A MESSAGE FROM WEA
ULA (MANSION TAX) IS IN EFFECT
By now, we all know the rules of the ULA tax that went into effect in the City of Los Angeles on April 1, 2023. As a simple refresher, it imposes a tax of 4% of the purchase price on all residential and commercial sales between $5M and $10M and a 5.5% tax on all sales over $10M. The City has been advised not to spend the money until the two pending lawsuits against the ordinance are adjudicated. The trials will commence sometime this May.
In the interim, I have found 20 sales over $10M and 65 sales between $5M-$10M through County records that closed before the end of March within the tax threshold. Now, all sales in the taxable range will have the appropriate amount reduced from the sellers proceeds and paid to the City in an effort to combat homelessness. The reaction has been quiet, and it remains to be seen how sellers will approach the reduction in their proceeds.
Our opinion is that if a seller has a significant motivation to sell (death, divorce, moving out of state, trading up or down, spec sales, etc.), they will sell their property regardless of the tax as they really have no choice. Those selling strictly with aspirational pricing will be faced with a challenge. In a month, we’ll see all the sales that closed after 3/31/23 and compare and advise. In the meantime, review our Q1 report for 2023 to see how your area is doing.
Stephen Shapiro Co-Founder, Westside Estate Agency
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 3
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 4 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 1.12 $ BILLION Q1 2022 11.22 $ MILLION Q1 2022 668 $ MILLION Q1 2023 -40% 14.2 $ MILLION Q1 2023 27% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 47 -53% $14,213,185 / $7,800,000 27% / -1% Q1 2022 100 5.3% $11,223,940 / $7,840,000 74% / 51% Q1 2021 95 20.3% $6,458,939 / $5,198,500 6% / 9% Q1 2020 79 baseline $6,114,329 / $4,750,000 baseline YTD 2023 47 -53% $14,213,185 / $7,800,000 27% / -1% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 30 60 90 120 90210 IN MILLIONS 0 2020 2021 2022 3 6 9 12 15 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 5 90211 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 36.2 $ MILLION Q1 2022 3.29 $ MILLION Q1 2022 16.9 $ MILLION Q1 2023 -53% 3.39 $ MILLION Q1 2023 3% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 5 -54.5% $3,393,218 / $3,075,000 3% / -5% Q1 2022 11 22.2% $3,294,409 / $3,240,000 9% / 23% Q1 2021 9 -40% $3,033,056 / $2,626,000 16% / 3% Q1 2020 15 baseline $2,621,300 / $2,538,500 baseline YTD 2023 5 -54.5% $3,393,218 / $3,075,000 3% / -5% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 4 8 12 16 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 3.5 2023 4
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 6 90212 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 19.3 $ MILLION Q1 2022 3.87 $ MILLION Q1 2022 22.1 $ MILLION Q1 2023 14% 4.43 $ MILLION Q1 2023 14% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 5 0% $4,433,200 / $4,660,000 14% / 41% Q1 2022 5 0% $3,874,100 / $3,295,000 56% / 23% Q1 2021 5 -16.7% $2,484,000 / $2,670,000 -27% / -23% Q1 2020 6 baseline $3,403,250 / $3,455,000 baseline YTD 2023 5 0% $4,433,200 / $4,660,000 14% / 41% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 1 2 3 4 5 6 IN MILLIONS 0 2020 2021 2022 1 2 3 4 5 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 7 90069 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 211.8 $ MILLION Q1 2022 4.23 $ MILLION Q1 2022 224 $ MILLION Q1 2023 6% 4.87 $ MILLION Q1 2023 15% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 46 -8% $4,874,902 / $3,475,000 15% / -3% Q1 2022 50 0% $4,236,680 / $3,594,000 -16% / 3% Q1 2021 50 31.6% $5,021,560 / $3,500,000 -24% / 9% Q1 2020 38 baseline $6,627,342 / $3,212,500 baseline YTD 2023 46 -8% $4,874,902 / $3,475,000 15% / -3% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 10 20 30 40 IN MILLIONS 0 2020 2021 2022 1 2 3 4 5 6 2023 50 7
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 8 90077 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 300 $ MILLION Q1 2022 7.7 $ MILLION Q1 2022 176 $ MILLION Q1 2023 -41% 6.53 $ MILLION Q1 2023 -15% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 27 -30.8% $6,533,815 / $5,275,000 -15% / 30% Q1 2022 39 0% $7,702,372 / $4,050,000 62% / 75% Q1 2021 39 105.3% $4,759,051 / $2,315,000 -37% / 8% Q1 2020 19 baseline $7,597,395 / $2,150,000 baseline YTD 2023 27 -30.8% $6,533,815 / $5,275,000 -15% / 30% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 10 20 30 40 IN MILLIONS 0 2020 2021 2022 2 4 6 8 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 9 90046 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 207 $ MILLION Q1 2022 2.47 $ MILLION Q1 2022 148 $ MILLION Q1 2023 -28% 2.65 $ MILLION Q1 2023 7% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 56 -33.3% $2,657,795 / $2,035,000 7% / -8% Q1 2022 84 -19.2% $2,473,780 / $2,208,000 13% / 20% Q1 2021 104 62.5% $2,180,928 / $1,846,750 7% / -1% Q1 2020 64 baseline $2,045,672 / $1,860,000 baseline YTD 2023 56 -33.3% $2,657,795 / $2,035,000 7% / -8% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 20 40 60 80 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 2023 100 120
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 10 90265 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 566 $ MILLION Q1 2022 7.17 $ MILLION Q1 2022 184 $ MILLION Q1 2023 -68% 6.57 $ MILLION Q1 2023 -8% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 28 -64.6% $6,576,161 / $3,343,000 -8% / -18% Q1 2022 79 -7.1% $7,176,198 / $4,100,000 2% / -1% Q1 2021 85 66.7% $7,037,863 / $4,150,000 84% / 66% Q1 2020 51 baseline $3,819,343 / $2,500,000 baseline YTD 2023 28 -64.6% $6,576,161 / $3,343,000 -8% / -18% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 20 40 60 80 IN MILLIONS 0 2020 2021 2022 2 4 6 8 2023 100
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 11 90272 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 409 $ MILLION Q1 2022 5.24 $ MILLION Q1 2022 483 $ MILLION Q1 2023 18% 8.33 $ MILLION Q1 2023 59% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 58 -25.6% $8,334,009 / $5,952,000 59% / 42% Q1 2022 78 -27.8% $5,244,138 / $4,190,000 10% / 13% Q1 2021 108 116% $4,786,009 / $3,699,500 -1% / 2% Q1 2020 50 baseline $4,842,701 / $3,617,750 baseline YTD 2023 58 -25.6% $8,334,009 / $5,952,000 59% / 42% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 25 50 75 100 125 IN MILLIONS 0 2020 2021 2022 2 4 6 8 10 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 12 90024 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 99.8 $ MILLION Q1 2022 3.83 $ MILLION Q1 2022 105 $ MILLION Q1 2023 6% 7.55 $ MILLION Q1 2023 97% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 14 -46.2% $7,558,750 / $5,362,500 97% / 45% Q1 2022 26 18.2% $3,839,692 / $3,689,000 5% / 28% Q1 2021 22 10% $3,644,932 / $2,887,500 3% / -3% Q1 2020 20 baseline $3,544,000 / $2,971,500 baseline YTD 2023 14 -46.2% $7,558,750 / $5,362,500 97% / 45% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 5 10 15 20 25 30 IN MILLIONS 0 2020 2021 2022 2 4 6 8 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 13 90049 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 436 $ MILLION Q1 2022 5.82 $ MILLION Q1 2022 482 $ MILLION Q1 2023 10% 6.88 $ MILLION Q1 2023 18% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 70 -6.7% $6,887,680 / $5,322,500 18% / 42% Q1 2022 75 -25% $5,825,579 / $3,750,000 32% / 7% Q1 2021 100 78.6% $4,415,237 / $3,492,500 -6% / -2% Q1 2020 56 baseline $4,719,834 / $3,575,000 baseline YTD 2023 70 -6.7% $6,887,680 / $5,322,500 18% / 42% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 25 50 75 100 IN MILLIONS 0 2020 2021 2022 1 2 3 4 5 6 2023 125 7
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 14 90025 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 22.8 $ MILLION Q1 2022 2.28 $ MILLION Q1 2022 24.3 $ MILLION Q1 2023 7% 2.7 $ MILLION Q1 2023 19% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 9 -10% $2,709,525 / $1,525,000 19% / -29% Q1 2022 10 -28.6% $2,281,800 / $2,150,000 -6% / -8% Q1 2021 14 180% $2,422,000 / $2,340,250 55% / 46% Q1 2020 5 baseline $1,565,800 / $1,600,000 baseline YTD 2023 9 -10% $2,709,525 / $1,525,000 19% / -29% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 3 6 9 12 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 2023 15
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 15 90402 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 221 $ MILLION Q1 2022 5.99 $ MILLION Q1 2022 185 $ MILLION Q1 2023 -16% 6.19 $ MILLION Q1 2023 3% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 30 -18.9% $6,199,067 / $6,020,000 3% / 0% Q1 2022 37 12.1% $5,994,959 / $6,010,000 23% / 37% Q1 2021 33 106.3% $4,874,652 / $4,375,000 8% / 1% Q1 2020 16 baseline $4,532,438 / $4,326,000 baseline YTD 2023 30 -18.9% $6,199,067 / $6,020,000 3% / 0% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 10 20 30 40 IN MILLIONS 0 2020 2021 2022 2 4 6 8 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 16 90027 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 92.4 $ MILLION Q1 2022 2.88 $ MILLION Q1 2022 117.3 $ MILLION Q1 2023 27% 3.26 $ MILLION Q1 2023 13% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 36 12.5% $3,260,856 / $2,750,000 13% / 17% Q1 2022 32 -40.7% $2,887,943 / $2,350,500 26% / 23% Q1 2021 54 38.5% $2,286,102 / $1,907,500 17% / 5% Q1 2020 39 baseline $1,953,131 / $1,825,000 baseline YTD 2023 36 12.5% $3,260,856 / $2,750,000 13% / 17% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 15 30 45 60 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 3.5 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 17 90064 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 146 $ MILLION Q1 2022 2.61 $ MILLION Q1 2022 116 $ MILLION Q1 2023 -20% 3.06 $ MILLION Q1 2023 17% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 38 -32.1% $3,068,761 / $1,839,500 17% / -14% Q1 2022 56 5.7% $2,613,330 / $2,133,000 19% / 8% Q1 2021 53 6% $2,194,708 / $1,980,000 -1% / -1% Q1 2020 50 baseline $2,212,640 / $2,002,500 baseline YTD 2023 38 -32.1% $3,068,761 / $1,839,500 17% / -14% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 15 30 45 60 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 2023 3.5
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 18 90291 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 182 $ MILLION Q1 2022 3.44 $ MILLION Q1 2022 82.2 $ MILLION Q1 2023 -55% 2.49 $ MILLION Q1 2023 -28% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 33 -37.7% $2,491,882 / $2,175,000 -28% / -20% Q1 2022 53 -13.1% $3,446,636 / $2,725,000 60% / 43% Q1 2021 61 45.2% $2,156,867 / $1,901,000 -8% / -21% Q1 2020 42 baseline $2,339,435 / $2,400,000 baseline YTD 2023 33 -37.7% $2,491,882 / $2,175,000 -28% / -20% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 20 40 60 80 IN MILLIONS 0 2020 2021 2022 1 2 3 4 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 19 90292 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 27.3 $ MILLION Q1 2022 3.03 $ MILLION Q1 2022 15.8 $ MILLION Q1 2023 -42% 2.64 $ MILLION Q1 2023 -13% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2023 6 -33.3% $2,646,417 / $2,432,250 -13% / -19% Q1 2022 9 -40% $3,034,020 / $3,000,000 34% / 30% Q1 2021 15 66.7% $2,269,500 / $2,300,000 -20% / -8% Q1 2020 9 baseline $2,841,919 / $2,500,000 baseline YTD 2023 6 -33.3% $2,646,417 / $2,432,250 -13% / -19% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 3 6 9 12 IN MILLIONS 0 2020 2021 2022 1 2 3 4 2023 15
PROPERTIES OF $1M OR MORE
21 2023 2022 Sales Δ vs ‘22 Average Price Δ vs ‘22 47 -53% $14,213,185 27% 5 -54.5% $3,393,218 3% 5 0% $4,433,200 14% 46 -8% $4,874,902 15% 27 -30.8% $6,533,815 -15% 56 -33.3% $2,657,795 7% 28 -64.6% $6,576,161 -8% 58 -25.6% $8,334,009 59% 14 -46.2% $7,558,750 97% 70 -6.7% $6,887,680 18% 9 -10% $2,709,525 19% 30 -18.9% $6,199,067 3% 36 12.5% $3,260,856 13% 38 -32.1% $3,068,671 17% 33 -37.7% $2,491,882 -28% 6 -33.3% $2,646,417 -13% Sales Δ vs ‘21 Average Price Δ vs ‘21 100 5.3% $11,223,940 74% 11 22.2% $3,294,409 9% 5 0% $3,874,100 56% 50 0% $4,236,680 -16% 39 0% $7,702,372 62% 84 -19.2% $2,473,780 13% 79 -7.1% $7,176,198 2% 78 -27.8% $5,244,138 10% 26 18.2% $3,839,692 5% 75 -25% $5,825,579 32% 10 -28.6% $2,281,800 -6% 37 12.1% $5,994,959 23% 32 -40.7% $2,887,943 26% 56 5.7% $2,613,330 19% 53 -13.1% $3,446,636 60% 9 -40% $3,034,020 34%
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 2015, 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.
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 cutting-edge 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 in-house 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.
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q1 2023 22
Success built on superior market knowledge. And understanding our clients.
