2017
WESTSIDE Market Report
2016 REVIEW SANTA MONICA PACIFIC PALISADES BRENTWOOD
When you think Real Estate, think The Cunningham Group.
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THE CUNNINGHAM GROUP
Based on information collected from The MLS/CLAW. May include off market transactions.
THE WESTSIDE The Westside continues to be a hot region of Los Angeles, very much driven by high demand for specific zip codes and some supply shortages. In Santa Monica, overall volume and prices were up. A jump in unit volume was still accompanied by strong price gains. Meanwhile, South of Montana experienced the largest increase in prices for all of Santa Monica. In the Palisades, unit volume was up. Prices in Castellammare and the Palisades Highlands increased dramatically. Venice is still hot. Other strong neighborhoods that will continue their growth in property values include Mar Vista, Culver City, Palms, West LA, Westchester, Mid-Wilshire and Mid-Cities. I believe the important thing is to look for neighborhoods which are investing in their infrastructure – schools, parks, transit such as Metro, and quality retail development. Culver City is a prime example and Inglewood is now experiencing growth in activity due to the commercial infrastructure being built in and around the new LA Rams facility.
As the Westside becomes more and more expensive, I believe people will move to adjacent neighborhoods, potentially stretching to communities as far as Sherman Oaks and Studio City in the valley. And at the higher price points, people will move from Belair and Beverly Hills to areas such as Topanga and Malibu. These are all neighborhoods where I expect to see jumps in activity. Rick’s Insider Tip: We expect three interest rate hikes in 2017. The consensus among economists is that the real estate market will continue to see price increases throughout 2017. Not as robust as recent years, but both property values and interest rates will climb. The market is showing strength earlier this year. Typically, we don’t see market activity increase until mid-February. This year, late January is already showing lots of activity. So if you are eager to make a move, I suggest you start looking immediately
Data Compiled by The Cunningham Group; The MLS does not guarantee its accuracy
West Side Market Report
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SANTA MONICA % Change
Avg Sales Price
$3,038,874
$2,872,189
6%
Avg Price/sq ft
$1,083
$1091
-1%
Avg Days on Mkt
53
42
26%
# of Units sold
254
242
5%
# active at end
34
65
-48%
Turnover Rate
3.1%
2.9%
7%
2016
Condos Avg $ $870,000
$23,000,000
2015
$775,000
2016
$16,100,000
Single Family Homes
2015
HIGHEST VS LOWEST SALE SINGLE FAMILY HOME
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THE CUNNINGHAM GROUP
2016
2015
$2,410,846 $1,330,089
% 81%
Avg $/sf
$2,503
$3,607
-30%
Avg dom
51
62
-18%
# Sold
419
447
-6%
Based on information collected from The MLS/CLAW. May include off market transactions.
SANTA MONICA BY ZIP CODE
% Change
90405
2016
Avg Sales Price
$3,925,500
$5,937,000
-34%
Avg Price/sq ft
$1,982
$1668
18%
Avg Days on Mkt
73
120
-39%
# of Units sold
2
3
-33%
90402
2016
2015
% Change
Avg Sales Price
$4,397,631
$4,099,083
7%
Avg Price/sq ft
$1,163
$1,103
5%
Avg Days on Mkt
59
44
34%
# of Units sold
103
102
1%
90403
2016
2015
% Change
Avg Sales Price
$2,941,687
$2,320,400
27%
Avg Price/sq ft
$1,157
$1,168
-1%
Avg Days on Mkt
34
41
-17%
# of Units sold
26
21
24%
90404
2016
2015
% Change
Avg Sales Price
$1,124,944
$1,426,692
-21%
Avg Price/sq ft
$923
$917
1%
Avg Days on Mkt
51
48
6%
# of Units sold
18
13
38%
90405
2016
2015
% Change
Avg Sales Price
$2,019,056
$1,868,087
8%
Avg Price/sq ft
$948
$950
-1%
Avg Days on Mkt
47
47
0%
# of Units sold
103
103
0%
2015
Data Compiled by The Cunningham Group; The MLS does not guarantee its accuracy
West Side Market Report
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PACIFIC PALISADES % Change
Avg Sales Price
$2,933,343
$2,961,429
-1%
Avg Price/sq ft
$943
$933
1%
Avg Days on Mkt
90
60
33%
# of Units sold
379
341
11%
# active at end
80
82
-2%
Turnover Ratio
5.4%
4.8%
13%
2016
Condos Avg $ $450,000
$21,000,000
2015
$775,000
2016
$16,450,000
Single Family Homes
2015
HIGHEST VS LOWEST SALE SINGLE FAMILY HOME
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THE CUNNINGHAM GROUP
2016
2015
$969,722 $1,007,857
% -4%
Avg $/sf
$579
$619
-6%
Avg dom
57
57
0%
# Sold
89
70
27%
Based on information collected from The MLS/CLAW. May include off market transactions.
PACIFIC PALISADES BY NEIGHBORHOOD
The Alpha Streets
2016
2015
% Change
Avg Sales Price
$3,001,178
$3,083,357
-3%
Avg Price/sq ft
$1,083
$1091
-1%
Avg Days on Mkt
51
40
28%
# of Units sold
41
35
17%
Castellammare
2016
2015
% Change
Avg Sales Price
$2,897,227
$2,127,460
36%
Avg Price/sq ft
$1,505
$930
61%
Avg Days on Mkt
86
92
-7%
# of Units sold
22
17
29%
The El Medio Bluffs
2016
2015
% Change
Avg Sales Price
$2,929,214
$3,210,735
-9%
Avg Price/sq ft
$1,150
$1,028
12%
Avg Days on Mkt
61
43
42%
# of Units sold
13
17
-31%
Huntington Palisades
2016
2015
% Change
Avg Sales Price
$4,862,437
$7,587,750
-36%
Avg Price/sq ft
$1,357
$1,622
-16%
Avg Days on Mkt
81
73
11%
# of Units sold
15
22
-32%
Palisades Highlands
2016
2015
% Change
Avg Sales Price
$2,643,224
$2,307,287
15%
Avg Price/sq ft
$646
$632
2%
Avg Days on Mkt
62
73
-15%
# of Units sold
29
33
-12%
Data Compiled by The Cunningham Group; The MLS does not guarantee its accuracy
West Side Market Report
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2016
2015
% Change
Avg Sales Price
$4,029,000
$5,666,000
-29%
Avg Price/sq ft
$1,540
$1,365
13%
Avg Days on Mkt
57
71
-20%
# of Units sold
7
3
133%
2015
% Change
Rustic Canyon
PACIFIC PALISADES BY NEIGHBORHOOD
The Riviera
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2016
Avg Sales Price
$7,249,975
$8,027,850
-10%
Avg Price/sq ft
$1,673
$1,931
-13%
Avg Days on Mkt
84
83
1%
# of Units sold
19
20
-5%
Upper/Lower Bienveneda Ridgeview Upper El Medio
2016
2015
% Change
Avg Sales Price
$2,694,905
$3,093,386
-12%
Avg Price/sq ft
$928
$1,029
-10%
Avg Days on Mkt
68
62
10
# of Units sold
28
26
8%
2016
2015
% Change
Upper/Lower Marquez Knolls/BABC Knolls
Avg Sales Price
$2,525,147
$2,641,060
-4%
Avg Price/sq ft
$2,752
$2,770
-1%
Avg Days on Mkt
61
55
11%
# of Units sold
42
54
-22%
Via de la Paz Bluffs
2016
2015
% Change
Avg Sales Price
$3,272,375
$3,665,338
-11%
Avg Price/sq ft
$1,144
$1,138
1%
Avg Days on Mkt
52
45
16%
# of Units sold
29
17
70%
THE CUNNINGHAM GROUP
Based on information collected from The MLS/CLAW. May include off market transactions.
BRENTWOOD 2016
Single Family Homes
2015
% Change -4%
Avg Price/sq ft
$946
$964
-2%
Avg Days on Mkt
69
65
6%
# of Units sold
145
126
15%
# active at end
94
102
-8%
Turnover Ratio
4%
3.5%
14%
2016
Condos $1,650,000
$21,500,000
4,750,476
$1,260,500
4,577,997
$19,716,000
Avg Sales Price
2015
HIGHEST VS LOWEST SALE SINGLE FAMILY HOME
Avg $
2016
2015
$868,485 $764,500
% 14%
Avg $/sf
$608
$556
9%
Avg dom
51
61
-17%
# Sold
235
239
-2%
Data Compiled by The Cunningham Group; The MLS does not guarantee its accuracy
West Side Market Report
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EXP ERIENCE . C OM M IT M EN T . R ESUL T S
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THE CUNNINGHAM GROUP
Based on information collected from The MLS/CLAW. May include off market transactions.
With 20 years of local real estate experience and having built over 20 real estate offices in California and Hawaii, I have the experience overseeing all kinds of real estate transactions. I am proud to support our team of outstanding consultants - caring people with the skills, neighborhood expertise, contacts, personal rigor and style to help you win. Clients tell us what sets The Cunningham Group apart is how we combine our analytical, business-minded approach with personalized consulting and advisement. We translate the latest trends from your neighborhood and the broader financial markets into strategic investment and lifestyle options that fit YOUR personal, family and financial goals. So you can make the best decision on what may be your largest financial asset with significant emotional investment. Rick Cunningham | Owner/CEO We communicate expectations and explain all your options through The Cunningham Group | KW Santa Monica each step. We pre-anticipate and manage all the details behind the Elite Billionaire’s Club Member scenes so your experience feels effortless. We are known for representing the best listings on the market and commanding by far the highest overall prices year after year for our success.
We are here to provide you the highest level of personalized business strategy and advice. So, whether you are buying, selling, leasing, remodeling, or just wanting to grab a cup of coffee, give us a call because we live in your neighborhood.
West Side Market Report
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Los Angeles County The LA market is a tale of many different markets. The luxury market has slowed quite a bit. At the high end, homes are taking longer to sell and prices have stabilized. In the coming year, however, activity could accelerate due to recent mansionization-driven legislation, which places tighter restrictions on renovations and new development. Projects that were already approved and underway will be in high demand in neighborhoods that no longer allow homes of that size. The rest of Los Angeles is experiencing a relatively robust market. We are still seeing low inventory of homes in popular neighborhoods. These homes stay on the market for few days, and are selling at higher prices versus prior years. Homes that are sitting longer days on market are typically in a less desired area, or are overpriced. We can confidently say we are still in a seller’s market. Of the areas we represent, the majority are at approximately 3 months supply of inventory. 6 months of supply is what is consider a “balanced market.” So, with the exception of Malibu, which at 5 months of supply is still a seller’s market but approaching balance, our communities will continue to see upward price pressure. People often asked whether we are headed toward a repeat of the real estate market of 2008/09. With very different lending requirements in place and the low inventory of homes driving up prices, The structural issues that led to the housing collapse last decade are not present. With interest rates still at 40 year historical lows, buyers should buy. Especially couples that can qualify for the Home Sale Tax Exclusion. Ones who have lived in their home for more than 2 years can deduct up to $500,000 from the capital gain on a home they sell. Lastly, 2017 brings potential investment opportunities as a result of the new administration and possible changes in tax laws. If we see a reduction in income tax rates, people could be intrigued to buy. This could also include foreign investors who have been waiting.
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THE CUNNINGHAM GROUP
Based on information collected from The MLS/CLAW. May include off market transactions.
Data Compiled by The Cunningham Group; The MLS does not guarantee its accuracy
West Side Market Report
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As owner of 20 Keller Williams real estate offices stretching up and down the US West Coast and over to Hawaii, I have built a business that brings you the best of a Local Boutique, while leveraging the access and resources of my Global Reach. My pride and joy, Keller Williams Santa Monica, is the #1 volume real estate brokerage in Los Angeles. We pride ourselves on providing exemplary, customized consultation and advisement, and white glove concierge services, for all your real estate needs. We know your neighborhood because my partners and I have served your neighborhood for decades, and we might actually be your neighbor. Our Global Reach can also benefit you in many ways. If you are selling your home, we have access to LA’s largest pool of outside buyers. For example, I am one of only two US companies who is able to partner with the LANDZ Chinese Real Estate Network. This affords
• • • • • • • • • • •
Belize Botswana Canada Colombia Costa Rica Dubai, United Arab Emirates England France Greater Shanghai, China Indonesia Israel
• • • • • • • • • •
Lesotho Mauritius Mexico Monaco Namibia Nicaragua Northern Ireland Panama Poland Portugal
us exclusive access to thousands of buyers from China whom we are introducing to your neighborhood. Also, I am part of Keller Williams Luxury Homes International and Global Property Specialists. So, if you are interested in buying or selling outside of Los Angeles, we coordinate with both the US offices I own, plus our network of thousands of brokers across the US and around the world.
A GLOBAL REAL ESTATE Whether your goals are specific to your favorite neighborhood in LA, or of an exotic international locale, we have the experience,POWERHOUSE connections and desire to serve your real estate goals and wishes. Please call us for a consultation.
- Rick Cunningham
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KW WORLDWIDE REGIONS - As of October 2016
Scotland South Africa Spain Swaziland Turkey Turkish Republic of Northern Cyprus United States Vietnam Wales Zimbabwe
Keller Williams Realty is the largest real estate franchise in the world – home to more real estate professionals than any other company. To date, master franchise agreements have been awarded across 31 countries and regions.
Boutuique Service Global Reach • • • • • • • • • • •
Belize Botswana Canada Colombia Costa Rica Dubai, United Arab Emirates England France Greater Shanghai, China Indonesia Israel
• • • • • • • • • •
Lesotho Mauritius Mexico Monaco Namibia Nicaragua Northern Ireland Panama Poland Portugal
• • • • • • • • • •
Scotland South Africa Spain Swaziland Turkey Turkish Republic of Northern Cyprus United States Vietnam Wales Zimbabwe
Keller Williams Realty is the largest real estate franchise in the world – home to more real estate professionals than any other company. To date, master franchise agreements have been awarded across 31 countries and regions.
West Side Market Report
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CunninghamRE.com 2701 Ocean Park Blvd, Suite #140 Santa Monica CA 90405 310.482.2033