Micro Market Report Los Angeles & Miami Issue Number Four - june 2015
1
Table of Contents WEA MEssage
3
zip Code 90210 - Beverly Hills
4
zip Code 90211 - beverly hills
5
zip Code 90069 - Sunset strip
6
zip Code 90077 - Bel Air
7
zip Code 90046 - West Hollywood
8
zip Code 90265 - malibu
9
zip Code 90272 - Pacific palisades
10
zip Code 90024 - westwood
11
zip Code 90049 - brentwood
12
zip Code 90025 - west LA
13
zip Code 90201/90402 - santa monica
14
Zip COde 90005 - Hancock Park
15
Zip Code 90027 - Los Feliz
16
Zip Code 90064 - Cheviot Hills
17
zip COde 90212 - Beverly Hills
18
zip Code 90291 - Venice
19
Zip Code 90292 - Marina Del Ray
20
Miami Market Overview
21
About WEA
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Data provided by First American Title Co. Through L.A. County records for sales exceeding $1 million 2
A Message From WEA U.S. home prices are currently on the rise thanks to mismatched supply and demand, which can be strongly attributed to a lack of desirable inventory. Both the Wall Street Journal and The Economist referenced this growth as well as that the old adage holds true: “Location, Location, Location.” Shifting focus to Los Angeles, the most pronounced growth is in the luxury market. One prominent source, The Knight Frank Attitudes Survey 2015 of ultra high-net-worth individuals (UHNWIs) examines the highest growth markets globally. Seven of the top 19 were in the U.S., including New York, Aspen, San Francisco, Los angeles, and Miami. Survey participants pointed to New York, London, Berlin and L.A. among the cities that UHNWI’s believe will yield the best investment opportunities in 2015. More than a quarter of those surveyed are considering buying a new house in 2015, and 35% are expected to increase their allocation to property investments this year. In light of this, we want to share details about our particular area of expertise: properties in L.A. valued at $5m and higher. So far, 2015 has continued a multi-year trend for luxury properties in the city. With continued growth in both number of transactions and sale prices, we anticipate another record-setting year. Volume in sales over $5m has been steadily increasing, and the first third of 2015 shows no signs of this trend changing. At 2014’s end, growth for prime residential real estate was 13%, placing L.A. on par with premier international markets. Investor sentiments towards L.A as a major international real estate market is bringing an increase in international buyers that historically had not been a major demand driver in the city. Low interest rates, still on the horizon in the near term, should help maintain strong underlying fundamentals for the near future. This will continue to bolster an already healthy, high-end market. From our perspective, it looks like 2015 will be another record breaking year. We look forward to working with WEA clients to help navigate and take advantage of these trends. Fred J. Bernstein Partner, Westside Estate Agency
3
90210 Avg. Price Per Transaction
2015
Price in millions
8
Number of Sales
7
HHHHHHHHHHHH HHHHHHHHHHHH HHH
6 5 4
Avg. Price per transaction
3
$
2 1 0
2007
2010
2014
2015
7,206,426
2007 Number of Sales
number of sales
HHHHHHHHHH Avg. Price per transaction $
6,149,655
2015 vs 2007 2007
2015
+170% Sales
+17% Price
2010
2014
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
27
+35%
$7,206,426
+42%
2014
20
+67%
$5,068,650
0%
2010
12
+20%
$5,044,841
-18%
2007
10
n/a
$6,149,655
n/a
© Westside Estate Agency
4
90211 Avg. Price Per Transaction
2015
2.5
Price in millions
Number of Sales 2.0
HHHHH
1.5
Avg. Price per transaction $
2,321,600
1.0 0.5 0.0
2007
2010
2014
2015
2007 Number of sales
number of sales
Avg. Price per transaction
Not Avail. 2015 vs 2007
2007
2010
2014
2015
+/-0% Sales
+/-0% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
5
+67%
$2,321,600
+63%
2014
3
-25%
$1,425,000
-6%
2010
4
n/a
$1,516,750
n/a
2007
n/a
n/a
n/a
n/a
© Westside Estate Agency
5
90069 Avg. Price Per Transaction
2015
6
Price in millions
Number of Sales 5
HHHHHHHHHHHH HHHHH
4 3
Avg. Price per transaction
2
$
1
5,295,882
0
2007
2010
2014
2015
2007 Number of Sales
number of sales
HH Avg. Price per transaction $
2,410,000
2015 vs 2007 2007
2010
2014
2015
+750% Sales
+120% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
17
+21%
$5,295,882
+52%
2014
14
+250
$3,491,071
+154%
2010
4
+100%
$1,376,000
-43%
2007
2
n/a
$2,410,000
n/a
© Westside Estate Agency
6
90077 Avg. Price Per Transaction
2015
Price in millions
15
Number of Sales
HHHHHHHHHHHH HHH
12 9
Avg. Price per transaction
6
$
3 0
2007
2010
2014
2015
7,410,500
2007 Number of Sales
number of sales
HHHHHH Avg. Price per transaction $
7,559,683
2015 vs 2007 2007
2010
2014
2015
+150% Sales
-2% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
15
+50%
$7,410,500
-40%
2014
10
+67%
$12,274,000
+763%
2010
6
0%
$1,422,333
-81%
2007
6
n/a
$7,559,683
n/a
© Westside Estate Agency
7
90046 Avg. Price Per Transaction 2.0
Price in millions
H =5
2015 Number of Sales
HHHHHHHHH
1.5
Avg. Price per transaction 1.0
$
0.5
0.0
2007
2010
2014
2015
1,700,270
2007 Number of Sales
number of sales
HHHHHHHH Avg. Price per transaction $
1,721,875
2015 vs 2007 2007
2010
2014
2015
+463% Sales
-1% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
45
+61%
$1,700,270
+11%
2014
28
+87%
$1,534,125
+34%
2010
15
+88%
$1,145,533
-33%
2007
8
n/a
$1,721,875
n/a
© Westside Estate Agency
8
90265 Avg. Price Per Transaction
2015
Price in millions
6
Number of Sales
HHHHHHHHHHHH HHHHHHHHH
5 4 3
Avg. Price per transaction
2
$
1 0
2007
2010
2014
2015
5,058,238
2007 Number of Sales
number of sales
HHHHHHHH Avg. Price per transaction $
4,927,500
2015 vs 2007 2007
2010
2014
2015
+163% Sales
+3% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
21
+5%
$5,058,238
+96%
2014
20
+82%
$2,576,965
-30%
2010
11
+38%
$3,694,273
-25%
2007
8
n/a
$4,927,500
n/a
© Westside Estate Agency
9
90272 Avg. Price Per Transaction
2015
Price in millions
4.0
Number of Sales
3.5
HHHHHHHHHHHH HHHHHHHHHHHH HHHHHH
3.0 2.5 2.0 1.5
Avg. Price per transaction
1.0
$
0.5 0.0
2007
2010
2014
2015
3,039,433
2007 Number of Sales
number of sales
HHHHHHHHHHHH HHH Avg. Price per transaction $
3,593,833
2015 vs 2007 2007
2010
2014
2015
+100% Sales
-15% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
30
0%
$3,039,433
+8%
2014
30
+76%
$2,821,833
+46%
2010
17
+13%
$1,936,882
-46%
2007
15
n/a
$3,593,833
n/a
© Westside Estate Agency
10
90024 Avg. Price Per Transaction
2015 Number of Sales
Price in millions
3.0
HHHH
2.5
Avg. Price per transaction
2.0
$
1.5 1.0
2,572,000
0.5 0.0
2007
2010
2014
2015
2007 Number of Sales
number of sales
HHH Avg. Price per transaction $
2,474,333
2015 vs 2007 2007
2010
2014
2015
+33% Sales
+4% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
4
0%
$2,572,000
+65%
2014
4
0%
$1,562,250
-12%
2010
4
+33%
$1,766,000
-29%
2007
3
n/a
$2,474,333
n/a
© Westside Estate Agency
11
90049 Avg. Price Per Transaction
2015 Number of Sales
Price in millions
3.5
HHHHHHHHHHHH HHHHHHHHHHHH HHHHH
3.0 2.5 2.0
Avg. Price per transaction
1.5
$
1.0 0.5 0.0
2007
2010
2014
2015
3,391,883
2007 Number of Sales
number of sales
HHHHHHHHHHH Avg. Price per transaction $
3,425,727
2015 vs 2007 2007
2010
2014
2015
+164% Sales
-1% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
29
-19%
$3,391,883
+2%
2014
36
+89%
$3,328,250
+43%
2010
19
+73%
$2,328,158
-32%
2007
11
n/a
$3,425,727
n/a
© Westside Estate Agency
12
90025 Avg. Price Per Transaction
2015
Price in millions
2.0
Number of Sales
HHHHHHH
1.5
Avg. Price per transaction 1.0
$
1,598,071
0.5
0.0
2007
2010
2014
2015
2007 Number of Sales
number of sales
HH Avg. Price per transaction $
1,124,500
2015 vs 2007 2007
2010
2014
2015
+250% Sales
+42% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
7
+250%
$1,598,071
+25%
2014
2
-67%
$1,275,000
+23%
2010
6
+200%
$1,040,667
-7%
2007
2
n/a
$1,124,500
n/a
© Westside Estate Agency
13
90402 Avg. Price Per Transaction
2015
Price in millions
4.0
Number of Sales
3.5
HHHHHH
3.0 2.5
Avg. Price per transaction
2.0
$
1.5 1.0
3,117,917
0.5 0.0
2007
2010
2014
2015
2007 Number of Sales
number of sales
HHHHHHH Avg. Price per transaction $
2,657,143
2015 vs 2007 2007
2010
2014
2015
-14% Sales
+17% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
6
-40%
$3,117,917
-17%
2014
10
+43%
$3,778,500
+47%
2010
7
0%
$2,576,071
-3%
2007
7
n/a
$2,657,143
n/a
© Westside Estate Agency
14
90005 Avg. Price Per Transaction
2015
Price in millions
5
Number of Sales
HH
4
Avg. Price per transaction
3
$ 2
4,150,000
1 0
2007
2010
2014
2015
2007 Number of sales
number of sales
Avg. Price per transaction
Not Avail. 2015 vs 2007
2007
2010
2014
2015
+/-0% Sales
+/-0% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
2
-60%
$4,150,000
+326%
2014
5
+400%
$974,800
+112%
2010
1
n/a
$460,000
n/a
2007
n/a
n/a
n/a
n/a
© Westside Estate Agency
15
90027 Avg. Price Per Transaction
2015
Price in millions
2.5
Number of Sales
HHHHHHHHHHHH HHHHHHH
2.0 1.5
Avg. Price per transaction 1.0
$
0.5 0.0
2007
2010
2014
2015
2,079,000
2007 Number of Sales
number of sales
HHHHH Avg. Price per transaction $
1,951,727
2015 vs 2007 2007
2010
2014
2015
+280% Sales
+7% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
19
-5%
$2,079,000
+34%
2014
20
+567%
$1,550,775
+42%
2010
3
-40%
$1,089,333
-44%
2007
5
n/a
$1,951,727
n/a
© Westside Estate Agency
16
90064 Avg. Price Per Transaction
2015
2.0
Price in millions
Number of Sales
HHHHHHHHHHHH HHHHH
1.5
Avg. Price per transaction
1.0
1,434,053
$
0.5
0.0
2007
2010
2014
2015
2007 Number of Sales
number of sales
HHHHHHHH Avg. Price per transaction $
1,439,250
2015 vs 2007 2007
2010
2014
2015
+113% Sales
0% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
17
-35%
$1,434,053
-14%
2014
26
+136%
$1,674,769
+78%
2010
11
+38%
$942,182
-35%
2007
8
n/a
$1,439,250
n/a
© Westside Estate Agency
17
90212 Avg. Price Per Transaction
2015
Price in millions
3.0
Number of Sales
2.5
HH
2.0
Avg. Price per transaction
1.5
$
1.0
2,250,000
0.5
2007
0.0
2007
2010
2014
2015
Number of Sales
H
number of sales
Avg. Price per transaction $
2,300,000
2015 vs 2007 2007
2010
2014
2015
+100% Sales
-2% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
2
-60%
$2,250,000
-11%
2014
5
+150%
$2,526,200
+62%
2010
2
+100%
$1,557,000
-32%
2007
1
n/a
$2,300,000
n/a
© Westside Estate Agency
18
90291 Avg. Price Per Transaction
2015
Price in millions
2.0
Number of Sales
HHHHHHHHHHHH HHHHHHHHHHHH
1.5
Avg. Price per transaction
1.0
$ 0.5
0.0
2007
2010
2014
2015
1,894,750
2007 Number of Sales
number of sales
HHHHHHH Avg. Price per transaction $
1,025,643
2015 vs 2007 2007
2010
2014
2015
+243% Sales
+85% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
24
0%
$1,894,750
-3%
2014
24
+167%
$1,961,847
+139%
2010
9
+29%
$822,056
-20%
2007
7
n/a
$1,025,643
n/a
© Westside Estate Agency
19
90292 Avg. Price Per Transaction
2015 Number of Sales
Price in millions
2.5 2.0
Avg. Price per transaction 1.5
Not Avail.
1.0 0.5 0.0
2007
2010
2014
2015
2007 Number of Sales
number of sales
Avg. Price per transaction
Not Avail. 2015 vs 2007 2007
2010
2014
2015
+/-0% Sales
+/-0% Price
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
n/a
n/a
n/a
n/a
2014
5
+67%
$2,419,220
+46%
2010
3
n/a
$1,658,333
n/a
2007
n/a
n/a
n/a
n/a
© Westside Estate Agency
20
Miami market view
metro Miami overview Avg. Price Per Transaction
AVG. Number of Sales
1.0
Price in millions
H =5
2015
HHHHHHHHH
0.8
Avg. Price per transaction 0.6
$
0.4
994,256
0.2 0.0
H =5
2007 2007
2010
2014
2015
AVG. number of sales
AVG. Number of Sales
HHHHHHH Avg. Price per transaction $
874,438
2015 vs 2007 2007
2010
2014
2015
+36% Sales
+14% Price
Date
Avg Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
45
-21%
$994,256
+7%
2014
58
+25%
$983,118
+60%
2010
48
+80%
$598,865
-27%
2007
33
n/a
$874,438
n/a
Data via MLS for zip codes: 33109, 33131, 33132, 33133, 33134, 33137, 33138, 33139, 33140, 33143, 33146, 33149, 33154, 33156, 33160, 33180 & 33181
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Success built on superior market knowledge. And understanding our clients. Westside Estate Agency is defined by the values and the vision of its two founders, Stephen Shapiro and Kurt Rappaport. In 1998, Stephen Shapiro and Kurt Rappaport were two of the most well-known, highly compensated realtors in Los Angeles. Still, they felt there had to be a better way to meet the very high expectations and individual needs of their high-net worth clientele. It wasn’t long before the two began making plans for a different kind of brokerage. A real estate agency committed to putting client service first, and completely satisfying the needs and desires of each client. In the words of Stephen Shapiro, “Negotiations conducted with intelligence and integrity result in what we call the ‘triple win.’ Great results for the buyer, the seller, and WEA.” In 1999, Shapiro and Rappaport opened Westside Estate Agency with a focus on the most expensive and prestigious homes and estates in the prime Westside areas of Los Angeles. In 2007, WEA opened its Malibu office to service that world famous community. Today, WEA has a clientele without parallel, at the pinnacle of the business, financial, technology and entertainment industries generating billions in sales and the highest average price per sale in the industry. The company added its Miami, Florida location in early 2015. Working hand-in-hand with their commitment to tailored service has been the agency’s industry leading application of technology. WEA has been at the forefront in the category for its technology use, from being the first to implement a fully integrated network computing system to
the first to use scanning technology, cloud technology, e-signatures and paperless filing to provide better service to clients. WEA continues to stay on the cuttingedge of innovation, keeping a pulse on and implementing new technologies as soon as they’re available. Stephen and Kurt have assembled a team of full-time real estate pros, known for expertise, experience, integrity and discretion. Each agent possesses an in-depth knowledge of the inventory and current market conditions; our clients turn to us for candid insights into current market value, the sales potential of properties and marketing strategies for our current and prospective clients. Of course, WEA has retained its independence, in the face of widespread acquisition by a handful of impersonal agencies. Remaining independent means we answer to our clients, instead of a corporate headquarters thousands of miles away. It means we don’t need to worry about a conglomerate’s bottom-line or using an inhouse escrow or title company; rather, we’re free to focus on getting the best and doing the best for each client. In practical terms, this translates into efficiency and responsiveness. Making the most of every minute by showing just the homes, in just the neighborhoods, that meet our clients’ criteria. Quite frequently, we’re even able to offer new properties not yet on the market. Finally, it means WEA’s agents have a direct conduit to the top. Unlike the non-owner operated, robo brokerages, our principals play a role in, and keep an eye on every WEA transaction. In sense, every WEA client is also a client of Stephen’s and Kurt’s. Which only make sense, as it’s with these two that the WEA story began.
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Contact Us Beverly Hills Office
Malibu Office
Miami Office
Westside Estate Agency 210 North Canon Drive Beverly Hills, CA 90210
Westside Estate Agency 23410 Civic Center Way Malibu, CA 90265
Westside Estate Agency 2100 Ponce de Leon Blvd 7th Floor Coral Gables, FL 33134
Tel: (310) 247-7770 SalesBH@WEAhomes.com
Tel: (310) 456-1171 SalesMalibu@WEAhomes.com
Tel: (305) 447-1471 SalesMiami@WEAhomes.com
23