MICRO MARKET REPORT LOS ANGELES & MIAMI ISSUE NUMBER THREE - MAY 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
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ZIP CODE 90265 - MALIBU
9
ZIP CODE 90272 - PACIFIC PALISADES
10
ZIP CODE 90024 - WESTWOOD
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ZIP CODE 90049 - BRENTWOOD
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ZIP CODE 90025 - WEST LA
13
ZIP CODE 90201/90402 - SANTA MONICA
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ZIP CODE 90005 - HANCOCK PARK
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ZIP CODE 90027 - LOS FELIZ
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ZIP CODE 90064 - CHEVIOT HILLS
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ZIP CODE 90212 - BEVERLY HILLS
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ZIP CODE 90291 - VENICE
19
ZIP CODE 90292 - MARINA DEL RAY
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METRO MIAMI OVERVIEW
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ABOUT WEA
22
2
A MESSAGE FROM WEA The Price Per Square Foot Myth There has been an increasing, and troubling to me, trend to establish a price pre square foot to single family residences. Newer agents in the business find it quite easy to take a 5000 square foot house that was sold for $10,000,000 and say that “the house sold for $2,000 per square foot.” This is not only incorrect but it is lazy to make this correlation. Price per square foot is very valid in vertical living where hi -rise building units do actually sell on a price per square foot basis. But even in this instance there are adjustments such as the floor you are on, the view and the direction the unit faces. This is not the case in a single family residence which is the predominate real estate we are selling in Los Angeles. As a simple example, take this 5,000 square foot house. Let’s say it was on a 15,000 foot lot and sold for $10,000,000. Would the sale price be the same if the house was on a 25,000 foot lot. Of course it would not. In Los Angeles we have significant value in the land. The land has value with no structure on it. And, is the street busy or quiet? Is it above or below Sunset Blvd? Does it have a view of the city, canyon, or no view? There are so many other elements in evaluating a property beyond just the square footage of the house. Has the house been remodeled or is it in it’s original 1940’s condition? I could go on and on but, as you read above, there is no validity to just saying it sold for “X per square foot.” I implore our real estate agent community to be more responsible in evaluating the sale price. We are not living in a reality TV show that requires quick conclusions and sound bites. Just please say that the value of the house has a multitude of elements beyond the simple square footage. This is the way we define value at WEA. Stephen Shapiro Co-Founder, Westside Estate Agency
Data provided by First American Title Co. Through L.A. County records for sales exceeding $1 million
3
90210 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
8
NUMBER OF SALES
7
HHHHHHHHHHHH HHHHHHHHH
6 5 4
AVG. PRICE PER TRANSACTION
3
$
2 1 0
2007
2010
2014
2015
6,345,190
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHHHHHH AVG. PRICE PER TRANSACTION $
3,238,389
2015 vs 2007 2007
2015
+133% SALES
+96% PRICE
2010
2014
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
21
-36%
$6,345,190
+52%
2014
33
+267%
$4,162,576
+38%
2010
9
0%
$3,023,722
-7%
2007
9
n/a
$3,238,389
n/a
© Westside Estate Agency
4
90211 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
2.0
NUMBER OF SALES
HHHH
1.5
AVG. PRICE PER TRANSACTION $
1.0
1,777,500
0.5
0.0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
H AVG. PRICE PER TRANSACTION $
1,700,000
2015 vs 2007 2007
2010
2014
2015
+300% SALES
+5% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
4
0%
$1,777,500
+3%
2014
4
+300%
$1,728,250
+48%
2010
1
0%
$1,171,000
-31%
2007
1
n/a
$1,700,000
n/a
© Westside Estate Agency
5
90069 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
5
NUMBER OF SALES
4
HHHHHHHHHHHH
3
AVG. PRICE PER TRANSACTION
2
$
1
2,421,917
0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHHHH AVG. PRICE PER TRANSACTION $
3,457,000
2015 vs 2007 2007
2010
2014
2015
+71% SALES
-30% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
12
+20%
$2,421,917
-47%
2014
10
+25%
$4,568,846
+75%
2010
8
+14%
$2,607,813
-25%
2007
7
n/a
$3,457,000
n/a
© Westside Estate Agency
6
90077 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
3.5
NUMBER OF SALES
3.0
HHHHHHHHHHH
2.5 2.0 1.5
AVG. PRICE PER TRANSACTION
1.0
$
0.5 0.0
2007
2010
2014
2015
3,408,000
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHH AVG. PRICE PER TRANSACTION $
952,800
2015 vs 2007 2007
2010
2014
2015
+120% SALES
+258% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
11
-8%
$3,408,000
+1%
2014
12
+140%
$3,373,792
+153%
2010
5
0%
$1,336,100
+40%
2007
5
n/a
$952,800
n/a
© Westside Estate Agency
7
90046 AVG. PRICE PER TRANSACTION
2015 NUMBER OF SALES
PRICE IN MILLIONS
2.5
HHHHHHHHHHHH HHHHHHHHH
2.0 1.5
AVG. PRICE PER TRANSACTION
1.0
$
0.5 0.0
2007
2010
2014
2015
2,039,452
2007 NUMBER OF SALES
NUMBER OF SALES
HHHH AVG. PRICE PER TRANSACTION $
2,428,500
2015 vs 2007 2007
2010
2014
2015
+425% SALES
-16% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
21
-34%
$2,039,452
+36%
2014
32
+256%
$1,500,993
+55%
2010
9
+125%
$968,000
-60%
2007
4
n/a
$2,428,500
n/a
© Westside Estate Agency
8
90265 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
8
NUMBER OF SALES
7
HHHHHHHHHHHH HHHHHHHHH
6 5 4
AVG. PRICE PER TRANSACTION
3
$
2 1 0
2007
2010
2014
2015
2,975,524
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHHHHH AVG. PRICE PER TRANSACTION $
4,636,875
2015 vs 2007 2007
2010
2014
2015
+163% SALES
-36% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
21
+5%
$2,975,524
-16%
2014
20
+100%
$3,541,150
-45%
2010
10
+25%
$6,396,150
+38%
2007
8
n/a
$4,636,875
n/a
© Westside Estate Agency
9
90272 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
5
NUMBER OF SALES
HHHHHHHHHHHH HHHHHHHHHHHH HHHH
4 3 2
AVG. PRICE PER TRANSACTION $
1 0
2007
2010
2014
2015
NUMBER OF SALES
4,026,054
2007 NUMBER OF SALES
HHHHHHHHH AVG. PRICE PER TRANSACTION $
4,351,444
2015 vs 2007 2007
2010
2014
2015
+211% SALES
-7% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
28
-13%
$4,026,054
+12%
2014
32
+146%
$3,584,828
+35%
2010
13
+44%
$2,652,423
-39%
2007
9
n/a
$4,351,444
n/a
© Westside Estate Agency
10
90024 AVG. PRICE PER TRANSACTION
2015 NUMBER OF SALES
PRICE IN MILLIONS
8 7
HHHHHH
6
AVG. PRICE PER TRANSACTION
5
$
4 3
3,220,667
2 1 0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
HH AVG. PRICE PER TRANSACTION $
2,400,000
2015 vs 2007 2007
2010
2014
2015
+200% SALES
+34% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
6
-40%
$3,220,667
-54%
2014
10
+900%
$6,983,850
+332%
2010
1
-50%
$1,615,000
-33%
2007
2
n/a
$2,400,000
n/a
© Westside Estate Agency
11
90049 AVG. PRICE PER TRANSACTION
2015 NUMBER OF SALES
PRICE IN MILLIONS
6
HHHHHHHHHHHH HHHHHHHHHHHH HHHHH
5 4 3
AVG. PRICE PER TRANSACTION
2
$
1 0
2007
2010
2014
2015
3,325,862
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHHHHHHHHH HHHHH AVG. PRICE PER TRANSACTION $
3,191,206
2015 vs 2007 2007
2010
2014
2015
+71% SALES
+4% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
29
+12%
$3,325,862
-42%
2014
26
+86%
$5,743,004
+277%
2010
14
-18%
$1,521,857
-52%
2007
17
n/a
$3,191,206
n/a
© Westside Estate Agency
12
90025 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
1.5
NUMBER OF SALES
HHHHHH
1.2
AVG. PRICE PER TRANSACTION
0.9
$
0.6
1,338,341
0.3 0.0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
HH AVG. PRICE PER TRANSACTION $
1,370,000
2015 vs 2007 2007
2010
2014
2015
+200% SALES
-2% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
6
-33%
$1,338,341
+2%
2014
9
+125%
$1,313,556
+16%
2010
4
+100%
$1,133,750
-17%
2007
2
n/a
$1,370,000
n/a
© Westside Estate Agency
13
90402 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
4.0
NUMBER OF SALES
3.5
H H H H H H H H H
3.0 2.5
AVG. PRICE PER TRANSACTION
2.0
$
1.5
3,922,167
1.0 0.5 0.0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
HH AVG. PRICE PER TRANSACTION $
3,324,750
2015 vs 2007 2007
2010
2014
2015
+350% SALES
+18% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
9
+80%
$3,922,167
+6%
2014
5
-29%
$3,689,000
+57%
2010
7
+250%
$2,349,857
-29%
2007
2
n/a
$3,324,750
n/a
© Westside Estate Agency
14
90005 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
2.0
NUMBER OF SALES
HHHH
1.5
AVG. PRICE PER TRANSACTION $
1.0
1,574,500
0.5
0.0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
H AVG. PRICE PER TRANSACTION $
1,040,000
2015 vs 2007 2007
2010
2014
2015
+300% SALES
+51% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
4
0%
$1,574,500
+89%
2014
4
+300%
$835,000
+28%
2010
1
0%
$650,000
-38%
2007
1
n/a
$1,040,000
n/a
© Westside Estate Agency
15
90027 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
1.5
NUMBER OF SALES
HHHHHHHHHHHH
1.2 0.9
AVG. PRICE PER TRANSACTION 0.6
$
0.3 0.0
2007
2010
2014
2015
1,466,083
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHHHH AVG. PRICE PER TRANSACTION $
1,174,571
2015 vs 2007 2007
2010
2014
2015
+71% SALES
+25% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
12
-33%
$1,466,083
0%
2014
18
+200%
$1,470,361
+43%
2010
6
-14%
$1,029,083
-12%
2007
7
n/a
$1,174,571
n/a
© Westside Estate Agency
16
90064 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
2.0
NUMBER OF SALES
HHHHHHHHHHHH HHHHHHHHH
1.5
AVG. PRICE PER TRANSACTION $
1.0
1,642,857
0.5
0.0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHHHHHHH AVG. PRICE PER TRANSACTION $
1,345,814
2015 vs 2007 2007
2010
2014
2015
+110% SALES
+22% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
21
+5%
$1,642,857
+30%
2014
20
+150%
$1,265,500
+12%
2010
8
-20%
$1,133,875
-16%
2007
10
n/a
$1,345,814
n/a
© Westside Estate Agency
17
90212 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
3.0
NUMBER OF SALES
2.5
HHHHHH
2.0
AVG. PRICE PER TRANSACTION $
1.5 1.0
3,025,417
0.5 0.0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
HH AVG. PRICE PER TRANSACTION $
2,334,500
2015 vs 2007 2007
2010
2014
2015
+200% SALES
+30% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
6
+100%
$3,025,417
+30%
2014
3
+50%
$2,325,333
+5%
2010
2
0%
$2,212,500
-5%
2007
2
n/a
$2,334,500
n/a
© Westside Estate Agency
18
90291 AVG. PRICE PER TRANSACTION
2015
PRICE IN MILLIONS
2.0
NUMBER OF SALES
HHHHHHHHHHHH HH
1.5
AVG. PRICE PER TRANSACTION
1.0
$ 0.5
0.0
2007
2010
2014
2015
1,827,912
2007 NUMBER OF SALES
NUMBER OF SALES
HHHHHHHH AVG. PRICE PER TRANSACTION $
1,202,500
2015 vs 2007 2007
2010
2014
2015
+75% SALES
+52% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
14
-22%
$1,827,912
+12%
2014
18
+200%
$1,626,333
+41%
2010
6
-25%
$1,157,500
-4%
2007
8
n/a
$1,202,500
n/a
© Westside Estate Agency
19
90292 AVG. PRICE PER TRANSACTION
2015 NUMBER OF SALES
PRICE IN MILLIONS
5
H
4
AVG. PRICE PER TRANSACTION 3
$
2
5,000,000
1 0
2007
2010
2014
2015
2007 NUMBER OF SALES
NUMBER OF SALES
H AVG. PRICE PER TRANSACTION $
1,156,500
2015 vs 2007 2007
2010
2014
2015
0% SALES
+332% PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
1
-86%
$5,000,000
+198%
2014
7
+600%
$1,679,286
+66%
2010
1
0%
$1,012,500
-12%
2007
1
n/a
$1,156,500
n/a
© Westside Estate Agency
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METRO MIAMI OVERVIEW AVG. PRICE PER TRANSACTION
NUMBER OF SALES
1.0
PRICE IN MILLIONS
H =5
2015
HHHHHHHH
0.8
AVG. PRICE PER TRANSACTION 0.6
$
0.4
847,046
0.2
H =5
2007
0.0
2007
2010
2014
2015
NUMBER OF SALES NUMBER OF SALES
HHH HHH AVG. PRICE PER TRANSACTION $
859,102
2015 vs 2007 2007
2010
2014
2015
ŇĂĉăŃ SALES
ġĂŌ PRICE
Date
Sales
Δ vs Previous Year
Avg. Price
Δ vs Previous Year
2015
43
-23%
$847,046
-3%
2014
55
+44%
$915,346
+43%
2010
39
+146%
$553,332
-30%
2007
31
n/a
$859,102
n/a
0 ƫ2% ƫ ƫ"+.ƫ6%, + !/čƫăăāĀĊČƫăăāăāČƫăăāăĂČƫăăāăăČƫăăāăąČƫăăāăĈČƫăăāăĉČƫăăāăĊČƫăăāąĀČƫăăāąăČƫăăāąćČƫăăāąĊČƫăăāĆąČƫăăāĆćČƫăăāćĀČƫăăāĉĀČƫăăāĉā
© Westside Estate Agency
21
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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