129
$215,000
$91
292
216
20.1
2017
97
$200,000
$87
225
271
33.5
2016
90
$150,000
$75
251
291
38.8
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
160
$250,000
140 $200,000
120 100
$150,000
80 $100,000
60 40
$50,000
20 0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2016
2017
SOURCE: VALLARTA-NAYARIT MLS
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences PUNTA DE MITA AND PUERTO VALLARTA
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
494
$250,000
$233
294
705
17.1
YoY
-3%
-4%
6%
33%
-2%
1%
2019
508
$260,284
$220
222
717
16.9
2018
639
$248,660
$215
211
722
13.6
2017
554
$218,250
$181
241
895
19.4
2016
375
$213,281
$179
285
846
27.1
Median Sales Price by Year
Sales by Year
MEDIAN SALES PRICE BY YEAR
SALES BY YEAR 700
$300,000
600
$250,000
500
$200,000
400
$150,000 300
$100,000 200
$50,000
100
$0
0 2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
30.0 25.0 20.0 15.0 10.0 5.0 0.0 2016
2017
2018
2019
2020
No 103
THE RED PAPER 2020
Los Cabos
Aprovecha El Día
As soon as travelers could, those who subscribe to the "aprovecha el día" mindset hit the Baja California coast to soak up the sun, desert landscape and aquatic wonders of the Sea of Cortez. With resorts closed for several weeks at the start of the pandemic, travel slowed from the U.S. and Canada. Single-family and condo sales in 2020 dipped by nearly a third over 2019. However, single-family home prices rose 17% as active inventory fell by a third at year’s end compared to 2019. By summer, travelers from the U.S. and major Mexican cities sought R&R at their second homes and high-end rentals in gated communities, such as Chileno Bay, El Dorado, Villas Del Mar and Puerto Los Cabos. Many chose to work and study from the comfort of their beachside abodes, enjoying corporate life with an ocean view, tennis court and golf course at their doorstep. While the summer is usually quite sleepy, sales picked up significantly. August was one of the best months of the year for vacation rentals, with December following suit as people chose to take extended holiday vacations in the Los Cabos sun. Those seeking more off-the-beaten-path experiences headed north to Todos Santos and La Paz, where land is abundant. Todos Santos has been no exception to the surge in market activity, with pending sales surpassing the US$1M benchmark. Ranch properties, with fruit orchards, plenty of room to roam and high-speed wifi, were in high demand. La Paz, the Baja Sur capital on the Sea of Cortez, also saw an uptick in sales and high-end rentals, especially at the picturesque properties of Playa de La Paz and Puerta Cortés.
A Glance Ahead The California Baja is expected to welcome buyers from mainland Mexico, the United States and Canada in 2021. Demand for premier second homes is expected to rise, as well as extended stays in highend rental properties. No 105
Single-Family Residences LOS CABOS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
197
$350,000
$164
239
439
26.7
YoY
-34%
17%
15%
3%
-36%
-2%
2019
300
$300,000
$144
232
685
27.4
2018
340
$250,000
$107
266
862
30.4
2017
348
$241,875
$108
285
824
28.4
2016
289
$240,000
$110
297
903
37.5
Sales by Year
Median Sales Price by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
400
$400,000
350
$350,000
300
$300,000
250
$250,000
200
$200,000
150
$150,000
100
$100,000
50
$50,000
0
$0
2016
2017
2018
2019
2020
Months of Inventory by Year MONTHS OF INVENTORY BY YEAR 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2016
SOURCE: BCS MLS
2017
2018
2019
2020
2016
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences LOS CABOS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
ACTIVE UNITS
MONTHS OF INVENTORY
2020
258
$239,000
$200
224
781
36.3
YoY
-32%
-10%
-3%
35%
5%
53%
2019
377
$264,111
$206
165
745
23.7
2018
284
$257,500
$168
264
728
30.8
2017
315
$200,000
$144
239
704
26.8
2016
268
$196,250
$156
309
714
32.0
Median Sales Price by Year
Sales by Year SALES BY YEAR
MEDIAN SALES PRICE BY YEAR
400
$300,000
350
$250,000
300 $200,000
250 200
$150,000
150
$100,000
100 $50,000
50 0
$0
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Months of Inventory by Year
MONTHS OF INVENTORY BY YEAR
40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2016
2017
2018
2019
2020
No 107
THE RED PAPER 2020
Riviera Maya
Staying a While
Riviera Maya attracts people of all kinds, from ecotravelers to adventurers, from bohemians to the well-heeled jet setters seeking a more laid-back luxury. There are so many unique ways to spend time in Riviera Maya, and more time was certainly something visitors had to spare in 2020. Those who owned second homes spent more time than usual on the Caribbean Coast, and travelers able to work from anywhere sought longer stays in larger, luxury digs on the water and inland among the trees. Mexican Nationals forgoing international travel headed to the Caribbean Sea for some R&R a short flight or drive away from home. Canadian travelers returned, though in smaller numbers, to enjoy their second homes or a sunny, tropical escape. Holidays stays were off the charts, especially in Tulum, where visitors sought longer two- to four-week stays. Demand for real estate in Tulum rose dramatically, with prices soon to follow. Bringing a slew of new residential construction to the region, developers who weren’t able to sell during the pandemic shutdowns returned to market with renewed interest among international and national buyers. The Agency opened its first Riviera Maya office in November 2019 to work with innovative developers breaking ground to meet the demand for high-end condominiums, homes and villas. Savvy buyers, especially from New York and the East Coast, recognized the ease of access and value in homeownership the Riviera Maya provides in comparison to other more populated resort destinations around the world.
A Glance Ahead In 2021, expect more work flexibility to drive travel and real estate interest in Riviera Maya. Hundreds of permits have already been issued for new construction in Tulum and Playa del Carmen set to bring fresh inventory to meet the demand of flexible travelers who now have the freedom and time to work from anywhere. No 109
Mayakoba RIVIERA MAYA
Extraordinary Living in the Mexican Caribbean The Agency Development Group represents the residential offerings within Mayakoba, a 620-acre, gated resort community located on the pristine shores of Riviera Maya. Home to white-sand Caribbean beaches, pristine lagoons, rolling green fairways and leafy mangroves, Mayakoba features four awardwinning resorts by Andaz, Banyan Tree, Fairmont and Rosewood. Residents enjoy the world-class amenities and services of their respective hotels, as well as
the master-planned Mayakoba community. Resort offerings include adults-only and family-friendly beach clubs, award-winning spas, kids’ clubs, a championship PGA golf course, dive center, racquet club, nature trails, and over 25 dining options, all within moments from home.
Learn More at Mayakoba.com
THE RED PAPER 2020
Fairmont Residences
Located within private boutique buildings, Fairmont Residences features a collection of masterfully designed three- and four-bedroom residences and
penthouses with open-plan great rooms, floor-toceiling windows, expansive terraces and private swimming pools.
Rosewood Residences
Rosewood Residences is a collection of exquisite, ultra-private villas located along the tranquil lagoons and oceanfront of Mayakoba. The villas feature twoto four-bedroom floor plans, soaring, double-height ceilings, spa-style ensuite baths, private pools and
lagoonside docks. Guided by Rosewood’s A Sense of PlaceŽ philosophy, villas showcase interiors by award-winning designer Brando x Seidel Meersseman.
No 111
Typical Pricing RIVIERA MAYA
Inland Condominiums TYPE
SIZE RANGE*
PRICE RANGE
Studio
410 - 540
$75,000 - $150,000
1 BR
540 - 700
$180,000 - $220,000
2 BR
700 - 1,180
$250,000 - $380,000
PH (2+ BR)
2,690 - 4,310
$450,000 - $800,000
TYPE
SIZE RANGE*
PRICE RANGE
Studio
410 - 540
$90,000 - $180,000
1 BR
540 - 700
$216,000 - $264,000
2 BR
700 - 1,180
$300,000 - $456,000
PH (2+ BR)
2,690 - 4,310
$540,000 - $960,000
TYPE
SIZE RANGE*
PRICE RANGE
Inland
1,610 - 4,310
$350,000 - $1,600,000
Oceanfront
1,830 - 5,380
$1,500,000 - $5,500,000
Oceanfront Condominiums
Single-Family Home Prices
SQUARE FOOTAGE INCLUDES OUTDOOR SPACE
NOTES: DATA FROM SALLY SUDOL, 1.12.21. AREAS ARE PLAYA AND TULUM.
THE RED PAPER 2020
Inland Condominiums
Typical Inland Condominium Prices
$1,000,000 $800,000 $600,000
Studio STUDIO
$400,000
11BR BEDROOM 22BR BEDROOM
$200,000
PENTHOUSE PH (2+ BR)
$0 0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Square Footage (including outdoor space)
Inland Condominiums
Typical Oceanfront Condominium Prices
$1,200,000 $1,000,000 $800,000
STUDIO Studio
$600,000
BEDROOM 1 1BR
$400,000
BEDROOM 2 2BR
$200,000
PENTHOUSE PH (2+ BR)
$0 0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Square Footage (including outdoor space)
Single-Family Home Prices Typical Single-Family Home Prices $6,000,000 $5,000,000 $4,000,000 $3,000,000
Inland INLAND
$2,000,000
Oceanfront OCEANFRONT
$1,000,000 $0 0
1,000
SQUARE FOOTAGE INCLUDES OUTDOOR SPACE
2,000
3,000
4,000
5,000
6,000
Square Footage (including outdoor space)
No 113
THE RED PAPER 2020
Turks & Caicos
The Jet Set
Turks & Caicos was what quarantine dreams were made of—soft, powdery sand, crystal clear waters and endless outdoor adventure. It’s no wonder, The Agency Turks & Caicos team didn’t have a dull moment, serving clients around the world while breaking sales records. The team further established its position as a market leader, upping their new listings by 29% and closing 20% more transactions than in 2019. The Turks & Caicos team is now the number three listing and production brokerage in the island archipelago. As soon as travel restrictions were lifted in July, the powerful destination brand that is Turks & Caicos immediately drew loyalists back to the islands. Anticipating the return of travelers all along, The Agency Turks & Caicos team was busy selling the island lifestyle around the world, providing virtual tours, remaining in constant contact and advising on market conditions daily. From July to September, the Turks & Caicos Aviation Authority reported that 56 private jets touched down per week. Celebrities, such as JLo, A-Rod, DJ Khaled and Sean Combs, filled high-end rentals and luxury hotels. Foreign buyers were enticed by the reduction in Stamp Duty and tax-friendly environment for real estate, joining locals in purchasing residences, condos and land to custom design their dream home in paradise. The Agency team had a lot to celebrate at the
close of 2020, including the move to their new digs in December. Throughout the year, they achieved a number of record-breaking sales, including the first and second-highest singlefamily home sales of the year in Long Bay Beach with the sale of Villa Shambhala for $6.05M and Long Bay House for $5.825M. The team had the second-highest land sale in Turks & Caicos and the highest in Long Bay Beach with the sale of 61105/110 Long Bay Beach Drive for $2.875M, as well as the highest condo sale in Turks & Caicos for the year with the sale of Bianca Sands Penthouse 701 in Grace Bay for $4.63M.
A Glance Ahead Turks & Caicos is anticipating the possible return of Canadians, who make up a large percentage of tourists and real estate investors. With The Agency network expanding on the East Coast in Toronto, D.C. Metro and South Florida, the team anticipates further growth among its internal referral network. As agents see their social media influence grow exponentially, they are expecting to generate more rental and sales leads via this platform. In 2021, expect to see more hotel and institutional investment on the island. Another possible bright spot—the government may elect to expand Stamp Duty reductions to entice foreign investment. No 115
Single-Family Residences TURKS & CAICOS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
2020
82
$800,000
$320
187
YoY
-16%
10%
6%
-33%
2019
98
$725,000
$303
278
2018
75
$750,000
$344
260
2017
71
$750,000
$287
450
2016
86
$510,000
$201
268
Sales by Year SALES BY YEAR 120 100 80 60 40 20 0 2016
2017
2018
2019
2020
Median Sales Price by Year MEDIAN SALE PRICE BY YEAR $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2016 SOURCE: TURKS AND CAICOS REAL ESTATE ASSOCIATION
2017
2018
2019
2020
THE RED PAPER 2020
Condominium Residences TURKS & CAICOS
5-Year Market Overview YEAR
SALES
MEDIAN PRICE
MEDIAN PPSF
MEDIAN DOM
2020
58
$575,000
$468
212
YoY
-15%
29%
19%
45%
2019
68
$445,000
$393
146
2018
78
$436,250
$356
244
2017
75
$485,000
$413
257
2016
92
$830,000
$478
241
Sales by Year SALES BY YEAR 100 80 60 40 20 0 2016
2017
2018
2019
2020
Median Sales Price by Year MEDIAN SALE PRICE BY YEAR $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2016
2017
2018
2019
2020
No 117
20 20 in Numbers
655
EXTRAORDINARY AGENTS STRONG
WE GREW OUR STAFF BY
15%
37 4
OFFICES IN
COUNTRIES
CLOSED
3,700
WE ARE
WE HAVE
DEAL SIDES
6
THE RED PAPER 2020
THE AGENCY HIGHLIGHTS
NEW OFFICES JOINED OUR FAMILY
$1.75M AVERAGE SALES PRICE
AN AVERAGE OF
$10M IN SALES PER AGENT
2X
MORE DEALS THAN THE AVERAGE AGENT
$6,500,000,000 IN SALES VOLUME
No 119
THE AGENCY HIGHLIGHTS
The Agency Expands Our Executive Team Rainy Hake Austin PRESIDENT
The Agency announced in October it was expanding its executive team, welcoming Rainy Hake Austin as President of our global real estate brokerage. Rainy joins The Agency from Compass, where she was Head of Operations West and before that, Executive Vice President of the esteemed Northern California luxury brokerage, Alain Pinel Realtors. Rainy took over the role previously held by Founder Billy Rose, who assumed the role of Vice Chair.
“I’ve watched as The Agency has grown from a small handful of agents to the luxury leader in our industry. I’ve admired The Agency for its singular culture, creative marketing and professionalism. With the recent consolidation of the brokerage industry, I believe the firm is uniquely positioned to capitalize on its well-deserved reputation and expand its presence filling a void that exists in many luxury markets.” Rainy Hake Austin
THE RED PAPER 2020
The Agency is well-positioned and poised for growth, adding to its leadership team in 2020/21 and readying for strategic expansion. We are delighted to welcome two veteran real estate industry leaders to our ranks, further bolstering our experienced executive branch.
Jim Ramsay EXECUTIVE VICE PRESIDENT OF FRANCHISE SALES
The Agency appointed Jim Ramsay as Executive Vice President of Franchise sales. Ramsay is a distinguished member of the real estate community and joins The Agency after serving as the chief operating and chief growth officer for Engel & Völkers Americas, where helped the company grow its office count by 650% and its agent count by 1,100%. Together with the executive leadership team, Ramsay is charged with growing the brand in target markets to complement the existing network of corporately-owned and franchise branches throughout the U.S., Canada, Mexico, and the Caribbean.
“The Agency is an innovative industry leader that has cornered a new way forward for the real estate brokerage business. We have some of the best technology tools and marketing resources available for agents and a wellestablished, utilized referral network. I am looking forward to bringing The Agency to new markets.” Jim Ramsay
No 121
THE AGENCY HIGHLIGHTS
2020 Edition 5 Consecutive Years AMONG INC. 5000’S FASTEST-GROWING PRIVATE COMPANIES IN AMERICA
One of The America’s Fastest Growing Companies in 2020
Awards & Accolades
49 Agents
#5
LARGEST RESIDENTIAL BROKERAGE IN L.A. COUNTY
RANKED AMONG REAL TRENDS INC.’S AMERICA’S BEST
NAMED AMONG LARGEST BAY AREA RESIDENTIAL REAL ESTATE BROKERAGES
THE RED PAPER 2020
7 3
AGENTS NAMED TO REAL TRENDS INC.’S RANKING OF THE 250 TOP REAL ESTATE PROFESSIONALS TEAMS AMONG THE TOP 250 SMALL TEAMS
8 Agents RANKED AMONG TOP IN THE REGION Tracy McLaughlin, Mary Bonham, Jill Fusari, Keri O'Reilly, Andrea Scott, Mark Kennedy, Taso Tsakos, Margaret Redemer
SHOWBIZ REAL ESTATE ELITE UP NEXT LIST Cooper Mount, Farrah Brittany of The Umansky Team, Angel Salvador and Ben Belack
The Umansky Team, David Parnes and James Harris, Santiago Arana, Sandro Dazzan, Jon Grauman, Craig Knizek, Irene Dazzan-Palmer, Emil Hartoonian, Billy Rose and Michelle Schwartz
2020 REAL ESTATE ALL STARS Santiago Arana, Blair Chang, Aileen Comora, Jacob Dadon, Ninkey Dalton, Sandro Dazzan, Chris Dyson, Jon Grauman, James Harris, Emil Hartoonian, Craig Knizek, Paul Lester, David Parnes, Billy Rose, Mauricio Umansky and Keri White
MAURICIO UMANSKY AND SANTIAGO ARANA AMONG THE PUBLICATION’S EXCLUSIVE LA 500 FOR 2020
“WHO’S BROKERING L.A.”
Mauricio Umansky, Billy Rose, Santiago Arana, James Harris and David Parnes
No 123
THE AGENCY HIGHLIGHTS
The Agency Development Group Across the new development spectrum, from live/work offerings to luxury resort residences, buyers sought more space, in-home services, lifestyle amenities and well-established brands that instilled buyer confidence. The appeal of “newness” was strong in 2020, as buyers desired developer warranties, the latest health-minded technologies and outdoor amenities primed for working and playing in the comfort of home. Spatial flexibility to customize the living experience for the new normal was also top of mind, as buyers sought offices, study rooms, fitness rooms and staff quarters. Driving the market demand were offerings in the entrylevel $400K-$600K mark, as well as the luxury category from $3M and up. The residential resort market boomed in 2020, as quality of life proved invaluable, and buyers purchased the second home they’d had their eye on in their favorite vacation destination. Mayakoba, the 620-acre resort community on Riviera Maya, saw unprecedented interest and a significant increase in sales volume, despite resorts operating at reduced capacities for most of the year. The gated community in the Mexican Caribbean is home to four resorts by Andaz, Rosewood, Fairmont and Banyan Tree, with a limited collection of residential offerings by Rosewood and Fairmont. Further driving the interest in highly amenitized resort offerings is the availability of in-home services, from highend meal delivery to concierge service. Health and wellness also rose to prominence in the new development marketplace. Residential offerings with outdoor recreation, parks, fitness
centers and beach access were perfectly positioned for the 2020 reality. Yerba Buena Island, the new residential community located on the naturally formed island in the heart of San Francisco Bay, offers residents access to five miles of hiking and biking trails, 72 acres of green space and a private wellness club within minutes of downtown. With many tech companies moving to flexible work environments, first-time homebuyers moved to markets that offered more value for their dollar, such as Las Vegas, Colorado and Texas. While condominiums and urban offerings were a harder sell in 2020, developers adapted around this reality, such as 939 S Broadway in Downtown L.A. appealing to prospects with HOA-permitted short-term rentals and live/ work capabilities.
The Agency’s dedicated new development division is made up of a team of development, marketing and sales specialists who consult on all aspects of a development lifecycle. The Agency Development Group combines the knowledge and experience of a residential real estate brokerage with the expertise of a dedicated development and strategic sales planning division. The team has collectively worked on more than 50 large-scale developments across the globe, collaborating with such brands as Ritz-Carlton, One&Only, Rosewood and Fairmont.
THE RED PAPER 2020
A Glance Ahead Interest in resort development will only rise as international travelers return to the marketplace in 2021. Savvy developers are adjusting their plans to meet the new market demand for more space, flexibility, outdoor recreation and wellness-driven amenities, which will be commonplace for years to come. The Agency Development Group is set to launch sales at several large projects in the New Year while further positioning their current portfolio for success on a global scale.
Henderson, Nevada
San Francisco
YERBA BUENA ISLAND
ASCAYA
Los Angeles
Downtown L.A.
939 S BROADWAY
NUPARC RESIDENCES
West Hollywood
Los Angeles
THIRTY FOUR FIFTY WEST
THE LAUREL
Riviera Nayarit
Riviera Maya
ROSEWOOD RESIDENCES & FAIRMONT RESIDENCES AT MAYAKOBA
ONE&ONLY MANDARINA PRIVATE HOMES No 125
THE AGENCY HIGHLIGHTS
Our Agents In the Trenches FEATURED IN
The Wall Street Journal
And The Kitchen Sink
Lessons from the Ring
When Griffin Sweet and Ingrid Sacerio represented developers purchasing a 6,000-square-foot property in West Hollywood, they encountered a seller that packed a lot more than just her personal belongings. Upon getting the keys from the seller, they found she’d stripped the place bare, taking the light fixtures, the dishwasher, the microwave, the cabinets, the toilets and you guessed it—even the kitchen sink.
Lights, camera, real estate! Amy Weber traded a life of glitz and glamour in front of the camera and as a former WWE performer for a career in real estate and has never looked back. However, she still calls upon the skills learned from her life in Hollywood and touts confidence is key when it comes to getting the job done. Home-buying fans still recognize Amy, and she often finds herself autographing home brochures and fliers.
THE RED PAPER 2020
Gone Fishing
Open House, Open Shower
A “Finding Nemo” moment led Anthony Guthmiller to dive into an algae-infested pond to rescue a lonely koi fish left behind during an estate sale. Armed with nothing but a bucket and pole net, Anthony proved sometimes in real estate, you just have to “keep swimming.”
Zhane Dikes got an eyeful when she hosted an open house at a multi-unit apartment building in the Mission District of San Francisco. Unbeknownst to her, a prospective buyer took to testing the waters quite literally when he decided to take a shower during the open house—even drying off with one of the unit’s staged towels
Under the Knife
Breaking a Sweat
While showing his first billionaire client properties, Ian Hurdle noticed a growing pain in his side and left for the hospital. Just as he was about to go under the knife, he got a call. The client found a property for sale and wanted to make an offer. Sweating and suited up for the operating room, Ian negotiated the deal before passing out. The surgery was a success, and Ian has been making and breaking sales records ever since.
No time for the gym? No problem. Steve McAleer got a workout in while on the job, doing some quick-thinking cleaning to get a condo looking camera ready. Filled to the brim, the property was soon ready for its closeup as Steve went room to room setting the stage by moving items out-of-shot. The final images showed off the renovated condo, and he got to skip his workout as there were plenty of heavy weights to haul around.
Read More at WSJ.com No 127
THE AGENCY HIGHLIGHTS
Giving Back in 2020 With all of the challenges, changes and uncertainties 2020 presented, the spirit of giving remained constant throughout the year.
With all of the challenges, changes and uncertainties 2020 presented, the spirit of giving remained constant throughout the year. At The Agency, we saw an outpouring of love and support from our agents and staff in their communities and for those in need. Their efforts resulted in vital personal protection equipment and meals delivered to frontline workers. The Agency raised funds for victims of the devastating wildfires and children facing serious medical challenges, while meals, shelter and homes were provided for those facing homelessness. Homes that The Agency team helped build alongside charitable partner Giveback Homes were completed this year. These residences are now filled with love, laughter and happiness by the families who call them home. In October, The Agency took the leap for a great cause, partnering with Union Rescue Mission in their annual Over The Edge fundraising event in Los Angeles. Twenty-four members of The Agency team took to the roof of the Hilton to rappel 24 stories, raising over $25,000 for the fight against homelessness. The Agency Toronto team launched its nonprofit organization, The Agency Gives Toronto, to raise funds in support of The SickKids Foundation. The partnership helps support children fighting for their health and wellbeing at The SickKids Toronto Hospital. You can purchase The Agency swag, including hats, t-shirts and full swag bag packages, or make a cash donation from anywhere in the world
at TheAgencyGivesToronto.com. On Vancouver Island, The Agency team volunteered for Herowork to help with renovations at the Y’s Young Moms Program Kiwanis Young Family Centre. The Agency East Bay was a proud Platinum Sponsor of the Danville Children’s Guild’s 2020 fall virtual fundraiser supporting the Winter Nights Family Shelter. The fundraising campaign helped provide temporary housing and transition opportunities for families in need in Contra Costa County. Other charitable efforts from Arizona to Pasadena, Park City to Mexico, included the Children’s Hospital Los Angeles Make March Matter Campaign, electronics donated to L.A.’s Green Dot Public Schools, the Christian Center of Park City Covid Relief efforts, The Society of Saint Vincent de Paul Arizona Covid relief efforts, WHO Global Covid Response, California and Colorado Fire Relief and the Community Alliance of Baja California Sur Covid Relief. The Los Cabos office also organized a toy drive with The Centro de Terapias de Red Autismo A.C. this holiday season, which benefits children with Autism Spectrum Disorder (ASD) and/or neurodevelopmental disorder.
Give back today at Donate.GiveBackHomes.com
THE RED PAPER 2020
The Red Paper – The Agency Report 2020 (this “Report”), and the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the “Information”) is the property of The Agency Holdco, Inc. or its subsidiaries (collectively, “The Agency”), and is provided for informational purposes only. The Information may not be modified, reverse-engineered, or reproduced, in whole or in part without prior written permission of The Agency. The Agency reserves all rights in the Information and the Report. This Report contains general information about The Agency and its franchisees and its and their undertakings from time to time, including without limitation information related to the real estate markets in which it and they do business and the real estate industry generally. The data, estimates, and views expressed in this Report are based upon past or current market conditions and/or data and information provided by public sources, unless otherwise identified in the Report. Although every effort has been made to assure the accuracy of the data contained in this Report, The Agency makes no warranty or representation, either expressed or implied, with respect to quality, performance, or fitness for a particular purpose. Certain information set forth in this Report contains forward-looking statements that are based on The Agency’s and its franchisee’s current internal expectations, estimates, projections, assumptions and beliefs, and which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as anticipate”, “believe”, “plan”, “estimate”, “expect”, “predict”, “intend”, “will”, “may”, “could”, “would”, “should” and similar expressions intended to identify forward-looking statements. These statements are not guarantees of future performance of the real estate market. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements. As such, undue reliance should not be placed on any forward-looking statement. The information contained in this Report should not be relied on for, investment, tax, legal or financial advice. Any reliance placed on this Report is done entirely at the risk of the person placing such reliance. In no event will The Agency or its franchisees be liable for direct, indirect, special, incidental, or consequential damages arising out of the use or inability to use this Report. No 129
Seize the Day THEAGENCYRE.COM