PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT by Partners Trust

Los Angeles Real Estate PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

BY THE NUMBERS

Los Angeles Real Estate BY THE NUMBERS

INTRODUCTION February 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. For us, 2014 was a year in which we reexamined a word near and dear to our hearts: commitment. We take seriously the commitment we make as your real estate advisors and strategists and also the commitment we make as active members in the community. In that spirit of commitment we present to you our annual report. It speaks to the sales and market trends throughout the area as well as to the moves we as a company made in our ongoing efforts to continue to provide our clients with a discreet and peerless level of real estate service. Wishing you the best of all that 2015 has to offer, Partners Trust

ABOUT PARTNERS TRUST Partners Trust is the most selective real estate company in Los Angeles and leverages its global network, media savvy and command of the market to provide clients with a discreet and peerless level of real estate service and intelligence. Partners Trust’s associates are distinguished by their emphatic sales volume, and reputed for their integrity, market intelligence and a genuine connection to their communities. With offices in Beverly Hills, Brentwood, La Cañada Flintridge, Malibu, Malibu Country Mart, Ocean Park, Pasadena, and Santa Monica, Partners Trust has been on the Los Angeles Business Journal’s “Best Places to Work in Los Angeles” list for the past five years and is the exclusive Los Angeles area member of Leverage Global Partners. Partners Trust recently opened its first international office in Shanghai, China.

THEPARTNERSTRUST.COM Beverly Hills | Brentwood | La Cañada Flintridge | Malibu | Ocean Park | Pasadena | Santa Monica | Shanghai Although the data u sed in this report hasbeen produced and processed from sources believed to be reliable, no warranty, expressed or implied, is made regarding accuracy, completeness, legality, reliability or usefulness of any information. This disclaimer applies to both isolated and aggregate uses of the information. The information is provided on an “as is” basis.

table of contents

2014-15 ANNUAL MARKET REPORT

MARKET OVERVIEW

PARTNERS TRUST FROM WEST TO EAST

TRENDS OF 2014

New offices open in Malibu and La Cañada Flintridge.

A look back on the highlights of the past year.

OUR BRAND IN ACTION

LOOKING FORWARD

MARKET TRENDS

Partners Trust unveils a brand refresh and announces the establishment of the Partners Trust Charitable Fund.

LUXURY MARKET TRENDS Real estate highlights in Los Angeles’ prime market areas.

THE COOL FACTOR

What makes a neighborhood hot, and where is the heat now?

DESIGN TRENDS IN NEW CONSTRUCTION

The latest must-haves for buyers in the new construction market.

2014 STATS

An overview of the company’s sales and growth in 2014.

APPENDIX

YEAR OVER YEAR STATS

COMPANY UPDATE The latest on Partners Trust

GOING GLOBAL

Partners Trust opens Shanghai office, the Leverage network innovates on an international scale.

Detailed year-over-year statistics by market area.

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

What real estate trends are on the horizon for 2015?

TRENDS OF2014 As rises in home prices slowed, other sectors of the market - including condos and the luxury market - continued to show resilience. RISING HOME PRICES DECELERATED

CONDO PRICES RISING

Overall, we saw prices rise by a smaller margin than we had in 2013. By the end of the year, CoreLogic reported that the median price for a home in Los

Condominium prices can sometimes trail behind single-family residence price increases. Those who may have been priced out of single-family residence in some areas are taking a fresh look at condos, which also appeal to buyers who want a more low-maintenance home. In areas that have a lot of condos we saw prices rise dramatically. In the Westwood-Century City area they were up nearly 19%, and in West Hollywood prices were up 8.5%. In

Angeles County in December 2014 was $430,000 up 7% over December 2013. Southern California’s December

median sale price was 17.8% below the peak median price of $505,000 reached in 2007.

LUXURY HEATS UP The volume of sales both nationwide and in Los Angeles have mostly trailed 2013. The luxury real estate market in Los Angeles, however, continued to escalate. In fact the numbers we use to define luxury are also shifting. 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.”

Turn to the Appendix for detailed market stats.

Downtown last year condo sales were up 17% and that number should only continue to rise as more and more people show interesting in moving downtown. Condo

construction can be seen throughout Los Angeles from downtown to Santa Monica.

THE SPREAD OF SILICON BEACH The Silicon Beach effect that has caused prices to rise in Santa Monica, Venice, and surrounding areas continues to spread. Those who are priced out of these areas have been moving to areas like Palms-Mar Vista which saw an over 17% price increase in singlefamily residences in 2014. Up next, El Segundo, which

is seeing more and more creative office space being created and Playa Vista, which is already heating up with Google, Microsoft, and Yahoo, moving in to the area. The Pasadena area may not have a trendy technology name but it too has seen the benefit of the tech sector moving in.

LOOKING FORWARD Look for a leveling in the market, with rates slowly rising and easier lending practices resulting in a more accessible housing market.

All good things end and low interest rates are no exception. Rates were expected to rise in 2014 but actually spent much of the year lower than they had been in 2013. Federal Reserve Chair Janet Yellen has

stated that the economy is strong but all indications seem to be that increases will likely not happen immediately. Any increases will also be gradual and

incremental so as not to jostle economic growth rates.

HOME PRICES HIT CRUISE CONTROL While some areas may see pockets of higher growth, overall most economists are predicting an overall home price increase of 2-5% across the board for 2015. Given the average and median prices of many of the properties in Los Angeles, thatâ&#x20AC;&#x2122;s no small leap, however it represents a substantial leveling off in the

heated Los Angeles market.

LENDING RESTRICTIONS CONTINUE TO EASE Loosened restrictions on lending before the housing crisis were a major contributor to the subprime mortgage crisis. The response from many lenders was to move too far in the other direction, with very tight standards that hampered the process. Once again

the pendulum is swinging in the opposite direction, providing more opportunities especially for first-time home buyers. However the Dodd-Frank legislation with its consequences for issuing risky loans should keep history from repeating itself.

THE LOW INVENTORY ISSUE Low inventory has continued to be a problem. Overall in 2014, inventory was slightly above 2013 but still far below the six-month level that denotes a normal market. More sellers may be ready to enter the market now because many have recovered value in their homes as prices rose. They may also be aware that the normalizing of the market means that prices will not continue to rise as dramatically.

With the economy on the uptick, many are feeling more confident about making a move and being ready to trade up. In the past, a buyer generally stayed in a home between five and seven years. The most recent survey of sellers from the National Association of RealtorsÂŽ put that number at ten years. In order for inventory to reach normal levels again, sellers need to feel confident that they can sell for a good price and find a new home that suits their needs and budget.

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

MORTGAGE RATES RISE SLOWLY

LUXURY MARKET TRENDS Los Angeles remains a hub of the luxury property market. How we define the luxury market continues to shift. Previously $2 million was the benchmark but as prices have continued to rise $3 million is the new demarcation line. 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. 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

MARKET HOT SPOTS

Sales Prices over $3 Million

DAYS ON MARKET SHORTEST D.O.M.

San Marino Pasadena Arcadia

BEL AIR - HOLMBY HILLS AVERAGE SALES PRICE FOR 2014 IS THE HIGHEST IN LOS ANGELES, UP 34.3% FROM 2013 According to 2014 CLAW/MLS® data.

39 53 56

Malibu Bel Air

-Holmby Hills

199 152

Sunset Strip 107 -Hollywood Hills

PRICE per SQUARE FOOT

$1,316

Beverly Hills

$1,221

Sunset Strip - Hollywood Hills

$1,141

Bel Air - Holmby Hills

$22.5

MILLION

LONGEST D.O.M.

AVG. SALES PRICE INCREASE

+24.8% +24.6% +18.2% Bel Air Holmby Hills

La Cañada Flintridge

Beverly Hills Post Office

MOST IMPORTANT FACTORS INFLUENCING INTERNATIONAL BUYERS’ HOME PURCHASE According to the National Association of Realtors’ 2014 Profile of International Home Buying Activity.

37%

PROFITABILITY OF INVESTMENT

DESIRABILITY OF LOCATION

7% OTHER

31% 25%

SECURITY OF INVESTMENT

AVERAGE SALES PRICES OVER $3 MILLION 2013 vs. 2014 $12M

$6M

$3M

2013

BHP

vs.

Turn to the Appendix for detailed market stats.

2014

Los Angeles Prime Real Estate Markets

SAN

BA Bel Air-Holmby Hills BH Beverly Hills BHP Beverly Hills P. O. BW Brentwood MA Malibu PP Pacific Palisades SM Santa Monica SS Sunset Strip- Hollywood Hills AR Arcadia LC La Cañada Flintridge PA Pasadena SAN San Marino

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

$9M

THE COOL FACTOR As a city, we love to read articles or share information on which neighborhoods are perceived to be the hottest. What does heat mean? Sometimes it’s celebrities moving in, sometimes it’s new development, sometimes it’s simply catching the heat of a neighboring area. So what neighborhoods are hottest right now?

Los Feliz The Buzz: Los Feliz has been hot for years

and shows no signs of abating. Great nightlife, a creative arts scene, and a lively neighborhood environment keeps this area perennially popular. Nearly “post-cool” at this point, Los Feliz gets a lot of attention when top-tier celebrities move in and out of the area.

+23%

LOS FELIZ AVERAGE % SALES PRICE INCREASE

2013 vs. 2014

HEAT CHECK Historically desirable neighborhoods like Venice Beach

(whose canals are seen above) are radiating their cool factor to nearby communities like Palms and Mar Vista.

GOT NEXT?

Studio City The Buzz: The San Fernando Valley has

Which Neighborhoods Are Headed For Hotness: Redfin predicted that the Fox Hills and Jefferson neighborhoods, both in Culver City, are primed to heat up. Inglewood, named Curbedâ&#x20AC;&#x2122;s neighborhood of the year in 2014, is already one of the most talked about neighborhoods in 2015. The L.A. Times chose Westchester as an up and comer. On the Eastside, the first edge of gentrification already has sights set on Boyle Heights.

a reputation for being more suburban and sleepy than hot and trendy. Studio City, however, with its recent influx of well-reviewed restaurants and bars, has a growing coolness factor.

+19%

STUDIO CITY AVERAGE % SALES PRICE INCREASE

2013 vs. 2014

Eagle Rock The Buzz:

Eagle Rock and adjacent Highland Park have seen a boom as the gentrification wave moved from Silver Lake and Los Feliz. Eagle Rock was named #2 in Hottest Neighborhoods of 2014 by Redfin.

+16%

EAGLE ROCK AVERAGE % SALES PRICE INCREASE

2013 vs. 2014

Palms - Mar Vista

LOCAL HOT SPOTS 1. Jones Coffee Roasters 2. Heath Ceramics 3. Proof Bakery

some of the Silicon Beach attention as young workers search for affordable housing. Niche Ink named this area one of the best areas for millennials.

+16%

PALMS MAR VISTA AVERAGE % SALES PRICE INCREASE

2013 vs. 2014

Turn to the Appendix for detailed market stats.

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

The Buzz: Palms-Mar Vista has caught

Design Trends in New Construction

From smartphone-controlled home automation to room for the in-laws, these are three of the design trends topping the list of must-haves in new construction today.

DESIGN TRENDS NEW CONSTRUCTION

1 / Continued Home Automation Smart homes get smarter—Home automation is integral in most new homes. A parallel can be made between luxury homes and the luxury car industry, in both cases selling the technology is becoming as important as selling the product itself. What home automation features are most desirable? Wireless systems top the list with 63% of architects surveyed by the American Institute of Architects Home Design Trends in Q2 2014 reporting increased interest. Smart locks, lighting, and thermostats all available from a mobile app are among the most requested features.

2 / Outdoor Living Space Outdoor living space remains a trend not just in California but nationwide. The Q2 AIA survey showed that 63% of clients expressed interest in outdoor living space. The outdoor living area was also the most popular special function room, topping both the mud room and the home office. Many of the homes we sold over the past year took outdoor living space to a new level with separate kitchen, dining, and recreation areas in addition to pools and sports courts.

According to a 2014 report from the Pew Research Center a record amount of Americans (57 million or 18.1% of the population) now live in multi-generational arrangements. That’s pretty striking considering that 28 million people lived in these types of households in 1980. It’s no surprise that the AIA survey also showed an increased interest in mother-in-law or au pair suites (39%) as people want to make their homes more livable for multiple generations. Our clients often ask for guest houses or compounds to fit expanded families.

MILLION

AMERICANS NOW HAVE MULTI-GENERATIONAL LIVING ARRANGEMENTS According to the 2014 American Institute of Architects Home Design Trends

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

3 / Room for the Whole Family

GOING GLOBAL Partners Trust Makes a Bold Move into the Chinese Market

Our first big announcement for 2015, was actually a project several years in the making: Partners Trust now has an office on the Bund in Shanghai. Partners Trust China is our first international outpost and provides Chinese buyers with the latest information on real estate investing and wealth management in the United States along with concierge-quality service for those interested in making a purchase in Los Angeles. Partners Trust China is also an active participant in luxury exhibits and real estate shows throughout China, Taiwan, and Hong Kong. It was important to us, and to the clients we serve to be a part of this global real estate trend. According to the National Association of Realtors® 2014 Profile of International Buyers, for the 12 months ending March 2014, buyers from China purchased U.S. properties estimated at $22 billion in total value. Of all Chinese potential buyers, 35% were interested in California. Data from realtor. com® showed that Los Angeles was the top U.S. city searched on by Chinese residents by a wide margin. Our Founding Partner in China, Sean Mei (HsiaoLai) has decades of experience in private equity consulting and works with some of the leading private banks in China, advising their clients on foreign investment opportunities in the U.S. and Europe. He has built an extensive network of high-level business connections and is the ideal representative for our work in China.

For complete information on how your property can be represented to Chinese buyers, please contact your Partners Trust Associate.

35% % OF CHINESE BUYERS WHO WERE INTERESTED IN PURCHASING A HOME IN CALIFORNIA According to the National Association of Realtors’ 2014 Profile of International Buyers.

Los Angeles

LOS ANGELES IS THE TOP U.S. CITY SEARCHED ON BY CHINESE RESIDENTS According to realtor.com® data.

Leverage uses its global reach to provide visiblity and referrals worldwide. Partners Trust is proud to be a member of Leverage Global Partners. Created by two of our Founding Partners in 2012, Leverage began with a question: how can independent brokerages compete against national franchises? The answer was to created the most innovative and exclusive network of independent real estate firms in the world, empowering them to become leaders in their home markets. The results have been extraordinary. In 2014 alone, over $350 million in referrals passed through the network, representing over 200 connections. Weâ&#x20AC;&#x2122;ve seen these deals circle the globe, from Wailea, Hawaii to Paris, France. Leverage helps agents around the world serve their clients better in two ways: by providing international visibility for their properties directly to brokerages and by offering a trusted referral anywhere in the world their clients may need a real estate broker.

750

MILLION DOLLARS

In network referrals since 2012

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

In 2015, Leverage is continuing to grow, not just in the amount of members added, but in the offerings which include a new Broker Intelligence Library. Leverage Global Partners is one way that Partners Trust has a global reach in order to best serve our clients.

PARTNERS TRUST

WEST

from

A Bright Beginning for our Malibu outpost Over the summer we were pleased to announce the acquisition of Areté Estates, a Malibu-based luxury real estate firm known for representing high-net-worth clients and properties. Areté Estates Malibu headquarters was rebranded as the sixth Partners Trust location. Our business is built on relationships; this acquisition began as a result of Richard Stearns’ twenty-five year friendship with Katie Bentzen, Areté’s top agent and Associate Broker, that started when they both worked at Fred Sands. Areté was founded by Katie’s daughter Sarah Kosaky in 2009 and quickly emerged as a successful high-end boutique brokerage headquartered on Pacific Coast Highway. Throughout our experiences with Areté it became clear that Katie, Sarah, and the rest of the office shared the very same commitment to excellence that we do at Partners Trust. From that bright beginning, we’ve continued to grow in Malibu. Since the acquisition we’ve also brought on Madison Hildebrand and The Malibu Life team. Madison Hildebrand and Jennifer Chrisman joined the company as Founding Partners in our Malibu office. We also announced a new temporary space at the Malibu Country Mart ahead of our more permanent location in the same complex.

MALIBU

MARKET SNAPSHOT

$1,045 PRICE PER SQUARE FOOT

for 2014

+13% AVERAGE % SALES PRICE INCREASE

2013 vs. 2014

La Cañada Flintridge presence anchored by deep Community Ties

EAST

When Partners Trust opened a Pasadena in 2012, we knew it was the start of something big. In 2014, we were happy to open Partners Trust La Cañada Flintridge, the seventh Partners Trust location in the greater Los Angeles area. Our move to the area, like other moves we have undertaken, began with the people. “The opportunity here was two-fold, it was about this community and the people.” said our President and Founding Partner Nick Segal. “We have wanted to be in La Cañada Flintridge for a while, it is one of the most sought-after locations in the area and a huge opportunity for us to extend our peerless level of service to that community. We also welcomed a chance to partner with like-minded professionals who are already respected and well-known in the area.”

LA CAÑADA FLINTRIDGE MARKET SNAPSHOT

$664 PRICE PER SQUARE FOOT

for 2014

+24% AVERAGE % SALES PRICE INCREASE

2013 vs. 2014

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

The team in La Cañada Flintridge is anchored by Carey Haynes and Ben Kelly who both have longstanding experience in the area. In just a few months, we’ve become a leading force in this market and have also been able to deepen our roots in a community that is loved so well by all our Associates in that office.

OUR BRAND IN ACTION A great company is driven by what they believe. In November we began our ongoing rebranding process. We started with our logo and refreshed it in a way that more deeply represented our name, and the foundation of trust on which all aspects of our partnership rest upon. We also unveiled our new tagline: A Commitment To You. This was more than a cosmetic change it was an affirmation of everything we stand for. To the uninitiated, it is a clear explanation of our intention. To our partners, it is our bond. To our clients, itâ&#x20AC;&#x2122;s the assurance that our role as their partner and our desire to earn their trust is unyielding. We know that a great company is driven by what they believe. What they believe guides their actions. This establishes who they are. What we believe and what we stand by is that Partners Trust is a group of professionals who believe in the sanctity of home ownership and the inalienable right everyone has to own a home. To support our beliefs, we exert the deepest level of commitment, regard, respect, care, empathy, and services to buyers, sellers, our associates and our competitors. At the core, we are stewards of the lives, careers, families, the financial securities and the peace of mind for everyone we come in contact with. We are a real estate company that puts people, not properties, at the center of our world.

WEBSITE INTERFACE Our online presence is designed to focus not only on the properties that we represent, but also on our clients, who are the heart of our business.

PRINT & IDENTITY While digital is huge in todayâ&#x20AC;&#x2122;s market, we also recognize the importance of a strong print presence for the company. We have rolled out a campaign focusing on our clients - without whom we would not be the company we are today. In addition, all our collateral, from business cards to LA Times ads have be revamped to reflect our updated look and message.

GIVING FORWARD As the company grows, so does our commitment to do more for others. We give of ourselves, our time and a percentage of our financial earnings to help those in need. Delivering on a commitment to support local and national charities, we are proud to unveil the Partners Trust Charitable Fund.

Giving back is one of our core values. With the support of the entire company, we are able to focus our efforts and continue to demonstrate our caring and compassion for those less fortunate. Our goal for the first year is $100,000 and we are excited about the potential good that amount of money can do in the communities we serve.

For information about the fund, to donate, or to get involved visit

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

The Partners Trust Charitable Fund is a 503C nonprofit organization. The stated mission of the fund is to raise money to support a wide range of local, national, and international charitable foundations. Money is raised through private donations by our Partners Trust Associates as well as their friends and clients. Partners Trust Associates have committed to donating a portion of every transaction to the fund for distribution to selected charities. The fund has particular focus on the areas of housing, health care, and arts and education.

2014

STATS

SALES HIGHLIGHTS

for all Partners Trust offices

PARTNERS TRUST

by the Numbers

175

ASSOCIATES

DAYS ON MARKET

38 vs. 56 PARTNERS TRUST

OFFICES

MLS / CLAW AVERAGE

$10.3

MILLION

AVERAGE SALES per ASSOCIATE

$1.8 BILLION

TOTAL SALES VOLUME IN 2014, UP 12.6% FROM 2013 According to CLAW/MLS™ data

1,337

TOTAL PROPERTIES SOLD in 2014

Appendix

DETAILED YEAR-OVER-YEAR STATISTICS BY MARKET AREA

Los Angeles & Westside COASTAL COMMUNITIES ............................................ 20 THE HILLS ........................................................................ 21 WESTSIDE ........................................................................ 21 HOLLYWOOD HILLS & MIDCITY ................................ 22 WESTSIDE / SOUTH ...................................................... 23 METRO LOS ANGELES ................................................. 23

San Fernando Valley SAN FERNANDO VALLEY - WEST OF 405 ............ 24 SAN FERNANDO VALLEY - EAST OF 405 ............. 25

San Gabriel Valley LA CAÑADA FLINTRIDGE ............................................. 26 NORTH EAST LOS ANGELES ....................................... 27 SAN GABRIEL VALLEY EAST ..................................... 28

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

PASADENA ...................................................................... 25

COASTAL COMMUNITIES Santa Monica & Adjacent Communites # SALES TYPE MALIBU

MALIBU BEACH

MARINA DEL REY

PACIFIC PALISADES

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

196

181

-7.65%

$2,287,812

$2,900,106

26.76%

146

153

4.79%

CONDO

-13.95%

$865,858

$874,770

1.03%

127

-35.43%

SFR

0.00%

$6,525,968

$7,533,504

15.44%

177

155

-12.43%

CONDO

47.06%

$1,029,176

$1,126,695

9.48%

147

135

-8.16%

SFR

12.24%

$1,598,255

$1,624,070

1.62%

-27.03%

CONDO

326

353

8.28%

$792,711

$858,247

8.27%

12.50%

SFR

323

304

-5.88%

$2,762,117

$3,201,303

15.90%

-11.43%

-1.28%

$905,494

$864,609

-4.52%

-32.50%

352

349

-0.85%

$976,049

$1,144,608

17.27%

16.28%

126

129

2.38%

$454,398

$544,848

19.91%

-3.51%

88.89%

$1,295,111

$1,293,153

-0.15%

34.55%

CONDO

148

118

-20.27%

$656,300

$754,677

14.99%

-5.36%

SFR

254

247

-2.76%

$2,347,794

$2,516,996

7.21%

5.56%

CONDO

435

489

12.41%

$889,679

$1,184,594

33.15%

0.00%

SFR

224

212

-5.36%

$1,546,001

$1,828,537

18.28%

5.56%

CONDO

-32.20%

$1,148,051

$1,144,233

-0.33%

10.29%

SFR

337

318

-5.64%

$797,569

$901,580

13.04%

2.17%

CONDO

-12.50%

$341,043

$409,823

20.17%

9.59%

PALMS - MAR VISTA SFR CONDO

SANTA MONICA

VENICE

WESTCHESTER

DAYS ON MARKET

2013

CONDO

PLAYA VISTA

AVERAGE SOLD PRICE

SFR

Appendix

THE HILLS

Beverly Hills & Adjacent Communites # SALES TYPE BEVERLY HILLS

BEVERLY HILLS P. O.

DAYS ON MARKET

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

161

159

-1.24%

$5,692,472

$5,766,754

1.30%

-21.28%

CONDO

126

115

-8.73%

$1,179,596

$1,288,761

9.25%

1.27%

SFR

175

156

-10.86%

$2,694,706

$3,615,473

34.17%

16.25%

N/A

$585,000

N/A

323

N/A

185

141

-23.78%

$3,363,669

$4,685,960

39.31%

111

20.65%

33.33%

$573,333

$713,750

24.49%

160

255.56%

CONDO BEL AIR HOLMBY HILLS

AVERAGE SOLD PRICE

SFR CONDO

WESTSIDE

Beverlywood & Adjacent Communites

BEVERLYWOOD

BRENTWOOD

CHEVIOT HILLS RANCHO PARK

DAYS ON MARKET

TYPE

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

190

208

9.47%

$942,915

$1,053,256

11.70%

-3.51%

CONDO

9.68%

$556,875

$634,100

13.87%

-6.15%

SFR

250

236

-5.60%

$3,022,732

$3,499,011

15.76%

9.84%

CONDO

237

221

-6.75%

$743,751

$776,729

4.43%

-3.51%

SFR

-10.23%

$1,521,804

$1,742,392

14.50%

-4.88%

-50.00%

$417,500

$585,000

40.12%

-79.07%

SFR

178

172

-3.37%

$1,658,284

$1,987,735

19.87%

7.32%

CONDO

608

552

-9.21%

$925,509

$1,099,146

18.76%

6.94%

CONDO WESTWOOD CENTURY CITY

AVERAGE SALES PRICE

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

# SALES

HOLLYWOOD HILLS & MIDCITY Hollywood Hills & Adjacent Communites # SALES TYPE

HOLLYWOOD HILLS EAST

SUNSET STRIP - HOLLYWOOD HILLS WEST

WEST HOLLYWOOD

DAYS ON MARKET

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

238

201

-15.55%

$1,229,852

$1,518,214

23.45%

-9.26%

CONDO

101

102

0.99%

$662,448

$652,410

-1.52%

13.11%

SFR

287

0.00%

$1,464,767

$1,759,660

20.13%

5.17%

CONDO

187

159

-14.97%

$474,450

$568,348

19.79%

10.94%

SFR

177

144

-18.64%

$1,123,707

$1,290,818

14.87%

13.43%

CONDO

-10.87%

$400,638

$431,280

7.65%

-15.79%

SFR

476

434

-8.82%

$1,908,886

$2,268,233

18.82%

8.00%

CONDO

100

-6.00%

$662,387

$661,578

-0.12%

14.75%

SFR

134

128

-4.48%

$1,318,345

$1,343,783

1.93%

-5.08%

CONDO

416

377

-9.38%

$601,649

$652,774

8.50%

1.79%

BEVERLY CENTER SFR MIRACLE MILE

HANCOCK PARK WILSHIRE

AVERAGE SOLD PRICE

Appendix

WESTSIDE / SOUTH

Culver City & Adjacent Communites # SALES

CULVER CITY

INGLEWOOD

LADERA HEIGHTS

DAYS ON MARKET

TYPE

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

224

195

-12.95%

$798,288

$887,344

11.16%

4.76%

CONDO

240

230

-4.17%

$398,602

$459,585

15.30%

-6.12%

SFR

261

219

-16.09%

$314,115

$363,349

15.67%

4.84%

CONDO

159

111

-30.19%

$165,100

$201,436

22.01%

-8.20%

SFR

50.00%

$679,139

$867,953

27.80%

1.82%

66.67%

$268,933

$348,800

29.70%

-45.83%

390

408

4.62%

$446,771

$466,358

4.38%

-16.13%

3.85%

$247,679

$289,453

16.87%

10.20%

CONDO PARK HILLS HEIGHTS

AVERAGE SOLD PRICE

SFR CONDO

METRO LOS ANGELES # SALES TYPE DOWNTOWN L.A.

HOLLYWOOD

LOS FELIZ

SILVER LAKE ECHO PARK

AVERAGE SOLD PRICE

DAYS ON MARKET

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

137

101

-26.28%

$251,639

$266,273

5.82%

3.57%

CONDO

411

482

17.27%

$580,013

$601,430

3.69%

3.17%

SFR

13.75%

$626,434

$893,993

42.71%

17.24%

CONDO

135

130

-3.70%

$570,767

$671,519

17.65%

-3.80%

SFR

282

255

-9.57%

$1,230,107

$1,512,863

22.99%

-11.67%

CONDO

-3.45%

$462,003

$487,179

5.45%

21.21%

SFR

365

319

-12.60%

$712,963

$893,281

25.29%

-20.00%

CONDO

0.00%

$449,352

$511,030

13.73%

-36.25%

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

Downtown Los Angeles & Adjacent Communites

SAN FERNANDO VALLEY WEST OF 405 Agoura & Adjacent Communites # SALES

AGOURA

CALABASAS

CHATSWORTH

ENCINO

HIDDEN HILLS

NORTHRIDGE

TARZANA

WESTLAKE VILLAGE

WOODLAND HILLS

AVERAGE SOLD PRICE

DAYS ON MARKET

TYPE

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

380

344

-9.47%

$896,350

$916,492

2.25%

17.14%

CONDO

137

180

31.39%

$349,395

$381,080

9.07%

17.86%

SFR

254

224

-11.81%

$1,349,858

$1,528,620

13.24%

19.44%

CONDO

62.79%

$384,426

$453,369

17.93%

65.85%

SFR

274

262

-4.38%

$581,427

$672,238

15.62%

9.23%

CONDO

139

151

8.63%

$301,574

$325,123

7.81%

8.77%

SFR

445

425

-4.49%

$1,050,461

$1,224,545

16.57%

8.47%

CONDO

199

210

5.53%

$343,781

$345,695

0.56%

29.41%

SFR

-8.82%

$2,748,980

$3,067,452

11.59%

121

0.00%

CONDO

N/A

SFR

-8.82%

$2,748,980

$3,067,452

11.59%

121

0.00%

CONDO

N/A

SFR

772

714

-7.51%

$580,397

$629,117

8.39%

27.08%

CONDO

170

168

-1.18%

$351,303

$378,740

7.81%

17.31%

SFR

308

263

-14.61%

$861,009

$1,003,156

16.51%

6.25%

CONDO

187

181

-3.21%

$260,972

$306,590

17.48%

16.33%

SFR

364

355

-2.47%

$1,405,172

$1,320,585

-6.02%

-9.57%

CONDO

201

190

-5.47%

$549,308

$571,770

4.09%

6.90%

SFR

786

636

-19.08%

$694,708

$748,126

7.69%

10.00%

CONDO

266

195

-26.69%

$319,788

$354,572

10.88%

25.00%

Appendix

SAN FERNANDO VALLEY EAST OF 405 Sherman Oaks & Adjacent Communites # SALES

BURBANK

STUDIO CITY

SHERMAN OAKS

STUDIO CITY

AVERAGE SOLD PRICE

DAYS ON MARKET

TYPE

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

637

569

-10.68%

$627,377

$703,451

12.13%

2.17%

CONDO

214

198

-7.48%

$377,055

$429,284

13.85%

12.24%

SFR

359

339

-5.57%

$1,152,769

$1,371,444

18.97%

6.78%

CONDO

182

162

-10.99%

$470,112

$526,621

12.02%

26.53%

SFR

651

640

-1.69%

$918,315

$1,013,625

10.38%

5.36%

CONDO

306

292

-4.58%

$388,020

$427,761

10.24%

16.00%

SFR

359

339

-5.57%

$1,152,769

$1,371,444

18.97%

6.78%

CONDO

182

162

-10.99%

$470,112

$526,621

12.02%

26.53%

PASADENA

Pasadena & Adjacent Communites

ALHAMBRA

ALTADENA

SAN GABRIEL

SAN MARINO

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

203

219

7.88%

$516,527

$567,671

9.90%

-17.02%

CONDO

-3.37%

$374,999

$423,859

13.03%

-14.29%

SFR

472

382

-19.07%

$646,982

$693,060

7.12%

15.38%

0.00%

$268,000

$249,800

-6.79%

-43.90%

SFR

1026

887

-13.55%

$881,417

$986,944

11.97%

2.33%

CONDO

450

425

-5.56%

$530,625

$582,346

9.75%

1.75%

SFR

309

281

-9.06%

$660,057

$741,009

12.26%

2.56%

CONDO

-15.79%

$407,726

$380,941

-6.57%

24.24%

SFR

141

123

-12.77%

$2,213,376

$2,484,883

12.27%

-11.76%

N/A

SFR

137

128

-6.57%

$1,095,366

$1,179,875

7.72%

2.86%

CONDO

-14.63%

$470,301

$530,394

12.78%

35.48%

CONDO SOUTH PASADENA

DAYS ON MARKET

TYPE

CONDO PASADENA

AVERAGE SOLD PRICE

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

# SALES

LA CAÑADA FLINTRIDGE

La Cañada Flintridge & Adjacent Communites # SALES TYPE ATWATER

LA CAÑADA FLINTRIDGE

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

48.48%

$581,266

$641,780

10.41%

17.65%

N/A

$300,000

N/A

193

N/A

SFR

602

554

-7.97%

$752,498

$817,630

8.66%

0.00%

CONDO

297

296

-0.34%

$323,586

$371,350

14.76%

13.51%

SFR

253

0.00%

$1,455,630

$1,644,358

12.97%

0.00%

N/A

$380,000

N/A

SFR

358

350

-2.23%

$644,306

$739,464

14.77%

27.78%

CONDO

-38.10%

$334,624

$369,048

10.29%

-15.56%

468

393

-16.03%

$408,033

$471,060

15.45%

13.95%

-43.33%

$255,734

$320,526

25.34%

16.28%

SFR

CONDO LA CRESCENTA/ MONTROSE

SUNLAND/ TUJUNGA

DAYS ON MARKET

2013

CONDO GLENDALE

AVERAGE SOLD PRICE

SFR CONDO

Appendix

NORTHEAST LOS ANGELES Eagle Rock & Adjacent Communites

EAGLE ROCK

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

206

213

3.40%

$573,745

$664,523

15.82%

6.45%

100.00%

$335,000

$277,500

-17.16%

N/A

185

146

-21.08%

$493,153

$561,073

13.77%

0.00%

125.00%

$116,475

$468,049

301.85%

-68.85%

284

328

15.49%

$465,406

$550,962

18.38%

12.50%

CONDO

-5.26%

$246,139

$246,272

0.05%

45.16%

SFR

-25.00%

$444,884

$516,590

16.12%

-19.44%

CONDO

-7.50%

$319,655

$348,913

9.15%

82.35%

55.17%

$484,314

$524,263

8.25%

-10.91%

-66.67%

$291,667

$460,000

57.71%

-31.58%

177

150

-15.25%

$575,067

$619,201

7.67%

31.03%

N/A

$300,000

N/A

193

N/A

SFR CONDO

HIGHLAND PARK

MONTEREY HILLS

SFR

MOTECITO HEIGHTS SFR CONDO MOUNT WASHINGTON

DAYS ON MARKET

TYPE

CONDO GLASSELL PARK

AVERAGE SOLD PRICE

SFR CONDO

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

# SALES

EAST SAN GABRIEL VALLEY Arcadia & Adjacent Communites # SALES

ARCADIA

AZUSA

BRADBURY

MONROVIA

MONTEREY HILLS

SIERRA MADRE

AVERAGE SOLD PRICE

DAYS ON MARKET

TYPE

2013

2014

% CHANGE

2013

2014

% CHANGE

2013

2014

% CHANGE

SFR

508

478

-5.91%

$1,523,000

$1,729,350

13.55%

22.58%

CONDO

131

-35.88%

$543,826

$584,325

7.45%

-11.43%

SFR

312

271

-13.14%

$368,244

$396,056

7.55%

29.41%

CONDO

106

-8.49%

$232,324

$268,166

15.43%

30.00%

SFR

0.00%

$312,553

$2,072,258

563.01%

-40.26%

CONDO

N/A

$300,000

N/A

193

N/A

309

282

-8.74%

$577,965

$685,296

18.57%

8.11%

CONDO

-2.63%

$344,289

$405,786

17.86%

-31.25%

SFR

-25.00%

$444,884

$516,590

16.12%

-19.44%

CONDO

-7.50%

$319,655

$348,913

9.15%

82.35%

SFR

119

118

-0.84%

$872,232

$944,797

8.32%

-2.33%

CONDO

-46.15%

$480,654

$473,786

-1.43%

-26.53%

SFR

PARTNERS TRUST 2014-15 ANNUAL MARKET REPORT

Although the data u sed in this report hasbeen produced and processed from sources believed to be reliable, no warranty, expressed or implied, is made regarding accuracy, completeness, legality, reliability or usefulness of any information. This disclaimer applies to both isolated and aggregate uses of the information. The information is provided on an “as is” basis.