MICRO MARKET REPORT
LOS ANGELES
ISSUE #51 4/15/24 FOR Q1 2024 STATISTICS
WEA MESSAGE
ZIP CODE 90210 - BEVERLY HILLS
ZIP CODE 90211 - BEVERLY HILLS
ZIP CODE 90212 - BEVERLY HILLS
ZIP CODE 90069 - SUNSET STRIP
ZIP CODE 90077 - BEL AIR
ZIP CODE 90046 - WEST HOLLYWOOD
ZIP CODE 90265 - MALIBU
ZIP CODE 90272 - PACIFIC PALISADES
ZIP CODE 90024 - WESTWOOD
ZIP CODE 90292 - MARINA DEL RAY
ZIP CODE 90049 - BRENTWOOD
ZIP CODE 90025 - WEST LA
ZIP CODE 90402 - SANTA MONICA
ZIP CODE 90027 - LOS FELIZ
ZIP CODE 90064 - CHEVIOT HILLS
ZIP CODE 90291 - VENICE
ZIP CODES YEAR TO DATE SALES
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 2
OF CONTENTS
TABLE
ALL
ABOUT WEA 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 22 Data provided by First American Title Co. of Los Angeles County records for sales exceeding $1 million.
A MESSAGE FROM WEA
CONFUSION & CLARITY
By now, you’ve likely heard about the proposed NAR settlement in response to various class action lawsuits regarding real estate commissions. Currently, when a broker lists a property, the seller agrees to pay a total commission, typically 5-6%, with half going to the broker representing the buyer. The plaintiff claimed, among other things, that this structure forced them to pay an inflated amount.
In the proposed settlement, NAR agrees that its members can no longer offer a commission to the buyer’s agent via a “Multiple Listing Service” (though they still may offer one elsewhere) and that agents will have to have a written commission agreement with a buyer prior to “touring” a property. Purportedly, this first change will deter buyer’s agents from “steering” their clients away from listings that offer less commission, and the second change will bring more transparency to the process and to commissions.
However, these changes also bring confusion and will most likely have unforeseen implications. There are still cases pending and “we don’t know what we don’t know”, but it is clear the process of buying and selling real estate will look different in the near future. How different it will be is yet to be seen.
These rule changes won’t take effect until July, so, for now, nothing changes, but stay tuned for more detailed information as it comes in.
Stephen Shapiro Co-Founder, Westside Estate AgencyWESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 3
14.2
8.58
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 4 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 668 $ MILLION Q1 2023
$ MILLION Q1 2023 463 $ MILLION Q1 2024 -31%
$ MILLION Q1 2024 -40% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 54 14.9% $8,585,574 / $4,801,500 -40% / -38% 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 baseline $6,458,939 / $5,198,500 baseline YTD 2024 54 14.9% $8,585,574 / $4,801,500 -40% / -38% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 90210 IN MILLIONS 0 2021 2022 2023 3 6 9 12 15 2024 0 2021 2022 2023 2024 20 40 60 80 100
3.39
2.85
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 5 90211 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME
$ MILLION Q1 2023
16.9
$ MILLION Q1 2023 11.4 $ MILLION Q1 2024 -33%
MILLION Q1 2024 -16% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 4 -20% $2,853,750 / $2,627,500 -16% / -15% 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 baseline $3,033,056 / $2,626,000 baseline YTD 2024 4 -20% $2,853,750 / $2,627,500 -16% / -15% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE IN MILLIONS 0 2021 2022 2023 1 1.5 2 2.5 3 3.5 4 2024 0 2021 2022 2023 2024 2 4 6 8 10 12
$
4.43
3.25
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 6 90212 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME
$ MILLION Q1 2023
22.1
$ MILLION Q1 2023 9.77 $ MILLION Q1 2024 -56%
$ MILLION Q1 2024 -27% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 3 -40% $3,257,333 / $3,152,000 -27% / -32% 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 baseline $2,484,000 / $2,670,000 baseline YTD 2024 3 -40% $3,257,333 / $3,152,000 -27% / -32% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 1 2 3 4 5 IN MILLIONS 0 2021 2022 2023 1 2 3 4 5 2024
4.87
5.9
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 7 90069 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 224 $ MILLION Q1 2023
$ MILLION Q1 2023 123 $ MILLION Q1 2024 -45%
$ MILLION Q1 2024 21% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 21 -54.3% $5,901,894 / $3,910,000 21% / 13% 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 baseline $5,021,560 / $3,500,000 baseline YTD 2024 21 -54.3% $5,901,894 / $3,910,000 21% / 13% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE IN MILLIONS 0 2021 2022 2023 2 4 6 2024 0 2021 2022 2023 2024 10 20 30 40 50
6.53
6.62
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 8 90077 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 176 $ MILLION Q1 2023
$ MILLION Q1 2023 178 $ MILLION Q1 2024 1%
$ MILLION Q1 2024 1% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 27 0% $6,622,648 / $3,550,000 1% / -33% 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 baseline $4,759,051 / $2,315,000 baseline YTD 2024 27 0% $6,622,648 / $3,550,000 1% / -33% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 10 20 30 40 IN MILLIONS 0 2021 2022 2023 2 4 6 8 2024
2.65
2.64
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 9 90046 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 148 $ MILLION Q1 2023
$ MILLION Q1 2023 82.1 $ MILLION Q1 2024 -45%
$ MILLION Q1 2024 0% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 31 -44.6% $2,649,790 / $2,600,000 0% / 28% 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 baseline $2,180,928 / $1,846,750 baseline YTD 2024 31 -44.6% $2,649,790 / $2,600,000 0% / 28% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 20 40 60 80 IN MILLIONS 0 2021 2022 2023 1 1.5 2 2.5 3 2024 100 120
6.57
7.45
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 10 90265 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 184 $ MILLION Q1 2023
$ MILLION Q1 2023 342 $ MILLION Q1 2024 86%
$ MILLION Q1 2024 13% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 46 64.3% $7,455,076 / $4,625,000 13% / 38% 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 baseline $7,037,863 / $4,150,000 baseline YTD 2024 46 64.3% $7,455,076 / $4,625,000 13% / 38% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 20 40 60 80 IN MILLIONS 0 2021 2022 2023 2 4 6 8 2024 100
8.33
4.75
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 11 90272 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 483 $ MILLION Q1 2023
$ MILLION Q1 2023 199 $ MILLION Q1 2024 -59%
$ MILLION Q1 2024 -43% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 42 -27.6% $4,751,548 / $3,631,000 -43% / -59% 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 baseline $4,786,009 / $3,699,500 baseline YTD 2024 42 -27.6% $4,751,548 / $3,631,000 -43% / -59% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 20 40 60 80 100 120 IN MILLIONS 0 2021 2022 2023 2 4 6 8 10 2024
7.55
3.9
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 12 90024 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 105 $ MILLION Q1 2023
$ MILLION Q1 2023 66.4 $ MILLION Q1 2024 -37%
$ MILLION Q1 2024 -48% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 17 21.4% $3,907,235 / $3,180,000 -48% / -41% 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 baseline $3,644,932 / $2,887,500 baseline YTD 2024 17 21.4% $3,907,235 / $3,180,000 -48% / -41% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 5 10 15 20 25 30 IN MILLIONS 0 2021 2022 2023 2 4 6 8 2024
2.64
2.08 $
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 13 90292 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME
$ MILLION Q1 2023
15.8
$ MILLION Q1 2023 12.5 $ MILLION Q1 2024 -21%
MILLION Q1 2024 -21% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 6 0% $2,087,833 / $1,763,500 -21% / -27% 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 baseline $2,269,500 / $2,300,000 baseline YTD 2024 6 0% $2,087,833 / $1,763,500 -21% / -27% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 5 10 15 IN MILLIONS 0 2021 2022 2023 1 1.5 2 2.5 3 3.5 2024
6.88
4.97
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 14 90049 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME
$ MILLION Q1 2023
482
$ MILLION Q1 2023 224 $ MILLION Q1 2024 -54%
MILLION Q1 2024 -28% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 45 -35.7% $4,979,789 / $3,650,000 -28% / -31% 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 baseline $4,415,237 / $3,492,500 baseline YTD 2024 45 -35.7% $4,979,789 / $3,650,000 -28% / -31% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 25 50 75 100 IN MILLIONS 0 2021 2022 2023 1 2 3 4 5 6 7 2024
$
2.7
2.43
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 15 90025 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME
$ MILLION Q1 2023
24.3
$ MILLION Q1 2023 17 $ MILLION Q1 2024 -30%
MILLION Q1 2024 -10% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 7 -22% $2,438,000 / $2,200,000 -10% / 44% 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 baseline $2,422,000 / $2,340,250 baseline YTD 2024 7 -22.2% $2,438,000 / $2,200,000 -10% / 44% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 5 10 15 IN MILLIONS 0 2021 2022 2023 1 1.5 2 2.5 3 2024
$
4.44
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 16 90402 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 185 $ MILLION Q1 2023
$ MILLION Q1 2023 75.6 $ MILLION Q1 2024 -59%
6.19
$ MILLION Q1 2024 -28% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 17 -43.3% $4,447,088 / $4,300,000 -28% / -29% 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 baseline $4,874,652 / $4,375,000 baseline YTD 2024 17 -43.4% $4,447,088 / $4,300,000 -28% / -29% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 10 20 30 40 IN MILLIONS 0 2021 2022 2023 2 4 6 8 2024
3.26
2.67
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 17 90027 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 117 $ MILLION Q1 2023
$ MILLION Q1 2023 64.1 $ MILLION Q1 2024 -45%
$ MILLION Q1 2024 -18% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 24 -33.3% $2,671,792 / $2,051,250 -18% / -25% Q1 2023 36 12.5% $3,260,856 / $2,750,500 13% / 17% Q1 2022 32 -40.7% $2,887,943 / $2,350,500 26% / 23% Q1 2021 54 baseline $2,286,102 / $1,907,500 baseline YTD 2024 24 -33.3% $2,671,792 / $2,051,250 -18% / -25% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 15 30 45 60 IN MILLIONS 0 2021 2022 2023 1 1.5 2 2.5 3 3.5 2024
3.06
2.01
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 18 90064 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 116 $ MILLION Q1 2023
$ MILLION Q1 2023 64.4 $ MILLION Q1 2024 -45%
$ MILLION Q1 2024 -34% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 32 -15.8% $2,013,188 / $1,927,500 -34% / 5% 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 baseline $2,194,708 / $1,980,000 baseline YTD 2024 32 -15.8% $2,013,188 / $1,927,500 -34% / 5% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 10 20 30 40 50 60 IN MILLIONS 0 2021 2022 2023 1 1.5 2 2.5 3 3.5 2024
2.49
3.62
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 19 90291 NUMBER OF SALES • Q1 AVG. PRICE PER TRANSACTION SALES VOLUME 82.2 $ MILLION Q1 2023
$ MILLION Q1 2023 116 $ MILLION Q1 2024 41%
$ MILLION Q1 2024 46% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q1 2024 32 -3% $3,625,813 / $2,712,500 46% / 25% 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 baseline $2,156,867 / $1,901,000 baseline YTD 2024 32 -3% $3,625,813 / $2,712,500 46% / 25% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2021 2022 2023 2024 15 30 45 60 75 0 2021 2022 2023 1 2 3 4 2024 IN MILLIONS
20 Sales Average Price 95 $6,458,939 9 $3,033,056 5 $2,484,000 50 $5,021,560 39 $4,759,051 104 $2,180,928 85 $7,037,863 108 $4,786,009 22 $3,644,932 100 $4,415,237 14 $2,422,000 33 $4,874,652 54 $2,286,102 53 $2,194,708 61 $2,156,867 15 $2,269,500 Zip Code 90210 90211 90212 90069 90077 90046 90265 90272 90024 90049 90025 90402 90027 90064 90291 90292 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% $3,847,100 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% 2021 2022 YEAR TO DATE SALES
PROPERTIES OF $1M OR MORE
21 2024 2023 Sales Δ vs ‘23 Average Price Δ vs ‘23 54 14.9% $8,585,574 -40% 4 -20% $2,853,750 16% 3 -40% $3,257,333 -27% 21 -54.3% $5,901,894 21% 27 0% $6,622,648 1% 31 -44.6% $2,649,790 0% 46 64.3% $7,455,076 13% 42 -27.6% $4,751,548 -43% 17 21.4% $3,907,235 -48% 45 -35.7% $4,979,789 -28% 7 -22.2% $2,438,000 -10% 17 -43.3% $4,447,088 -28% 24 -33.3% $2,671,792 -18% 32 -15.8% $2,013,188 -34% 32 -3% $3,625,813 46% 6 0% $2,087,833 -21% 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% $3,068,761 17% 33 -37.7% $2,491,882 -28% 6 -33.3% $2,646,417 -13%
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 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 Q2 2023 22
BEVERLY HILLS
Westside Estate Agency 460 North Canon Drive Beverly Hills, CA 90210
(310) 247-7770
SalesBH@WEAhomes.com
MALIBU
Westside Estate Agency 3900 Cross Creek Rd #5 Malibu, CA 90265
(310) 456-1171
SalesMalibu@WEAhomes.com
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 23
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