Nancy Ross | Laura Barton
partners

150 S. Rodeo Dr. Suite 100
Beverly Hills, CA 90212

Blogs


LA Market Update: Few Buyer Options Leads to Drop in Los Angeles Home Sales in June
Jul 30 2018 3:52PM Posted by Pacific Union, JULY 2018
FROM OUR COMPANY CHIEF ECONOMIST, SELMA HEPP
  • June home sales — including single-family residences and condominiums — in greater central Los Angeles fell notably compared with last year, down 20 percent.
    • Large drop in some relatively more-affordable communities - Eastside saw the largest year-over-year drop, down by 36 percent.
    • While sales below $1 million continued falling trend from the beginning of the year, June shows a relatively large decline in sales of homes priced between $2 million and $3 million.
    • Overall year-to-date sales of homes priced higher than $1 million are still tracking above last year, up 5 percent. 
    • NELA and Mid L.A./Baldwin Hills continue to benefit from strong sales of homes priced between $1 million and $2 million.
    • Despite the overall decline, sales of homes above $2 million trended higher in Silicon Beach, Eastern Cities, Foothill Communities, Greater Pasadena, and Mid-City. Declines were driven by Beverly Hills/Holmby Hills/Bel-Air, Brentwood/Santa Monica/Pacific Palisades, Hollywood Hills, and West L.A.
  • Inventory dropped by 15 percent from last June, with all greater central Los Angeles neighborhoods seeing significantly less supply on an annual basis. 
    • Inventory of homes priced below $1 million dropped by 27 percent from last year, while inventory priced higher than $1 million was down by 3 percent. Only NELA showed a solid improvement from last year.
    • New listings in June decreased by 11 percent year over year in June, which suggests that availability for July sales may suffer as well; there were notable drops in the East and West Valleys, Downtown L.A., and Silicon Beach.
  • Despite fewer home sales, median home prices continue with robust growth, up 12 percent from last June. 
    • Mid-City is now a million-dollar neighborhood, with prices jumping by 28 percent from last June to a median of $1,065,000.
    • Eastside home prices grew by 26 percent, without pressure coming from higher-priced sales.
    • Median home prices in Silicon Beach and Eastern Cities increased by more than 20 percent.
  • Other indicators suggest that demand remains strong, particularly for homes priced less than $2 million. 
    • For homes priced below $2 million, a decline in the median days on market, an increase in absorption rates, and more homes selling for premiums all suggest solid buyer demand. 
    • Some buyer fatigue remains for homes priced between $2 million and $3 million.
0 Comments / Trackback
Mortgage rates matter but lack of inventory matters more
Jul 18 2018 2:12PM Posted by Pacific Union, JUNE 2018
FROM OUR COMPANY CHIEF ECONOMIST, SELMA HEPP


  • May home sales slowed across all price ranges compared with last May, though an earlier buildup in higher-priced sales has kept overall 2018 activity higher than last year.
    • Northeast L.A. and Mid L.A./Baldwin Hills continue to benefit from strong higher-priced sales.
    • After a busy April, sales of homes priced between $2 million and $3 million slowed.
  • Inventory was 24 percent below last May, with supply in all price ranges falling notably. 
    • Inventory priced below $1 million fell by 20 percent to 50 percent across all neighborhoods.
    • Only a few neighborhoods saw some growth in higher-priced inventories, with $1 million-to-$2-million increases in Northeast L.A., $2 million-to-$3 million increases in Malibu and the West Valley, and $3 million-plus increases in South of 210 and the East and West Valleys. 
  • The median home price grew by 11 percent from last May. 
    • May’s median home price growth was most notable in the Eastside, up by 27 percent, without pressure coming from higher-priced sales.
    • Prices in Silicon Beach/Marina/Airport increased by 24 percent, while prices in Downtown L.A. were up by 20 percent. 
    • Beverly Hills is the only neighborhoods with a lower year-to-date median price, mostly due to lower sales activity in the $2 million-plus price range.
  • Buyer fatigue is showing for homes priced between $2 million and $3 million, with price reductions of sold homes up by 8 percentage points from last year.
    • Homes sold at a faster pace than last year, in a median of 28 days.
    • Homes priced between $1 million and $2 million now generally sell in 25 days, faster than those in other price ranges.
0 Comments / Trackback
Los Angeles Median Home Prices Rapidly Approaching $1 Million
Jul 18 2018 2:09PM Posted by Pacific Union, MAY 2018
FROM OUR COMPANY CHIEF ECONOMIST, SELMA HEPP

  • While April home sales equal those in the prior year, strong demand continues for homes priced between $2 million and $3 million
    • NELA and Foothill Communities see jump in higher-priced sales
    • Overall sales surged in Malibu and Beach Communities North and West LA, followed by Eastern Cities, Hollywood Hills and Greater Pasadena
    • Communities South of 210 continue to see weaker sales in 2018 as a result of slower demand from Chinese buyers. Mid-City also seeing weaker sales in 2018 so far 
  • Median home prices up 14 percent from last April, reaching $939,500 
    • Higher-end sales push median prices up considerably in Foothill Communities and Malibu areas 
    • Among more affordable communities, strong price growth in Mid LA/Baldwin Hills, East Valley, and South of 210 
  • For-sale inventory 21 percent below last April, with all price ranges lower than last year
    • Inventory priced below $1 million down 33 percent and once again up to 50 percent in some traditionally affordable areas, such as Eastside, NELA, and East Valley
    • A few neighborhoods have seen some growth of higher-priced inventories: South of 210, West Valley, Foothill Communities, Eastern Cities, West LA and Hollywood Hills
  • Rising interest rates have not slowed buyer competition 
    • Homes sell at faster pace than last year, with a median of 31 days
    • Eastside homes sell in less than two weeks
    • 67 percent of NELA homes sell over the asking price
    • 47 percent of total homes in Los Angeles sell over the asking price
0 Comments / Trackback
California Surpasses the U.K. as the Fifth-Largest Global Economy
Jul 18 2018 2:06PM Posted by Pacific Union, MAY 2018
FROM OUR COMPANY CHIEF ECONOMIST, SELMA HEPP

  • Robust 2017 economic growth in California helped push the state to the world’s fifth-largest economy, surpassing the United Kingdom. Only the U.S., China, Japan, and Germany now have larger economies than California. The size of California’s economy is a little more than one-tenth of the size of China’s economy.
  • In 2017, California’s gross domestic product (GDP) reached $2.747 trillion, up by $127 billion from 2016. Table 1 ranks the world’s 25 largest economies.
  • While California has the United States’ largest economy, contributing 14.3 percent to the total GDP, California’s GDP grew at a slower rate in 2017 than some other states. With a 3 percent annual growth rate, California ranked sixth in terms of annual percent change in inflation-adjusted GDP, following Washington, Colorado, Nevada, Arizona, and Utah. Washington had America’s fastest-growing economy, with the GDP increasing by 4.4 percent over the last year.
  • Nevertheless, Washington’s GDP is one-fifth of California’s total GDP. Also, the total GDP of the five fastest-growing states is only slightly more than half of California’s GDP. Overall, those five states’ GDPs grew by a combined $80 million in 2017.
  • Durable-goods manufacturing was the leading contributor to growth in California between the third quarter of 2017 and the fourth quarter of 2017, followed by other services (except government and government enterprises); professional, scientific, and technical services; and real estate and rental and leasing.
  • Between 2016 and 2017, the leading contributor to California’s economic growth was the information sector, which accounted for one-quarter of the total gain, followed by durable-goods manufacturing; real estate and rental and leasing; and health care and social assistance. These industries were also the leading contributors to the national economic growth in 2017. Agriculture, forestry, fishing, and hunting and nondurable-goods manufacturing were the sectors which contracted in 2017.
  • Real estate and rental and leasing were the leading contributors to real GDP increases in Colorado and Nevada. Health care and social assistance were the leading contributors to the increase in real GDP in Arizona. In Washington, retail trade and information drove the growth.
0 Comments / Trackback
March Home Prices Rise by Double-Digit Percent Rates in Most Los Angeles Neighborhoods
Jul 18 2018 2:04PM Posted by Pacific Union, APRIL 2018

FROM OUR COMPANY CHIEF ECONOMIST, SELMA HEPP

The median home price in Greater Los Angeles was up by 14 percent in March from one year earlier. Homes are selling faster than they were one year ago, and almost half of homes sold in March commanded premiums.

  • Sales of affordable homes in Los Angeles further declined in March from a year ago, while higher-priced sales picked up by 20 percent to 28 percent.
  • While there is no clear impact from the tax-reform package, tech stock volatility, or rising mortgage rates, Silicon Beach saw slower sales in the first quarter compared with last year.
  • Foothill and East Valley communities had almost 50 percent fewer homes for sale below $1 million in the first quarter compared with last year, which represents almost 1,000 fewer properties.
  • Homes generally sold in 30 days, down from 36 days last year. But in a few communities, home sold in less than 20 days: Eastern communities, 16 days; South of 210, 18 days; and Silicon Beach, 18 days.
  • Almost half of homes sold over the asking price, compared with 38 percent last year, with competition increasing the most in South L.A. and Downtown from the month before.
  • The median home price across greater Los Angeles jumped by 14 percent from last March to $910,000, with West Side communities posting even higher appreciation.
0 Comments / Trackback
Pacific Union Again Moves Up the Rankings of the Largest U.S. Real Estate Brokerages in 2018
Jul 13 2018 3:42PM Posted by Partners Trust, MARCH 2018
Pacific Union is excited to share the news that our firm has once again advanced on the list of the largest residential real estate brokerages in America, a testament to the hard work and expertise of our elite team of real estate professionals in the San Francisco Bay Area and Los Angeles County.

The latest rankings from noted industry publications REAL Trends and RISMedia place Pacific Union as the No. 5 largest brokerage in the country in 2018, with more than $14.1 billion in sales in 2017, up from No. 8 in 2016. The brokerage grew total sales by 39.3 percent in the past year, while increasing average sales price by 11.4 percent. We are now the largest independent residential real estate brokerage in California, as well as in the Bay Area and Los Angeles County.

Pacific Union has consistently ascended the rankings of the two noted industry publications for the past six years: No. 18 in 2012; No. 14 in 2013; No. 13 in 2014; No. 9 in 2015 and 2016; and No. 8 in 2017. Company CEO Mark A. McLaughlin, who purchased the brokerage in 2009, attributes the company’s success to maintaining a focus on culture and recruiting California’s best and brightest real estate professionals.

“Nearly nine years ago, we had a vision of returning Pacific Union home, back to the roots of its founders: entrepreneurs; risk takers, and a people-first, results-based culture,” he says. “The talented people we have attracted to our organization are reflective of this vision, and each one of us feels a passion for our cause and take pride in our collective accomplishments.”

Pacific Union has fueled its significant sales volume growth and expanded its California footprint over the past 15 months through strategic mergers with top Los Angeles brokerages John Aaroe Group, Partners Trust, and Gibson International. The brokerage now has more than 1,700 of California’s top real estate professionals in more than 50 offices throughout the state, including a newly opened location in Los Angeles’ Hancock Park neighborhood.

The industry has also recognized Pacific Union for its global efforts, with International Property Awards naming it World’s Best Real Estate Agency With More Than 20 Offices for the year 2017-2018. Pacific Union has gained significant international traction via its China Concierge program, started in 2013, as well as through a global digital marketing campaign that delivered more than 100,000 overseas impressions to its website.
0 Comments / Trackback
$8.3 million — Beverly Hills
Mar 14 2016 9:30AM Posted by Partners Trust, Mar 14 2016 9:30AM
 
0 Comments / Trackback
2015 Annual Report
Mar 8 2016 10:01AM Posted by Partners Trust, Mar 8 2016 10:01AM
  
0 Comments / Trackback
 Los Angeles Real Estate by the Numbers
Mar 12 2015 2:46PM Posted by Partners Trust, Mar 12 2015 2:46PM
 

Luxury Continues To Trend Strong — A Look Back At 2014
By Partners Trust 03/06/2015

Each year has its own special qualities and 2014 was no different. It was a year of growth and change, both for Partners Trust and for the greater Los Angeles brokerage community. In our annual report we take a look at the trends that grew our city in 2014.

Los Angeles is an international city, attracting visitors and new residents from around the world. We are also one of the leaders in luxury real estate. What luxury means to each individual remains personal, however we see some common trends including a continued embrace of indoor/ outdoor living. In new luxury construction, there is an ongoing trend for glass walls that open out. Outdoor living spaces with distinct kitchens and entertaining areas that are more expansive than ever are popular. Smart and wired homes are also highly in demand for today’s hyper-connected buyers.

Screen Shot 2015-03-06 at 8.36.30 AM

As always in Los Angeles, a view is one of the most desirable features. Ocean, canyon, and city views remain highly requested by our clientele. We also see prestige neighborhoods such Bel-Air/Holmby Hills continue to hold and increase their value. A surge in Chinese buyers has fueled lower days on market in San Marino and Arcadia.

The overall market for luxury real estate in Los Angeles reached historic highs in 2014 and we believe we may be in for another record-breaking year.


Luxury Continues To Trend Strong — A Look Back At 2014

Each year has its own special qualities and 2014 was no different. It was a year of growth and change, both for Partners Trust and for the greater Los Angeles brokerage community. In our annual report we take a look at the trends that grew our city in 2014.

Los Angeles is an international city, attracting visitors and new residents from around the world. We are also one of the leaders in luxury real estate. What luxury means to each individual remains personal, however we see some common trends including a continued embrace of indoor/ outdoor living. In new luxury construction, there is an ongoing trend for glass walls that open out. Outdoor living spaces with distinct kitchens and entertaining areas that are more expansive than ever are popular. Smart and wired homes are also highly in demand for today’s hyper-connected buyers.

Screen Shot 2015-03-06 at 8.36.30 AM

As always in Los Angeles, a view is one of the most desirable features. Ocean, canyon, and city views remain highly requested by our clientele. We also see prestige neighborhoods such Bel-Air/Holmby Hills continue to hold and increase their value. A surge in Chinese buyers has fueled lower days on market in San Marino and Arcadia.

The overall market for luxury real estate in Los Angeles reached historic highs in 2014 and we believe we may be in for another record-breaking year.

For more information please view our complete annual report. 

- See more at: http://www.thepartnerstrust.com/blog/2015/03/06/luxury-continues-trend-strong-2014/#sthash.wNqd8o22.dpuf
0 Comments / Trackback
Trends of 2014: The Luxury Market Continued to Rise
Jan 5 2015 6:31PM Posted by Partners Trust, Jan 5 2015 6:31PM

Trends of 2014: Luxury Real Estate Heats Up
By Partners Trust 12/27/2014

Overall real estate prices started to stabilize in 2014. Prices in the L.A. area continued to rise but mostly by smaller margins than they had in 2013. The volume of sales both nationwide and in Los Angeles have mostly trailed 2013. However in the luxury market, we saw both sales and prices continue to escalate.

How do we know luxury real estate was hot in 2014? Partly because the data proves it and partly because the L.A. Times kept writing about it. A brief review:

In January, Lauren Beale reported on DataQuick numbers showing that the number of houses sold in 2013 at $1 million and above statewide jumped to a six-year high.

At the National Association of Real Estate Editors conference in June, real estate brokers from around the country discussed the new definition of luxury. On a panel at the conference, Nick Segal told the audience that in Los Angeles, the luxury market begins at about $4 million and up – twice the amount he would have quoted eight years ago.

At the end of July, the L.A. Times reported on CoreLogic DataQuick information that showed sales of homes for $1 million or more hit a seven-year high in California in the second quarter and  sales of $2-million-plus houses hit an all-time record. Reporter Tim Logan interviewed Nick Segal who said in the article: “If you can buy one, you’re going to buy it. Money’s cheap and it’s a solid market. All these factors are playing into demand.”

In November, Tim Logan took another look at the data and found that luxury home sales in Southern California had hit new heights. The number of homes bought for $2 million or more was the highest on record and sales over $10 million were on track to double their number from the heights of the housing bubble. Logan spoke with Cindy Ambuehl, Estates Director for Partners Trust, who confirmed that “the luxury market has been completely on fire.”

Final data should be out by the end of January and we will be able to fully chronicle the impact of luxury home sales in 2014. A ccombination of previous reporting and anecdotal evidence from our own Associates, who are continuing to transact luxury properties as the year draws to a close, indicates that 2014 may have been one of the biggest years for luxury real estate in Los Angeles.

 
0 Comments / Trackback
Recent Posts
Archives
Showing 1 - 10 of 14 1 | 2
link 1    |    link 2   |    link 3    |    link 4    |    link 5    |    link 6   |    link 7
Powered by OnlyBusiness.com