Page 1

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


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The Red Paper 2020  

Global real estate brokerage The Agency is proud to announce the launch of its first annual Red Paper, an extensive market report compiled o...

The Red Paper 2020  

Global real estate brokerage The Agency is proud to announce the launch of its first annual Red Paper, an extensive market report compiled o...

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