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$8.3 million — Beverly Hills
Mar 14 2016 9:30AM Posted by Partners Trust
 
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2015 Annual Report
Mar 8 2016 10:01AM Posted by Partners Trust
  
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 Los Angeles Real Estate by the Numbers
Mar 12 2015 2:46PM Posted by Partners Trust
 

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
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Trends of 2014: The Luxury Market Continued to Rise
Jan 5 2015 6:31PM Posted by Partners Trust

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.

 
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New Study Chronicles A Changing California
Dec 16 2014 6:49PM Posted by Partners Trust


New Study Tells A Tale of Five Californias
By Partners Trust 12/13/2014

The influence of California in the world is staggering. If California were a country it would be the eighth largest economy in the world. Measure of America’s A Portrait of California examines California from three key dimensions: health and longevity, access to knowledge, and a decent standard of living to create a human development index ranked from 1 to 10. This scale allows a broad-based assessment of how specific areas are doing in relation to each other.

We are one state but the study found significant inequalities in health, education, and earnings that essentially create five separate Californias defined as follows:

One Percent California — the two neighborhood clusters that score 9 or above out of 10 on Index; these neighborhoods are home to just under one in every one hundred Californians.

Elite Enclave California – neighborhood clusters that score between 7 and 8.99 on the Index; 15% of Californians are part of this group.

Main Street California — neighborhood clusters that score between 5 and 6.99 and is home to 39% of Californians.

Struggling California –neighborhood clusters scoring between 3 and 4.99 on the Index, home to 42% of Californians.

Disenfranchised California — neighborhood clusters that score below 3 on the Index, home to 3% of the state’s population.

The Los Angeles Metro area has a particularly interesting story to tell. It has a 5.44 scale on the Index but that number is a warped reflection of what is actually occurring in the region. As Curbed pointed out, it’s the vast inequalities in our neighborhoods that average out to this middle-of-the-road score. The top neighborhoods score in the mid 8 range while the bottom ones languish in the 2 or 3 area.

The top-scoring neighborhood cluster has exceptionally high levels of educational attainment and earnings. By contrast, the residents in the bottom three neighborhood clusters have health, education, and earnings levels on par with or below the average for the United States in 1970 with residents earn considerably less than the U.S. median.

One of the reasons that Partners Trust supports local and national philanthropic groups at work in the communities we serve is to address some of these ongoing inequalities. Our city is one that is constantly changing and adapting. As we continue to play our role, we will be taking a closer look at the organizations that work to bring a great balance to all our lives.

To view the entire report, visit the Measure of America website.

 
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Changing Families Lead To Needs For New Types Of Housing

Sep 15 2014 2:14PM Posted by Partners Trust


The definition of what constitutes a family in the public eye is far less narrow than it used to be. While family has always been a personal choice, the general acceptance of various types of families has happily shifted. JWT Intelligence recently created an expansive report titled “Meet the New Family” that takes a look at how we have changed. The “nuclear family” now makes up just 20% of households (compared to 40% in 1970). How do these changes impact the ways we live?

Gender dynamics have shifted. We have more breadwinner moms and stay-at-home dads. The decisions on who will do what are decided by individuals and less by societal norms.  The number of same-sex households increased 80% between 2000 and 2010 according to the U.S. Census Bureau.

Solo Dwellers And Pet Lovers

Families don’t have to include children or even other people. The U.S. birthrate is half of what it was in 1960.  Recently we mentioned that more and more people are spending money on their pets including the introduction of pet suites.  It’s not just in the U.S. either, in China for example, a rise in pet ownership has also led to a sharp increase in spending on their animal friends. Also those without children are spending some of their money and attention on the children of their friends or siblings. The “doting auntie” trend shows that those who don’t have children don’t necessarily want to live in a world without them. There’s also a rise in solo dwellers, 277 million people lived alone in the world in 2011 and that number is set to rise.  Some who are coupled up are opting to live apart.

Our Changing Paths

Careers no longer have linear paths and the same is true when it comes to how it we live.  We may travel before settling down. Some millennials live independently for a time, move back in with family, and then strike out alone again. We move in and out of different types of living situations with more flexibility than ever before. We live solo, then with others, then solo again.  Multigenerational living is on the rise as is what the JWT Intelligence report calls “silver families” which are new households forming through second (or third) marriages. Millennials are also strongly interested in close friend networks which are family-like in nature.  In today’s mobile world, many people may live far away from their families of origin and establish new networks in the cities where they land.

The definition of family continues to expand and shift and as it does our needs for different types of housing may change as well. Everyone dreams of a home where they can live and be happy. Home is where family is and we are happy to be in the business of connecting the two.

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CASH BUYERS TAKE A STRONG ROLE IN THE LOS ANGELES REAL ESTATE MARKET
Sep 10 2014 6:12PM Posted by Partners Trust

One of the biggest stories of the real estate recovery has been the rise of cash buyers. At first, the tightening of loan requirements and the potential for faster and easier deals made cash more attractive but what was at first a matter of expediency and ease is now becoming an established practice. Earlier this year Realty Trac reported that all-cash deals hit a record 43% of home sales during the first three months of 2014.  What is driving this phenomenon and how does it impact the market? 

Today’s cash buyer

One thing that is particularly interesting about the most recent wave of cash purchasers is that they aren’t institutional investors and they aren’t always at the low end of the market. In the wake of the foreclosure crisis many real estate investors paid cash for lower-priced distressed homes in areas where prices had dropped dramatically. Today’s cash buyer is driven by other factors, predominantly the difficulty in getting a loan and a competitive market that tends to favor the cash buyer. A large section of these buyers are also foreign buyers looking for a safe place to invest their money. California has always attracted these types of buyers but as other parts of the world suffer from instability, our real estate market begins to look even more attractive.

Los Angeles Sees Cash At Higher Price Points

Cash buyers tend to be more common in markets where prices are lower but that isn’t always the only determining factor. A recent survey from Zillow analyzed data from across the country and found that Miami actually leads the all-cash race with 64.9% of all homes purchased in cash. Here in Los Angeles the numbers are lower but still significant. We recently asked Brandon Miller at Fidelity Title to crunch the numbers for us. He found that in all purchases year to date for 2014, cash represents 36% of the market.  This is higher than the national average as reported by the National Association of Realtors® which found in July that cash buyers represented 29% of the market. But what really interesting is that when we look at the data for million-dollar-and-up homes in Los Angeles year to date we see 43% are cash buyers. When we examine  this number in conjunction with the recent DataQuick information on the strong uptick in California home sales over $1 million, we get a picture of a luxury market that is highly active. While many luxury buyers are definitely taking advantage of the current low interest rates, those who can are simply skipping that process entirely.

The current rush of news stories about the impact of cash buyers in the marketplace definitely indicates that this is something that many people are aware of and discussing.  It’s unclear at this point whether or not this trend will continue as we encounter an increasingly stabilized market.  Competing with cash buyers can put some first-time buyers who are obtaining a mortgage at a disadvantage, however each transaction is individual and an all-cash offer is not necessarily the one which will win out. For more information on how the current rush of cash buyers can impact your real estate portfolio, please contact your Partners Trust Associate.
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Nick Segal Quoted In LA Times Article On Luxury Homes
Aug 7 2014 3:46AM Posted by Partners Trust
Luxury home sales continue to rise in Los Angeles. As the LA Times reported, according to CoreLogic DataQuick, sales of $2-million-plus houses hit an all-time record. Our own Nick Segal, President of Partners Trust, served as a source in the article addressing this phenomenon. What is fueling all this growth? It comes at a time when sales overall have fallen year over year and first-time home buying continues to be below normal rates. Those in the multimillion-dollar market are finding low interest rates and prices that are still below the heights hit during the peak of the housing boom. As Nick pointed out 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.” Last year’s price increases pushed many homes over the million-dollar mark and we continue to see prices increase although at more modest levels. At the luxury level, your budget may determine the area you are able to buy in: “For $1 million, you’re looking at Mar Vista, Culver City. For $2 million you can start to kiss Brentwood,” added Nick.
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