q3 2015 los angeles prime residential report

TheAgencyRE.com 1

THE AGENCY REPORT

Q315

Q 3 2 0 1 5 L O S A N G E L E S P R I M E R E S I D E N T I A L R E P O R T

The Agency Report – Los Angeles Prime Residential Market – Q3 2015 TheAgencyRE.com2 3

THE AGENCY

MAURICIO UMANSKYCo-Founder. Chief Executive Officer

BILLY ROSECo-Founder. President/COO

RESEARCH & DEVELOPMENT

MORGAN BALL [email protected]

CREATIVE

HELEN TRUONG Designer

NICOLE MONTGOMERYWriter

CAMERON [email protected]

CORPORATE HEADQUARTERS

331 Foothill Rd, Suite 100Beverly Hills, CA 90210

[email protected]

THE THIRD QUARTERReal estate in LA’s prime markets continued to climb in value during the third quarter. Condos achieved, yet again, their highest price point ever as measured by average price per square foot, and single-family residences closed the period just shy of record-breaking Q2-15 valuations, at $914/SF. SFR sales volumes, which are typically lighter during the summer months compared to the strong springtime selling season, recorded their 7th consecutive quarter-over-quarter gains, with 993 $1MM+ homes trading hands.

What we are most proud of this quarter, however, is The Agency’s achievement as The Wall Street Journal’s most outstanding brokerage in LA County, as measured by the number of agents represented in the country’s top 250 realtors. In its 2015 Top 1,000 Real Estate Professionals rankings, The Wall Street Journal ranked 20 of The Agency’s associates among the best of the best in the U.S. in several categories. While we are both the youngest and the smallest of the organizations with more than one agent on the list, The Agency led all LA County brokerages with a staggering 13 agents represented on The Journal’s Top 250 Individuals by sales volume.

As The Agency continues to play a greater role in LA’s luxury real estate landscape, so too do we feel the need to step up our involvement in a community that has given so much back to us since our founding just over four years ago. In July, we launched The Agency Goes Green, an initiative dedicated to environmental sustainability, and devoted to sharing green-themed news, partnerships and events. The Agency has partnered with one of the world’s most innovative companies in paving the way for the future of sustainability—Tesla Motors. As part of our first annual “Green Week” initiative, The Agency hosted carpool events featuring six Tesla Model S sedans, the world’s first premium electric sedan.

During the past 3 months, we expanded our association with Giveback Homes and Habitat for Humanity, and again participated in several hands-on build days in Los Angeles. On September 16th, The Agency and Giveback Homes hosted an inspirational charity ride at Soul Cycle Beverly Hills, raising funds to build more homes for families in LA and bringing awareness to the organization.

While The Agency continues to expand its reach in the Los Angeles market, we remain committed to excellence in servicing all of our clients and the unique challenges presented to us on every deal. We are available to you, as always, to answer any questions you may have as we delve into the last quarter of what has already been a tremendous year in real estate.

Sincerely,

Mauricio UmanskyCo-Founder, Chief Executive Officer

Billy RoseCo-Founder, President / COO


SUNSET STRIPDemand remains hot for residences near the Sunset Strip, but the market steadied a bit during Q3; volume remained even to Q3-14 at 90 deals, a slight 4.3% decline from a year ago, and a 15.9% fall from the previous quarter. Pricing also slowed, reaching an average PPSF of $906/SF and an average sale price of $2.45MM. Q3-15 may have experienced a minor slowdown in market activity, but the Sunset Strip market continues to command premium pricing and high demand.

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LOS ANGELES AT A GLANCE

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MALIBUSFR values advanced in Malibu in Q3-15, recording an average PPSF of $866/SF, up 0.2% from Q2-15. Sales volume dropped to 36 deals during the quarter, down 12.2% from a year ago. Though with the Malibu market rarely seeing over 45 deals in any period, we don’t view the drop in sales volume as a sign of softening demand for a prime beach address, but rather a cyclical change in an illiquid market. Condos remained a small segment of the Malibu real estate market, with just 14 deals taking place at an average price of $940K.

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PACIFIC PALISADESSanta Monica’s next-door neighbor continued to experience substantial increases in overall pricing and valuation, with 71 deals closed during the quarter at an average PPSF of $1,031/SF, up 6.3% from a year ago. Average sale price is also on the rise, increasing just under 10% to $3.8MM, the new all-time high for the neighborhood. More so, homes in the Palisades are selling quickly – time spent on market was down to 80 days on average during Q3-15, a significant 18.8% drop from last year. The condominium market recorded 23 deals, its second highest volume in any quarter in the last 5 years, with an average valuation of $598/SF, also a 5-year record high.

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SANTA MONICADemand and value for Santa Monica continues to be explosive. Values rose again in Q3, with SFRs recording an average price of $2.86MM on an average valuation of $1,154/SF, 20.4% and 23.0% YoY surges, respectively. This now marks the 4th consecutive quarter during which average PPSF has increased, and the increases have been significant. Condos, on the other hand, while experiencing a slight decrease in average price this quarter, continue to remain at levels previously unseen in the Santa Monica market until this past year; averaging $1.2MM and $887/SF.

3

BEL AIR / HOLMBY HILLSA market with drastically varying product, the Bel Air-Holmby Hills neighborhood often experiences significant swells in average pricing as outlying ‘super-houses’ skew the market. Over half of the 39 homes which traded this quarter sold for over $2.19MM, a 4.5% increase from a year ago. At the same time, days on market reached a 5-year low in Q3, falling to just 87 days – a YoY and QoQ drop of 9.0% and 29.6%, respectively.

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CENTURY CITY / WESTWOODValues of SFRs and condominiums advanced during the quarter, as average PPSF reached $821/SF and $652/SF, respectively - 5.5% and 3.5% increases from the previous quarter. SFR volume surged to 50 deals, up a considerable 25.0% from last period, but down over 15% from a year ago. New luxury inventory continues to play an important factor in the condo market’s increasing demand; The Agency has now achieved a 96% sellout at The Carlyle Residences, located in the Wilshire Corridor, with just 3 residences remaining.

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BEVERLY HILLSLA’s most prestigious neighborhood saw an explosive spike in pricing in Q3-15, with average PPSF up an astounding 38.8% to $1,527/SF on 39 transactions, the same number of deals as in Q3-14. Average sale price increased 38.8% YoY in LA’s toniest zip code, recording an average price of $6.7MM.

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WEST HOLLYWOODAnother impressive quarter for West Hollywood – SFRs and condos experienced significant upticks in most of the benchmarks we track. SFR average pricing pushed forward 18.9% from a year ago, up to $1.63MM. Property values, as measure by average PPSF, reached $919/SF, a 5.9% increase over Q3-14. The median price recorded during the period was $727K, a record high for the neighborhood, and a 2.7% rise from Q3 last year. Condos values advanced in Q3-15 as well. The market recorded strong YoY growth in each of the key benchmarks we track, with average price, PPSF, and sales volume up 18.8%, 16.1% and 15.9%, respectively.

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MARINA DEL REYDemand for prime real estate in Marina del Rey is on the rise, with pricing reaching new heights in this beach city; average condo sale price reached $973K on an average valuation of $620/SF, 7.1% and 8.5% increases from last year, respectively. Median sale price for condos broke a record in Q3-15, reaching $875K, a significant 12.9% surge from a year ago, and a 3.2% increase from Q2 of this year. A predominantly condo-oriented neighborhood, SFR volumes remained low at just 11 deals during the period, but achieved a record high PPSF of $812/SF.

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HANCOCK PARKThe historic and charming neighborhood’s single-family residences recorded an average sale price of $2.06MM during Q3-15, a 5.0% drop from a year ago, but a solid 2.5% increase from Q2 of this year. Average valuation dropped 2.4% from last year, but remained steady to the previous quarter at $675/SF. Condo sales volume remained near all time-highs, second only to Q2-15 – with 34 deals closing during the quarter at an average price of $691K.

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DOWNTOWN LOS ANGELESNew development continues to shape the DTLA skyline, with over 10 projects slated to commence, or currently under construction by the end of Q3-15 – and three more to break ground by year’s end. As for current inventory, average PPSF remained essentially steady to Q2 at $642/SF, but increased over 12% from Q3 last year. Average sale price also remained high, topping out at $807K, 6.6% ahead of last year.

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Q3-15 YoY % Q3-14 QoQ % Q2-15

Average Sale Price $971,461 2.0% $952,109 3.4% $939,669

Average PPSF $633 3.1% $614 2.5% $618

Median Sale Price $775,000 3.3% $750,000 1.0% $767,500

Number of Sales 893 5.1% 850 -9.2% 983

Days on Market 79 -9.4% 87 -4.7% 83

Listing Discount -1.5% - -1.3% - -1.0%

New Listings 1,272 6.3% 1,197 -6.9% 1,367

Q3-15 YoY % Q3-14 QoQ % Q2-15

Average Sale Price $2,559,756 -4.7% $2,686,810 -6.9% $2,749,670

Average PPSF $914 2.7% $889 -1.9% $931

Median Sale Price $1,750,000 -6.9% $1,880,000 -8.1% $1,905,000

Number of Sales 993 10.9% 895 -5.7% 1,053

Days on Market 79 -11.3% 89 -7.4% 86


New Listings 1,720 19.9% 1,435 -3.6% 1,785

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Houses in LA’s prime markets continued to increase in value during Q3-15. Sales volumes, predictably, eased off of record Q2-15 highs, following a steady pattern that sees real estate transactions decline in number only in each quarter following LA’s hottest buying season: springtime. In fact, sales volumes in the period enjoyed their 7th consecutive YoY increase, while values, as measured by average PPSF, increased in 5 consecutive YoY quarters during Q3-15. While we recognize that the rate of growth will likely slow in the coming years, the new value paradigm for houses in LA’s most desirable zip codes is a clear reflection of inventory scarcity in this asset class – as LA goes vertical, values in the incumbent single-family residence market are only headed in the same direction.

993 SFR transactions were recorded this quarter, a 10.9% increase from a year ago, and the 2nd highest number of deals in any quarter ever – second only to last quarter’s record-setting performance. Value, or average PPSF, remained near all-time highs, reaching $914/SF by the end of the quarter, a 2.7% YoY increase, and 1.9% below Q2-15’s 10-year record of $931/SF. With an average of just 79 days spent on the market, homes are now selling at their fastest pace since Q4-07.

Q3-15 proved to be yet another period of steady price appreciation in LA’s prime markets for condo living. On average, luxury condos priced above $500K reached an average sale price of $971K during the quarter, the highest pricing ever achieved, and a strong 3.4% greater than last period alone. Both median sale price and average PPSF pushed forward over 3% from the same period last year, to $775K and $633/SF, respectively – both 10-year highs, and evidence which continues to support a true upward shift in demand for, and value of, luxury condos in the Los Angeles area.

Median PPSF, at $540/SF in the period, achieved an all-time high and surged more than 6% above Q3-14. And, exactly like SFRs in Q3, LA’s prime condominiums spent an average of 79 days on the market, their fastest-selling pace in the last 5 years.

LA PRIME MARKETS Q3-15 SNAPSHOT

$2.56MM $971k2nd Highest Q3Avg. Sale Price

in Last 10 Years

highest avg. saleprice in last

10 years

993 SALES 893 SALES2nd highest

volume in last10 years

3rd highest Volume in last

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$914/SF $633/SF2nd HighestPPSF in Last

10 Years

Highest PPSFof any quarterin Last 10 Years

10-YEAR SINGLE-FAMILY RESIDENCE VOLUME AND AVERAGE SALE PRICE

Q3-15 SINGLE-FAMILY RESIDENCE PERFORMANCE Q3-15 CONDOMINIUM PERFORMANCE

10-YEAR CONDOMINIUM VOLUME AND AVERAGE SALE PRICE

SINGLE-FAMILY RESIDENCE SALES(OVER $1 MILLION)

CONDOMINIUM RESIDENCE SALES(OVER $500,000)

Source: MLS


Analysis of the market for SFRs by segment reveals that while homes valued at the highest end of the market experienced lower volume in Q3-15 than the preceding quarter, the largest segment – $1MM-$3MM – demonstrated very strong fundamentals in the period. 784 homes traded hands at $741/SF, a 2.5% increase from Q3-14, and flat to Q2-15. A 2.0% decrease in average sale price however, from $1.72MM to $1.69MM, coupled with the increase in valuation, implies that the houses sold were, on average, smaller in size. On the whole, we anticipate that homes valued at the “low-end” of the luxury segment have the greatest amount of headroom to grow, and we expect to see this segment continue to increase in value in coming quarters.

The $3MM-$5MM segment recorded 4.6% fewer transactions in the period, but average PPSF for the category increased 3.8% YoY, to $924/SF. Average and median pricing increased slightly against both Q3-14 and Q2-15, closing out the quarter at $3.77MM, $3.65MM, respectively. Predictably, volumes and values declined against Q2 metrics, indicating that on a market-wide basis, fewer more expensive homes traded hands in the third quarter.

Homes valued above $5MM reached record valuations in the period, topping out at $1,536/SF, a substantial 8.8% ahead of the same quarter last year, and 7.7% above Q2-15. With 84 deals recorded in the segment, the second highest number in any historic quarter and only second to the Q2-15 record high of 106 transactions, it is clear that buyers continue to be willing to support a steady ascent in pricing and volume.

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SINGLE-FAMILY RESIDENCES

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PERCENTAGE OF SALES BY PRICE SEGMENT

SINGLE-FAMILY RESIDENCE SALES BY PRICE SEGMENT PRIME AREA BY NEIGHBORHOOD

TOTAL TRANSACTION ACTIVITY BY NEIGHBORHOOD77%

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LOS ANGELES PRIME MARKETS:SINGLE-FAMILY RESIDENCES

# of Sales Avg. Sale Price Median Sale Price DOM Avg. PPSF

Q3-15 784 $1,690,111 $1,550,000 74 $741

Change 14.3% -2.0% -3.7% -4.9% 2.5%

Q3-14 686 $1,724,101 $1,610,000 78 $723

Q3-15 784 $1,690,111 $1,550,000 74 $741

Change -2.7% -3.1% -4.2% -5.7% 0.0%

Q2-15 806 $1,744,265 $1,617,500 79 $741


Q3-15 125 $3,767,338 $3,650,000 88 $924

Change -4.6% 0.7% 1.0% -17.3% 3.8%

Q3-14 131 $3,741,254 $3,612,500 106 $891

Q3-15 125 $3,767,338 $3,650,000 88 $924

Change -11.3% 0.4% 0.9% -2.6% -5.6%

Q2-15 141 $3,753,855 $3,618,000 90 $979


Q3-15 84 $8,879,448 $7,400,000 115 $1,536

Change 7.7% -5.4% 4.9% -28.6% 8.8%

Q3-14 78 $9,382,785 $7,055,000 162 $1,411

Q3-15 84 $8,879,448 $7,400,000 115 $1,536

Change -20.8% -2.0% 7.1% -13.6% 7.7%

Q2-15 106 $9,058,789 $6,912,500 134 $1,426

SALES INVENTORY (10/1/15)

Neighborhood # of Sales Avg. Sale Price Discount to List Price Avg. PPSF # Listed Avg. List Price Avg. PPSF Months of Supply

Bel Air - Holmby Hills 39 $2,712,447 -2.37% $781 80 $13,369,891 $1,739 6.2

Beverly Center 41 $1,897,271 -0.71% $766 34 $1,954,482 $678 2.5

Beverly Hills 39 $6,675,244 -8.75% $1,527 69 $12,144,071 $1,869 5.3

Beverly Hills Post Office 40 $4,414,417 -4.61% $1,083 107 $6,600,545 $1,318 8.0

Beverlywood 40 $1,634,352 0.93% $720 20 $1,706,050 $768 1.5

Brentwood 55 $3,390,336 -2.77% $947 93 $5,767,495 $1,200 5.1

Century City - Westwood 50 $2,169,491 1.81% $821 39 $2,826,872 $897 2.3

Cheviot Hills 23 $2,147,203 -0.54% $788 17 $2,328,176 $727 2.2

Culver City 36 $1,355,532 3.21% $689 19 $1,298,895 $632 1.6

Hancock Park 49 $2,057,135 -0.59% $675 57 $2,398,148 $656 3.5

Hollywood 9 $1,446,667 -2.85% $617 6 $1,569,000 $655 2.0

Hollywood Hills East 31 $1,509,354 0.21% $614 29 $3,455,000 $760 2.8

Los Feliz 59 $1,819,119 0.60% $686 58 $2,787,203 $737 2.9

Malibu 36 $2,787,496 -4.04% $866 161 $4,630,249 $1,143 13.4

Malibu Beach 12 $7,535,208 -7.84% $2,415 53 $10,740,887 $3,047 13.3

Marina del Rey 11 $2,036,773 -0.38% $812 11 $2,895,455 $853 3.0

Mid LA 9 $1,121,311 -0.44% $333 4 $1,344,500 $303 1.3

Mid Wilshire 2 $1,100,000 0.05% $462 6 $1,424,333 $429 9.0

Pacific Palisades 71 $3,785,596 -2.53% $1,012 90 $5,499,621 $1,319 3.8

Palms - Mar Vista 82 $1,481,760 1.20% $714 34 $1,621,409 $711 1.2

Santa Monica 66 $2,857,272 -2.70% $1,154 62 $4,794,966 $1,247 2.8

Silver Lake 20 $1,261,125 1.97% $620 22 $1,508,405 $600 3.3

Sunset Strip 90 $2,445,281 -2.65% $906 192 $4,602,892 $1,278 6.4

Venice 45 $1,947,916 -1.11% $1,027 49 $2,744,571 $1,180 3.3

West Hollywood 24 $1,627,967 -0.46% $919 27 $1,972,422 $896 3.4

West LA 14 $1,325,593 2.74% $644 11 $1,369,181 $694 2.4

TOTAL/AVERAGE 993 $2,559,756 -2.58% $914 1,350 $5,304,327 $1,296 4.1

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CONDOMINIUM RESIDENCES

MEDIAN SALE PRICE AND AVERAGE PPSF

Q3-15 CONDOMINIUM SALES BY CATEGORY

# of Sales Sales Share Total Volume Avg. Sale Price Avg. PPSF

Studio 6 0.7% $4,990,000 $831,667 $553

1 BR 101 11.3% $69,451,000 $687,634 $664

2 BR 587 65.7% $531,455,823 $905,376 $618

3 BR 180 20.2% $237,141,061 $1,317,450 $670

4+ BR 19 2.1% $24,476,562 $1,288,240 $560

Condos continued to buck the seasonal trend on value. While volumes in each price segment declined from record-breaking Q2-15 levels, valuations increased ahead of Q2-15 benchmarks in all three of the price segments The Agency tracks.

Condos in the $500K-$1MM segment accounted for approximately 75% of all prime market sales, a trend that has consistently held for the past 5 years. Despite slightly lower volumes as compared to Q2-15 and Q3-14, value as measured by average PPSF was explosive YoY, gaining 7.1% to $530/SF. Volume in the largest segment of condo sales dropped a modest 0.8% to 649 deals.

And while Q3 is typically a slower selling season for more expensive condominiums, the $1MM-$3MM segment significantly increased in sales volume, recording 229 deals, a 26% YoY increase, and only a modest decrease from Q2-15. Average PPSF declined 6.1% YoY, though the market for condos in this price segment is still maturing, and we expect to see greater price stabilization as Angelenos gain a greater sense of comfort around the concept of luxury vertical living.

Condos valued above $3MM, a relatively small price segment compared to San Francisco or New York City, experienced strong average sales pricing, recording $5.24MM in the period. Average PPSF in the quarter was $1,340/SF, a 17.7% decline from Q3-14, but a 15.3% gain from Q2-15. Outlying ‘super-deals’ at Montage Beverly Hills and Sierra Towers remain key drivers of volatility at this end of the market.

SALES INVENTORY (10/1/15)

Neighborhood # of Sales Avg. Sale Price Discount to List Price Avg. PPSF # Listed Avg. List Price Avg. PPSF Months of Supply

Bel Air - Holmby Hills 4 $661,375 -1.14% $495 2 $812,400 $461 1.5

Beverly Center 34 $781,056 0.15% $538 23 $839,897 $569 2.0

Beverly Hills 33 $1,342,739 -3.64% $697 34 $1,878,906 $848 3.1

Beverlywood 12 $736,208 -0.68% $492 7 $864,571 $544 1.8

Brentwood 52 $832,412 0.88% $541 56 $1,124,761 $600 3.2

Century City - Westwood 148 $1,142,909 -2.71% $652 172 $2,330,274 $1,046 3.5

Culver City 17 $736,571 2.52% $483 5 $1,173,000 $660 0.9

Downtown Los Angeles 67 $807,808 -2.95% $642 79 $1,288,171 $923 3.5

Hancock Park 34 $691,794 -1.71% $440 37 $716,154 $477 3.3

Hollywood 21 $1,087,838 -3.29% $658 24 $976,677 $661 3.4

Hollywood Hills East 2 $592,750 -1.04% $502 5 $653,000 $387 7.5

Los Feliz 3 $595,000 1.49% $518 5 $567,780 $524 5.0

Malibu 14 $939,607 -2.64% $595 23 $1,599,370 $823 4.9

Malibu Beach 8 $1,428,438 -5.02% $1,105 7 $1,966,429 $1,750 2.6

Marina del Rey 73 $973,061 -0.82% $620 46 $1,102,609 $680 1.9

Mid Wilshire 19 $628,684 -1.11% $422 29 $677,962 $457 4.6

Pacific Palisades 23 $1,058,011 0.96% $598 18 $1,036,306 $662 2.3

Palms - Mar Vista 24 $604,088 1.38% $469 12 $683,850 $499 1.5

Playa Vista 22 $878,636 1.87% $518 4 $1,234,416 $596 0.5

Santa Monica 124 $1,242,651 -1.69% $887 70 $1,877,786 $1,206 1.7

Silver Lake 15 $716,657 2.55% $529 9 $737,511 $520 1.8

Sunset Strip 16 $787,375 -3.03% $574 20 $1,136,750 $750 3.8

Venice 10 $1,468,500 -1.22% $739 14 $1,892,929 $921 4.2

West Hollywood 76 $876,579 -2.11% $629 62 $989,940 $683 2.4

West LA 41 $774,557 0.58% $503 27 $771,893 $498 2.0

TOTAL/AVERAGE 893 $971,461 -1.55% $633 791 $1,443,561 $831 2.7

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CONDOMINIUM SALES BY PRICE SEGMENT

LOS ANGELES PRIME MARKETS:CONDOMINIUMS

PRIME AREA BY NEIGHBORHOOD

TOTAL TRANSACTION ACTIVITY BY NEIGHBORHOOD

Source: MLS

Q3 2015

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Q3-15 649 $706,584 $700,000 74 $530

Change -0.8% 1.3% 2.9% -6.5% 7.1%

Q3-14 654 $697,841 $680,000 79 $495

Q3-15 649 $706,584 $700,000 74 $530

Change -10.7% -0.2% 0.1% -4.6% 0.2%

Q2-15 727 $708,338 $699,000 77 $529


Q3-15 229 $1,442,190 $1,275,000 91 $740

Change 26.5% -4.7% -5.6% -17.4% -6.1%

Q3-14 181 $1,512,725 $1,350,000 110 $787

Q3-15 229 $1,442,190 $1,275,000 91 $740

Change -3.8% 0.0% -1.9% -2.3% 0.3%

Q2-15 238 $1,442,718 $1,300,000 93 $738


Q3-15 15 $5,245,333 $4,945,000 115 $1,340

Change 0.0% -0.5% -1.1% -30.6% -17.7%

Q3-14 15 $5,273,420 $5,000,000 166 $1,628

Q3-15 15 $5,245,333 $4,945,000 115 $1,340

Change -16.7% 44.4% 36.9% -31.5% 15.3%

Q2-15 18 $3,631,444 $3,613,000 168 $1,162


Magnificent homes line the peninsula and the grand canal, from single-family residences to luxury townhomes and condominiums, which are dominating Marina del Rey’s hot real estate market. The demand to live in Marina Del Rey is higher than ever before with recent sales values at an all-time high, and the number of transactions this year is already on track to reach the second highest volume in the wetlands ever recorded.

Twenty-two condominium buildings line the harbor, and trendy loft-style apartments in the Marina Arts District offer unrivaled walkability to acclaimed restaurants, cafes, shopping, movie theaters and f itness centers. A waterfront playground with a hip, modern culture, Marina del Rey offers the quintessential Southern California lifestyle with a little something for everyone.

A stroll through Fisherman’s Village is a must on any visit to Marina del Rey. For the ultimate sightseeing adventure, book a ride with Marina del Rey Parasailing for a bird’s-eye view of the harbor. Shop the Marina Marketplace, a dining and entertainment center adjacent to the marina, as well as the beautiful outdoor plazas and chic boutiques at Waterside Marina del Rey. Dine in any one of the acclaimed neighborhood hotspots, including Café del Rey, steps from the water’s edge, the hip, new SALT on the marina, or innovative sushi restaurant, SugarFISH. Enjoy a late-night happy hour at Yard House or sunset cocktails at Beachside Restaurant on Mother’s Beach. Grab a workout on the free parcourse fitness circuit at Yvonne B. Burke Park on Admiralty Way, and then explore the area with a ride on the Marvin Braude Coastal Bike Trail, which stretches for 22 miles along LA’s scenic beachfront.

# of Sales Avg. PPSF

$350

$475

$600

$725

$850

0

5

10

15

20

'10 '11 '12 '13 '14 '15

PP

SF

SA

LES

# of Sales Avg. PPSF

$300

$400

$500

$600

$700

0

25

50

75

100

'10 '11 '12 '13 '14 '15

PP

SF

SA

LES

SINGLE-FAMILY RESIDENCE SALES(OVER $1 MILLION)

CONDOMINIUM RESIDENCE SALES(OVER $500,000)

Q3-15 YoY % Q3-14 QoQ % Q2-15

Average Sale Price $973,061 7.1% $908,340 -1.4% $987,083

Average PPSF $620 8.5% $572 -2.7% $638

Median Sale Price $875,000 12.9% $775,000 3.2% $848,250

Number of Sales 73 -9.9% 81 -8.8% 80

Days on Market 83 -14.2% 97 -12.8% 95


New Listings 87 3.6% 84 -19.4% 108

Q3-15 YoY % Q3-14 QoQ % Q2-15

Average Sale Price $2,036,773 -18.4% $2,496,125 23.0% $1,655,500

Average PPSF $812 43.7% $565 12.6% $721

Median Sale Price $1,850,000 -26.7% $2,522,250 27.1% $1,455,000

Number of Sales 11 175.0% 4 37.5% 8

Days on Market 61 -39.7% 102 -31.5% 90

Listing Discount -0.4% - -4.8% - 1.8%

New Listings 20 66.7% 12 5.3% 19

In the heart of LA’s Westside, the coastal community of Marina del Rey, known for its expansive marina and laid-back, beachy vibe, is in the midst of a renaissance. As the Silicon Beach movement expands to its shores, the affluent community is experiencing record high demand for luxury condominiums that offer a walkable urban culture paired with the allure of seaside living.

“In the last two months alone, new restaurants, shops, and creative workspaces have popped up in Marina del Rey, servicing this increasing desire to live, work and play in the same vicinity,” says Kofi Nartey, Managing Director of The Agency’s Beach Cities office. “You have the casual, beach lifestyle and the harbor, but you also have this thriving arts district with shopping, dining and nightlife all within walking distance of each other.”

Situated southeast of Venice and just north of Playa del Rey, Marina del Rey is centered around the largest man-made small craft harbor in the world. Its 19 marinas are home port for nearly 6,000 boats, and its serene waters are protected from the powerful tides of the Pacific Ocean. Sidewalks, seaside strolls, and parks stretch along the harbor’s edge while bike paths lead to the ocean, connecting Marina del Rey all the way from Santa Monica to Manhattan Beach and beyond.

The charming, colorful Fisherman’s Village, a replica of a New England seaport, offers incredible marina views. It’s the perfect spot for catching a harbor tour or renting a boat, kayak or stand-up paddleboard for a day of exploration on the water. In the heart of the marina is Burton W. Chace Park, a beautiful 10-acre community green space along the channel that features sweeping views and the Marina del Rey Summer Concert Series.

Beside the marina, one of the most notable enhancement projects underway in Marina del Rey is transforming The Oxford Basin into a public park and nature habitat. The vision for the $14.5 million project by the County’s Department of Public Works is to create a habitat similar to that of the Ballona Freshwater Lagoon two miles south. Once completed, The Oxford Basin will feature a walking path, improved landscaping, observation areas and educational signs.

As for beach life, Marina del Rey has it all, calm waters as well as renowned surf. Situated along the harbor is the 12-acre Marina Beach, nicknamed Mother’s Beach for its family-friendly amenities and warm, tranquil waters. Just outside the harbor on the Marina Peninsula, you can stroll or bike along the Ocean Front Walk from Marina del Rey’s main channel to the Venice Pier.

NEIGHBORHOOD SPOTLIGHT:MARINA DEL REY

Getting To Know Marina del Rey

QUARTERLY VOLUME AND AVERAGE PPSF

Q3-15 MARINA DEL REY CONDOMINIUM PERFORMANCE

Q3-15 MARINA DEL REY SFR PERFORMANCE

QUARTERLY VOLUME AND AVERAGE PPSF

MARINA DEL REY AT A GLANCE


Q3-15 PERFORMANCE BY NEIGHBORHOOD– SINGLE-FAMILY RESIDENCES & CONDOMINIUM RESIDENCES

Source: MLS


# of Sales Avg. Sale Price Median Sale Price DOM Avg PPSF

Q3-15 39 $6,675,244 $5,150,000 117 $1,527

Change 5.4% 38.8% 44.1% 14.8% 34.0%

Q3-14 37 $4,810,241 $3,575,000 102 $1,140


Q3-15 33 $1,342,739 $1,090,000 83 $697

Change 6.5% -8.9% -0.9% -19.4% -8.2%

Q3-14 31 $1,473,433 $1,100,000 103 $759

BEVERLY HILLS



Q3-15 90 $2,445,281 $1,804,500 81 $906

Change -4.3% -8.5% -10.0% -19.7% 0.9%

Q3-14 94 $2,671,093 $2,005,000 101 $897


Q3-15 16 $787,375 $572,000 90 $574

Change 128.6% -9.7% 7.9% 64.1% -11.3%

Q3-14 7 $872,143 $530,000 55 $647

SUNSET STRIP



Q3-15 50 $2,169,491 $1,662,500 64 $821

Change -15.3% -2.0% -18.9% -8.4% 5.0%

Q3-14 59 $2,213,668 $2,050,000 69 $782


Q3-15 148 $1,142,909 $766,500 88 $652

Change 10.4% -2.0% -4.8% -9.1% 1.2%

Q3-14 134 $1,166,559 $805,000 96 $644

CENTURY CITY / WESTWOOD



Q3-15 24 $1,627,967 $1,373,000 63 $919

Change 33.3% 18.9% 2.7% -5.4% 5.9%

Q3-14 18 $1,369,594 $1,337,500 67 $868


Q3-15 76 $876,579 $727,000 85 $629

Change 2.7% 18.8% 8.5% 15.9% 16.1%

Q3-14 74 $737,827 $670,000 74 $542

WEST HOLLYWOOD



Q3-15 71 $3,785,596 $2,925,000 80 $1,012

Change -20.2% 9.2% 12.5% -18.8% 4.4%

Q3-14 89 $3,466,877 $2,600,000 98 $970


Q3-15 23 $1,058,011 $995,000 69 $598

Change 21.1% 17.3% 10.6% -15.5% 18.2%

Q3-14 19 $902,103 $900,000 81 $506

PACIFIC PALISADES



Q3-15 36 $2,787,496 $2,537,500 108 $866

Change -12.2% -24.4% -4.7% -32.1% -11.7%

Q3-14 41 $3,688,874 $2,663,000 158 $981


Q3-15 14 $939,607 $770,000 107 $595

Change 40.0% 0.1% -9.4% 8.6% 12.0%

Q3-14 10 $938,400 $850,000 99 $532

MALIBU (AREA 33)SINGLE-FAMILY RESIDENCES


Q3-15 - - - - -

Change - - - - -

Q3-14 - - - - -


Q3-15 67 $807,808 $638,888 79 $642

Change -10.7% 6.6% 0.6% -18.4% 12.2%

Q3-14 75 $757,989 $635,000 97 $572

DOWNTOWN L.A.



Q3-15 40 $4,414,417 $2,562,500 114 $1,083

Change 25.0% 30.6% -4.4% 8.5% 31.8%

Q3-14 32 $3,379,567 $2,681,500 105 $822


Q3-15 - - - - -

Change - - - - -

Q3-14 - - - - -

BEVERLY HILLS POST OFFICE



Q3-15 39 $2,712,447 $2,195,000 87 $781

Change 34.5% -27.2% 4.5% -9.0% -8.6%

Q3-14 29 $3,724,597 $2,100,000 96 $855


Q3-15 4 $661,375 $636,500 97 $495

Change 300.0% 20.3% 15.7% 69.3% 10.8%

Q3-14 1 $550,000 $550,000 57 $446

BEL AIR / HOLMBY HILLS



Q3-15 55 $3,390,336 $2,750,000 98 $947

Change -12.7% -9.1% 5.8% -2.5% -1.3%

Q3-14 63 $3,731,566 $2,600,000 100 $959


Q3-15 52 $832,412 $800,500 66 $541

Change -3.7% -3.7% -0.6% -9.7% -1.0%

Q3-14 54 $864,314 $805,000 73 $546

BRENTWOOD



Q3-15 66 $2,857,272 $1,993,000 60 $1,154

Change -9.6% 20.4% -0.2% -30.1% 23.0%

Q3-14 73 $2,373,382 $1,997,284 86 $938


Q3-15 124 $1,242,651 $1,007,500 73 $887

Change 0.8% -7.4% -1.7% -6.2% -5.3%

Q3-14 123 $1,342,599 $1,025,000 78 $936

SANTA MONICA



Q3-15 49 $2,057,135 $1,610,000 75 $675

Change -7.5% -5.0% -2.4% -5.9% -2.4%

Q3-14 53 $2,164,293 $1,650,000 80 $692


Q3-15 34 $691,794 $615,500 81 $440

Change 47.8% 6.2% -2.3% -15.6% 5.5%

Q3-14 23 $651,347 $630,000 96 $417

HANCOCK PARK

DISCLAIMERS/NOTES All information is from sources deemed reliable but no guarantee is made as to its accuracy. All material presented herein is intended for informational purposes only and is represented subject to human errors, omissions, changes or withdraw without notice.

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