MICRO MARKET REPORT
LOS ANGELES
ISSUE #52 7/18/24 FOR Q2 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
A MESSAGE FROM WEA
MORE CONFUSION
As if the mercurial market is not enough, the new rules based on the legal settlement with the National Association of Realtors go into effect on August 17 of this year and, as of this writing, the California Association of Realtors doesn’t even have the new forms finalized yet.
The biggest change is that a property listed in the Multiple Listing Service (MLS) cannot include an offer of commission to the agent bringing the buyer. A seller may (and we would strongly suggest SHOULD) still incentivize buyers and their agents by offering a commission – they just cannot do it via the MLS. So how does that buyer’s agent get paid to represent them? This is where it gets most confusing. We will be required to have buyers sign some form of “Buyer Representation Agreement” which may obligate them to compensate their agent themselves, after which the agent may inquire with the Listing Agency to see if the seller is offering a commission and then, if so, make that compensation part of the offer. Supposedly, a buyer’s agent cannot even show a house without this agreement in place. Can you imagine the confusion and uncomfortable conversations generated by this? Prior to this new regulation, we simply took a listing with a commission which was to be shared between ourselves and the buyer’s agent – now that is much more complicated.
I anticipate lots of questions from sellers and buyers that many agents won’t be able to answer. What fun.
This is the biggest change, by far, in the history of our business. We are working diligently on our end to ensure our agents understand how to benefit their clients in this changing environment.
Stay tuned.
Stephen Shapiro Co-Founder, Westside Estate Agency
7.91
8.36
3.65
5.33
5.87
5.94
7.36
2.18
3.0
9.4
7.74
4.15
5.6
3.44
4.03
2.12
3.22
5.22
4.91
2.24
2.59
6.06
6.93
2.29
2.52
2.49
2.52
2.95
2.19
PROPERTIES OF $1M OR MORE
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.
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