THE AGENCY REPORT - Cindy Ambuehl · city, with 32 deals recorded during the period at an average sale price of $2.8 million. Average PPSF remained very strong at $778/ SF, representing

TheAgencyRE.com 1

THE AGENCY REPORT

Q115

Q 1 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 – Q1 2015 TheAgencyRE.com2 3

THE FIRST QUARTERWinter has come and gone in Los Angeles and real estate values in the city’s prime markets continued their trajectory of growth despite the typically slower selling season in Q1. With Angelenos returning from the holidays, preparing for awards season, and the new year upon us all, sales volumes typically see anywhere from a 20%-25% QoQ decline in the first quarter. That trend held true in the market for single-family residences, although lesser volume in that category certainly did not imply lower values. SFRs recorded an average PPSF of $866/SF, flat to the average last year of $875/SF.

Condominiums, on the other hand, largely bucked the seasonal trend and experienced increased valuations over both Q1-14 and Q4-14. 665 transactions valued greater than $500,000 were recorded during the period, 13.5% more deals than Q1 last year. Average PPSF increased 6.6% to $609/SF, and for the market as a whole, condos achieved their second highest value benchmark in the past 10 years (the last record-breaking quarter being Q3-14).

As for The Agency, if we were once a young organization, we are now a teenaged one – still a little reckless but definitely growing up. We are engaging with clients and the city in a way we never have before – creating experiences for Angelenos both inside and outside the boundaries of bricks-and-mortar real estate. During the first quarter, The Agency sponsored the LA Art Fair, and hosted the VIP lounge for art dignitaries, clients, and guests. For the Sundance Film Festival, we partnered with the LA Times and threw the daily Sundance After Seven reception series. And The Agency hosted the VIP Lounge at the Northern Trust Open, LA’s stop on the international PGA tour.

In this issue of The Agency Report, we have featured a neighborhood spotlight on Hancock Park, and are initiating research coverage on the staid and storied community. Perhaps LA’s original prime market, Hancock Park is home to the city’s most elegant estates, and provides somewhat of a portal into the bygone era of Hollywood days-past. The spotlight is the first in a series of neighborhood focus pieces we will be publishing in the coming months, and part of a project to expand our research and knowledge base in all of LA.

As we write this note, the winter months are seemingly a long way behind us, and spring given immediate way to summer. Now is one of the most exciting times for Los Angeles – economically, culturally, and globally. The market for luxury home sales in LA’s most prestigious neighborhoods is headed into its peak season, and we look forward to a fruitful spring, connecting our city with the rest of the world.

Sincerely,

Mauricio UmanskyCo-Founder, Chief Executive Officer

Billy RoseCo-Founder, President / COO

THE AGENCY

MAURICIO UMANSKYCo-Founder. Chief Executive Officer

BILLY ROSECo-Founder. President/COO

RESEARCH & DEVELOPMENT

MORGAN BALL Director

[email protected]

WICKED + THE AGENCY

COLIN COOLEY Chief Creative Officer

BRIAN COOLEYPresident

CAMERON SELMERAnalyst

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HELEN TRUONGDesigner

KATRINA ZAWOJSKIWriter

CORPORATE HEADQUARTERS

331 Foothill Rd, Suite 100Beverly Hills, CA 90210

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LOS ANGELES AT A GLANCE

1 MALIBUSingle-family residence volumes advanced slightly in the beach city, with 32 deals recorded during the period at an average sale price of $2.8 million. Average PPSF remained very strong at $778/SF, representing a slight 3.6% YoY decrease, while inventory in this category spent 15.5% fewer days on the market, or 174 days, than Q1-14. A relatively small market for condominiums, Malibu recorded 7 deals during the period at an average price of $628/SF, a 9.3% increase over Q1-14. This improvement in one of Southern California’s most desirable neighborhoods, reflects our continued thesis that there remains considerable value upside in the condo market.

77 SUNSET STRIPLA’s infamous mile-long strip is exploding with new development projects and an even stronger SFR market. Homes near the Strip recorded an average sale price of $2.8MM and an average PPSF of $904/SF, up 16.4% YoY. On the condominium side, development is ramping up as CIM Group’s much-anticipated project, Sunset/La Cienega is now rising out of the ground. Though expected to come to market as rental apartments, the project is the first of many expected to serve the demand for high-rise living on the Strip. During Q1-15, the condo market remained small, with 14 deals closing at an average PPSF of $1,065, a whopping 53.2% increase over Q1-14. Bottom line: Sierra Towers continues to be one of the hottest addresses in the city.

2 SANTA MONICACondominiums have quickly established themselves as a key asset class in Santa Monica. Related Companies’ The Waverly and The Seychelle, both launched in 2014, continue to achieve premium pricing and are approaching a complete sellout within 18 months of opening. This momentum pushed the number of deals up an astronomical 48% to 93 sales, recording an average PPSF of $879, or a 19.0% YoY increase. SFR values also started off strong in 2015. Average PPSF increased by 8.3% YoY to $1,065/SF, with 37 transactions recorded.

6 WEST HOLLYWOODWest Hollywood luxury real estate is booming. Substantial gains in both SFR and condominium markets, as well as emerging high-end developments entering the WeHo pipeline, continue to define the neighborhood as one of the most sought-after for-sale destinations in all of Greater Los Angeles. SFRs in WeHo recorded an average PPSF of $923, a 12.4% YoY increase, with 30 sales closing in Q1-15, up from 23 deals in Q1-14. Condo volumes surged by 28.1% to 73 deals, and recorded an average PPSF of $583/SF, a 3.9% YoY increase.

8 HANCOCK PARKThough momentum slowed slightly during Q1-15, valuations are on the rise in LA’s most historical neighborhood. Single-family residences recorded an average sale price of $2.1MM while average PPSF reached $632, a 2.5% decrease from first quarter of last year. On the other hand, condos are becoming a hotly demanded product in Hancock Park, as sales volume continues to climb. Until recently, only a few deals over $500,000 took place. In Q1-15, 18 transactions at an average price of $738K and $461/SF propelled the neighborhood’s condominium market to a strong start to 2015.

9 DOWNTOWN LOS ANGELESDTLA can only be properly described as the most explosive new development market on the West Coast. Wilshire Grand, the office/hotel tower slated to be the tallest skyscraper in California, is rising by 2 stories a week; construction at Metropolis is well under way; and LA’s most exciting mixed-use project, Oceanwide Plaza, broke ground in mid-March. The urban neighborhood continues to assert itself as a budding residential hot spot in Q1-15. Condos in the neighborhood recorded 57 deals at an average PPSF of $626, a YoY increase of 13.2% and the second highest value benchmark in a decade.

3 BEL AIR / HOLMBY HILLSSingle-family residences in LA’s toniest neighborhoods recorded lower values in Q1-15, with average sale price in the quarter down approximately 27.4% to $5.3MM from Q1-14. However, with Q1-14 having recorded a record-breaking number of “super deals,” the drop in Q1-15 is not truly representative of the overall market. Median sale price rose in the period by 43.2% to $2.9MM on 37 home sales, a 12.1% YoY increase from Q1-14, which highlights the relatively strong impact the outliers had on skewing the Q1-14 averages.

4 CENTURY CITY / WESTWOODIn a traditionally softer condo sale season, volumes, predictably, decreased by 13.6% to 89 deals, recording an average PPSF of $581/SF. Sales in the SFR market charted a similar course, though values for homes in Century City/Westwood increased 10.3% YoY to $818/SF.

5 BEVERLY HILLSValues pushed ever forward in California’s most sought-after zip code. SFRs recorded an average PPSF of $1,345, a YoY increase of 10.2% on 30 transactions during the period. While volumes dipped slightly, from 33 sales in Q1-14, average sale price remained very strong at $5.9MM, down slightly from $6.4MM the prior year. Limited condominium inventory continues to be a significant factor in the market, with only 29 deals closing during the quarter. 460 Palm, a luxury residential development from ETCO Homes and Westbrook Properties, launched sales in January and is delivering much-needed supply to feed the neighborhood’s increasing demand, and achieving premium pricing.

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Q1-15 YoY % Q1-14 QoQ % Q4-14

Average Sale Price $943,344 2.9% $916,846 -0.1% $944,706

Average PPSF $609 6.6% $571 0.4% $607

Median Sale Price $755,000 5.6% $715,000 0.7% $750,000

Number of Sales 665 13.5% 586 -10.7% 745

Days on Market 96 3.5% 93 2.7% 94

Listing Discount -2.0% - -2.2% - -2.0%

New Listings 1,279 8.0% 1,184 56.9% 815

Q1-15 YoY % Q1-14 QoQ % Q4-14

Average Sale Price $2,653,989 -8.9% $2,914,353 -1.5% $2,694,740

Average PPSF $866 -1.0% $875 -8.3% $945

Median Sale Price $1,825,500 -1.3% $1,850,000 -1.3% $1,850,000

Number of Sales 648 1.1% 641 -21.9% 830

Days on Market 105 -1.3% 107 13.6% 92


New Listings 1,509 10.0% 1,372 52.9% 987

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Prime market real estate sales during LA’s winter demonstrated, expectedly, slower momentum than in preceding quarters; typical during Q1. Volumes remained flat to Q1-14, increasing 1.1% to 648 deals. Average sale price in Q1 netted out at $2.7MM, 8.9% below the Q1-14 benchmark of $2.9MM. We attribute some of this shift to the huge number of “super deals” recorded in Q1-14, the size of which skew the average valuation metrics in that period. For perspective, 8 homes valued at greater than $15 million closed in Q1-14; that number was 4 in Q1-15.

Average PPSF netted out at $866/SF in the period, essentially flat to Q1-14, and 8.3% below Q4-14. Notably, half of all sales completed during the first quarter were valued greater than $1.8MM, which contributed to an overall increase in median sale price since 2011 – see Median Sale Price trend on Page 8.

In contrast to the SFR market, LA’s prime market for condos bucked the seasonal trend and achieved notable valuation improvements during the first few months of 2015. Compared to Q1-14, sales volume surpassed Q1-14 by 13.5%, recording 665 transactions in the period at an average sale price of $943K, a 2.9% YoY increase. Most notably, values continued to surge, reaching an average of $609/SF, a 6.6% jump over Q1-14’s benchmark of $571/SF. The continued out-performance of this asset class is in lockstep with our thesis that LA’s prime markets continue to enjoy a period of stabilized growth and that 2015 is off to a sound and steady start.

While Q1-15 saw the opening of a handful of significant new development projects, many others were announced in the quarter and are expected to break ground this year. These developments will continue to deliver supply in a market that we can only describe as lacking in new inventory.

LA PRIME MARKETS Q1-15 SNAPSHOT

648 SALES 665 SALES

$2.65MM $943K

$866/SF $609/SF

highest Q1 Volume since 2006

highest Q1 Volume since 2007

2nd Highest Q1Avg. Sale Pricein Last 5 Years

Highest Q1Avg. Sale Price

in Last 10 Years

2nd HighestQ1 Avg. PPSF

in Last 10 Years

HighestQ1 Avg. PPSF

in Last 10 Years

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

Q1-15 SINGLE-FAMILY RESIDENCE PERFORMANCE Q1-15 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


As a whole, single-family residences experienced similar sales volumes compared to Q1-14, with 648 deals recorded, a 1.1% increase. In the largest segment - $1MM-$3MM - homes finished relatively flat to Q1-14, with just 0.4% fewer deals taking place during the period. Average sale price also remained steady around the $1.7MM mark, while average PPSF increased to $700/SF, a 4.4% YoY increase. This segment has not seen many significant fluctuations other than slowed sales volume as more homes push into the $3MM-$5MM price segment.

Homes in the $3MM-$5MM segment, which typically experience softer volumes in Q1, actually surpassed Q1-14’s benchmarks in both volume and average sale price. The segment recorded 108 deals at an average price of $3.7MM, with Q1-15 proving to be a very strong quarter for homes valued between $3MM-$5MM.

In the city’s most expensive bracket, homes valued above $5MM experienced fewer transactions than in both Q1-14 and Q4-14. 49 deals were recorded, a 31.0% decrease to Q1-14. Most prescient, from a valuation perspective, homes above $5MM reached, on average, $1,350/SF in Q1-15, a 3.1% YoY increase.

Overall distribution by price segment demonstrates the considerable increase of home sales in the $3MM-$5MM segment. Homes in this bracket accounted for 17% of total prime market transactions during Q1-15, a substantial increase over its 12% during Q4-14 and 13% during the same period last year. With the tide of valuations moving consistently upward, the increasing inventory in the more expensive brackets comes at the expense of affordability in LA’s more desired neighborhoods.

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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 NEIGHBORHOOD

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$1MM-$3MM $3MM-$5MM $5MM+

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$1MM - $3MMQ1 2015 $3MM - $5MM

LOS ANGELES PRIME MARKETS:SINGLE-FAMILY RESIDENCES

# of Sales Avg. Sale Price Avg. PPSF

Q1-15 491 $1,697,418 $700

Change 0.4% 0.3% 4.4%

Q1-14 489 $1,692,324 $670

Q1-15 491 $1,697,418 $700

Change -25.2% -2.3% -3.2%

Q4-14 656 $1,736,835 $723


Q1-15 49 $9,865,040 $1,350

Change -31.0% -4.7% 3.1%

Q1-14 71 $10,348,841 $1,309

Q1-15 49 $9,865,040 $1,350

Change -34.7% 0.9% -10.1%

Q4-14 75 $9,776,134 $1,502


Q1-15 108 $3,731,166 $924

Change 33.3% -1.2% 2.6%

Q1-14 81 $3,775,138 $901

Q1-15 108 $3,731,166 $924

Change 9.1% 1.5% -1.7%

Q4-14 99 $3,677,374 $940

SALES INVENTORY (4/1/15)

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

Beverly Hills 30 $5,983,970 -5.56% $1,345 61 $10,499,441 $1,873 6.1

Beverly Hills Post Office 24 $2,652,208 -8.75% $816 91 $9,036,148 $1,682 11.4

Sunset Strip 71 $2,831,070 -3.88% $904 174 $4,380,448 $1,229 7.4

Bel Air - Holmby Hills 37 $5,294,649 -13.33% $976 65 $9,227,659 $1,373 5.3

Century City - Westwood 22 $2,264,295 -0.91% $818 16 $3,029,437 $919 2.2

Brentwood 29 $3,182,750 0.81% $928 70 $4,659,343 $1,018 7.2

West LA 6 $1,266,602 0.43% $646 6 $1,392,333 $582 3.0

Cheviot Hills 14 $1,713,429 0.95% $734 9 $2,620,222 $764 1.9

Beverlywood 14 $1,482,321 -2.51% $651 11 $1,590,045 $704 2.4

West Hollywood 30 $1,967,979 -1.83% $923 21 $2,094,760 $982 2.1

Venice 33 $1,833,818 -1.36% $1,065 44 $2,391,385 $1,037 4.0

Marina del Rey 10 $2,422,566 -4.48% $632 4 $1,651,750 $827 1.2

Palms - Mar Vista 34 $1,532,551 0.50% $682 29 $1,559,379 $657 2.6

Santa Monica 37 $2,746,832 0.14% $1,065 40 $4,190,322 $1,128 3.2

Pacific Palisades 54 $3,385,208 -2.23% $911 70 $6,292,967 $1,288 3.9

Mid LA 1 $1,200,000 0.08% $392 2 $1,262,000 $318 6.0

Mid Wilshire 1 $1,325,000 -3.64% $181 2 $1,174,500 $477 6.0

Hancock Park 39 $2,143,854 1.09% $632 41 $2,112,122 $635 3.2

Beverly Center 33 $1,660,297 -0.60% $648 22 $1,922,545 $759 2.0

Hollywood 9 $1,692,825 -2.31% $949 7 $1,557,429 $705 2.3

Silver Lake 16 $1,329,821 5.59% $657 6 $1,240,899 $513 1.1

Los Feliz 32 $1,841,891 -1.44% $624 39 $2,959,536 $716 3.7

Culver City 17 $1,297,453 -2.16% $580 14 $1,296,771 $598 2.5

Hollywood Hills East 17 $1,444,695 0.42% $551 26 $1,748,996 $575 4.6

Malibu Beach 6 $5,556,250 -5.89% $2,061 57 $11,687,614 $3,195 28.5

Malibu 32 $2,768,645 -7.05% $778 128 $4,901,409 $1,195 12.0

TOTAL/AVERAGE 648 $2,653,989 -3.94% $866 1,055 $5,386,447 $1,327 4.9

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CONDOMINIUM RESIDENCES

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Q1-15 CONDOMINIUM SALES BY CATEGORY


Q1-15 503 $703,967 $505

Change 7.2% 2.2% 7.1%

Q1-14 469 $689,005 $471

Q1-15 503 $703,967 $505

Change -12.8% 0.1% 1.0%

Q4-14 577 $703,216 $499


Q1-15 13 $4,151,876 $1,474

Change -27.8% 1.8% 6.9%

Q1-14 18 $4,078,056 $1,379

Q1-15 13 $4,151,876 $1,474

Change -27.8% -4.7% -1.4%

Q4-14 18 $4,356,139 $1,494

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

Studio 8 1.2% $5,484,000 $685,500 $612

1 BR 78 11.7% $54,444,680 $698,009 $673

2 BR 440 66.2% $405,448,244 $921,473 $604

3 BR 128 19.2% $144,169,813 $1,126,327 $594

4+ BR 11 1.7% $17,776,894 $1,616,081 $666


Q1-15 149 $1,471,502 $751

Change 50.5% 3.5% 7.7%

Q1-14 99 $1,421,449 $697

Q1-15 149 $1,471,502 $751

Change -1.3% 0.7% 1.0%

Q4-14 151 $1,460,825 $743

$500K - $1MM $1MM - $3MMLuxury and rising prices have continued as a theme for prime market condos in Q1. Much like the $3MM-$5MM segment for SFRs, condos in the middle $1MM-$3MM bracket surged in the period, recording 149 deals at an average sale price of $1.5MM. More impressively, average PPSF in this segment reached $751/SF, just above Q4-14’s benchmark of $743, and a considerable 7.7% increase over Q1-14.

Successful new development projects, including Santa Monica’s The Waverly and The Seychelle, exemplify a strong increase in condo pricing when an underserved and underdeveloped neighborhood welcomes new condo inventory to the market.

Condominium transactions above $3MM dropped in volume relative to previous quarters, though recorded a 6.9% increase in average PPSF, at $1,474. In March, one of the few remaining penthouses left at Evo, located in the South Park neighborhood of Downtown Los Angeles, sold for $3.4MM or $944/SF.

Aside from the very successful Ritz-Carlton Residences at L.A. LIVE, this is the most expensive condo sale in DTLA since 2008. We expect to see the tide in uber-luxury, premium-priced condos continue to rise.

$3MM+

SALES INVENTORY (4/1/15)

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

Beverly Hills 29 $1,443,738 -2.14% $669 31 $1,342,126 $708 3.2

Beverly Hills Post Office - - - - - - - -

Sunset Strip 14 $1,129,679 -1.60% $692 14 $789,561 $621 3.0

Bel Air - Holmby Hills 4 $717,611 -5.05% $325 1 $599,000 $458 0.8

Century City - Westwood 89 $886,190 -0.93% $490 165 $2,383,818 $1,063 5.6

Brentwood 35 $969,761 -1.76% $649 36 $971,469 $561 3.1

West LA 40 $954,503 -1.84% $674 18 $860,300 $511 1.4

Cheviot Hills - - - - - - - -

Beverlywood 9 $778,456 -2.83% $493 10 $822,089 $523 3.3

West Hollywood 73 $972,736 -2.24% $757 66 $1,001,370 $695 2.7

Venice 9 $1,004,444 -2.94% $572 18 $1,333,000 $629 6.0

Marina del Rey 55 $996,700 -2.72% $592 67 $1,180,659 $727 3.7

Palms - Mar Vista 15 $829,350 -1.60% $597 4 $623,250 $468 0.8

Santa Monica 93 $1,001,496 -3.78% $747 72 $1,851,159 $1,253 2.3

Pacific Palisades 8 $910,188 -0.73% $573 8 $850,750 $591 3.0

Mid LA - - - - - - - -

Mid Wilshire 11 $798,636 0.60% $530 20 $692,120 $452 5.5

Hancock Park 18 $1,055,806 -2.20% $660 34 $684,894 $440 5.7

Beverly Center 20 $814,472 -1.68% $547 13 $720,615 $529 2.0

Hollywood 16 $1,051,761 -2.61% $711 15 $1,036,427 $681 2.8

Silver Lake 6 $687,500 -0.63% $450 3 $719,633 $430 1.5

Los Feliz 3 $998,333 -3.48% $779 3 $590,000 $435 3.0

Culver City 16 $829,500 -2.46% $517 6 $624,000 $414 1.1

Hollywood Hills East 3 $648,333 -1.82% $399 6 $747,000 $418 6.0

Malibu Beach - - - - 14 $1,279,929 $1,254 -

Malibu 7 $1,320,329 -2.02% $827 21 $1,090,824 $758 9.0

Playa Vista 30 $1,004,677 -1.10% $568 6 $752,100 $480 0.6

Downtown Los Angeles 57 $921,928 -2.10% $659 53 $988,364 $721 2.8

TOTAL/AVERAGE 665 $943,344 -1.97% $609 704 $1,404,772 $823 3.2

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LOS ANGELES PRIME MARKETS:CONDOMINIUMS

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TOTAL TRANSACTION ACTIVITY BY NEIGHBORHOOD

Source: MLS

Q1 2015


a variety of stunning gardens. Come fall, the region welcomes an Annual Homes Tour, the longest-running in Los Angeles. Sponsored by the Windsor Square Hancock Park Historical Society, these yearly events honor what once was, while preserving what will be for generations to come.

Fill your morning cup with global beans from Go Get Em Tiger. Take a lazy Sunday drive to the Farmers Market. At Crumbs Bake Shop, bite into the cupcake version of cookie dough and milkshake, or treat yourself to Portland-based Salt & Straw, an ice cream shop churning out flavors from Sea Salt with Caramel Ribbons to “The Awesomenator” — something you just have to taste to believe. When the lunch hour rolls around, seek out Cafe Gratitude, a 100% organic and vegan establishment with heavenly interiors and a menu that reads like your daily affirmations. For dinner, dig in at the much-celebrated Osteria Mozza, helmed by James Beard Award-Winning Chef Nancy Silverton, or reserve your ticket to dine at Trois Mec, Chef Ludovic Lefebvre’s restaurant that still feels like a closely held secret.

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SINGLE-FAMILY RESIDENCE SALES(OVER $1 MILLION)

CONDOMINIUM RESIDENCE SALES(OVER $500,000)

Q1-15 YoY % Q1-14 QoQ % Q4-14

Average Sale Price $738,100 15.6% $638,294 1.1% $729,875

Average PPSF $461 11.5% $413 1.4% $455

Median Sale Price $632,000 -4.1% $659,000 -7.7% $685,000

Number of Sales 18 5.9% 17 -25.0% 24

Days on Market 93 -11.4% 105 -5.3% 98


New Listings 59 51.3% 39 63.9% 36

Q1-15 YoY % Q1-14 QoQ % Q4-14

Average Sale Price $2,143,854 -8.3% $2,337,100 -6.2% $2,286,287

Average PPSF $632 -2.5% $649 -8.8% $693

Median Sale Price $1,700,000 -10.5% $1,899,900 5.3% $1,615,000

Number of Sales 39 -4.9% 41 -23.5% 51

Days on Market 104 -10.7% 117 37.0% 76

Listing Discount 1.1% - -1.7% - -2.2%

New Listings 88 27.5% 69 51.7% 58

Hancock Park represents one of those subtle pockets of Los Angeles where history clearly dictates the current and thriving real estate landscape. Its wealth of imposing, two-story historic homes and massive lots date back to the Roaring 20’s when, after striking it rich in petroleum production, developer and philanthropist G. Allan Hancock decided to try his luck in real estate. We can thank Hancock himself for the palatial curb appeal of the neighborhood, as he insisted that all homes were to be set back at least 50 feet from the sidewalk.

At the time, European revival was in vogue; the venerable Paul Williams designed homes for stars like Frank Sinatra, Lon Chaney and Lucille Ball. Past prominent residents have included billionaire Howard Hughes, entertainers Mae West and Nat King Cole, Broadway Department Store magnate Arthur Letts, Jr. and architect William Pereira.

Bordering Hollywood and Koreatown, Hancock Park appeals to an affluent yet humble audience desiring culture, community and ambience. Once home to the Hollywood elite, the area still attracts high-profile residents seeking privacy on its secluded, treelined streets.

Adjacent to Hancock Park is Larchmont Village, a one-block strip best known for its array of attractive shops, restaurants and overall nostalgic allure. Named in the early 1920’s after the small town of Larchmont, N.Y., this community still retains its original general store. Locals and visitors can travel from coffee shop to bookstore to boutique without having to get in and out of their cars. Larchmont Village fosters the complete urban experience by providing walkability, arguably one of the most desirable commodities in today’s real estate market.

Windsor Square is one of the oldest, most well-preserved neighborhoods in all of Los Angeles. It is centrally located five miles west of downtown and is home to the Getty House, a Tudor Revival that serves as the official residence of the Mayor of Los Angeles. The community is resplendent with lush greenery — broad front lawns and parkways are shaded by a canopy of mature California sycamores, Aleppo pines and queen palms.

These three distinct yet inextricably linked districts share a storied architectural past and bright future. Every spring, the area’s flourishing horticulture is paid homage with a Garden Tour and Party showcasing

NEIGHBORHOOD SPOTLIGHT:HANCOCK PARK

A Perfect DayIn Hancock Park

QUARTERLY VOLUME AND AVERAGE PPSF

Q1-15 HANCOCK PARK CONDOMINIUM PERFORMANCE

Q1-15 HANCOCK PARK SFR PERFORMANCE

QUARTERLY VOLUME AND AVERAGE PPSF

HANCOCK PARK AT A GLANCE



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

Q1-15 30 $5,983,970 $4,225,900 153 $1,345

Change -9.1% -7.3% -20.6% 53.8% 10.2%

Q1-14 33 $6,457,008 $5,325,000 100 $1,220


Q1-15 29 $1,443,738 $1,145,000 128 $669

Change 16.0% -0.4% -6.5% 1.1% -7.6%

Q1-14 25 $1,448,940 $1,225,000 127 $723

BEVERLY HILLS



Q1-15 71 $2,831,070 $1,812,500 108 $904

Change -11.3% 19.6% 4.2% -6.5% 16.4%

Q1-14 80 $2,367,880 $1,740,000 116 $777


Q1-15 14 $1,739,651 $748,556 72 $1,065

Change 75.0% 72.3% 14.7% -10.8% 53.2%

Q1-14 8 $1,009,563 $652,500 80 $695

SUNSET STRIP



Q1-15 22 $2,264,295 $1,728,000 95 $818

Change -18.5% 15.7% -1.3% 3.1% 10.3%

Q1-14 27 $1,956,354 $1,750,000 93 $741


Q1-15 89 $1,050,991 $788,000 114 $581

Change -13.6% -12.9% -1.4% 9.0% -7.2%

Q1-14 103 $1,207,053 $799,000 105 $626

CENTURY CITY / WESTWOOD



Q1-15 30 $1,967,979 $1,925,000 80 $923

Change 30.4% 36.5% 75.0% -12.5% 12.4%

Q1-14 23 $1,441,608 $1,100,000 91 $821


Q1-15 73 $749,528 $703,000 97 $583

Change 28.1% 1.2% 0.3% 28.7% 3.9%

Q1-14 57 $740,974 $701,000 75 $562

WEST HOLLYWOOD



Q1-15 54 $3,385,208 $3,125,000 95 $911

Change -14.3% 2.7% 21.4% 2.5% 3.1%

Q1-14 63 $3,296,386 $2,575,000 93 $884


Q1-15 8 $942,625 $892,000 103 $593

Change -42.9% -15.2% -8.7% 9.7% 5.2%

Q1-14 14 $1,111,000 $977,500 94 $563

PACIFIC PALISADES



Q1-15 32 $2,768,645 $2,099,813 174 $778

Change 6.7% -10.1% -4.2% -15.5% -3.6%

Q1-14 30 $3,078,331 $2,191,959 206 $806


Q1-15 7 $1,002,000 $880,000 110 $628

Change 0.0% 6.6% 8.6% 31.9% 9.3%

Q1-14 7 $939,571 $810,000 84 $575

MALIBUSINGLE-FAMILY RESIDENCES


Q1-15 - - - - -

Change - - - - -

Q1-14 - - - - -


Q1-15 57 $872,964 $710,000 88 $626

Change -1.7% 18.1% 8.0% -8.3% 13.2%

Q1-14 58 $739,338 $657,500 96 $553

DOWNTOWN L.A.



Q1-15 24 $2,652,208 $1,887,500 128 $816

Change -22.6% -29.9% -24.5% -11.9% -2.5%

Q1-14 31 $3,785,093 $2,500,000 146 $837


Q1-15 - - - - -

Change - - - - -

Q1-14 - - - - -

BEVERLY HILLS POST OFFICE



Q1-15 37 $5,294,649 $2,900,000 149 $976

Change 12.1% -27.4% 43.2% -20.4% -17.6%

Q1-14 33 $7,294,136 $2,025,000 187 $1,185


Q1-15 - - - - -

Change - - - - -

Q1-14 - - - - -

BEL AIR / HOLMBY HILLS



Q1-15 29 $3,182,750 $2,750,000 80 $928

Change -9.4% -4.1% 7.2% -0.7% -5.5%

Q1-14 32 $3,320,051 $2,565,000 81 $982


Q1-15 35 $797,038 $750,000 98 $533

Change 12.9% -9.7% -10.7% 26.0% 5.9%

Q1-14 31 $882,419 $840,000 78 $503

BRENTWOOD



Q1-15 37 $2,746,832 $2,435,000 73 $1,065

Change 19.4% -16.1% 22.1% -28.5% 8.3%

Q1-14 31 $3,272,373 $1,995,000 103 $984


Q1-15 93 $1,176,394 $980,000 91 $879

Change 47.6% 13.1% 22.3% 8.3% 19.0%

Q1-14 63 $1,039,781 $801,000 84 $739

SANTA MONICA



Q1-15 39 $2,143,854 $1,700,000 104 $632

Change -4.9% -8.3% -10.5% -10.7% -2.5%

Q1-14 41 $2,337,100 $1,899,900 117 $649


Q1-15 18 $738,100 $632,000 93 $461

Change 5.9% 15.6% -4.1% -11.4% 11.5%

Q1-14 17 $638,294 $659,000 105 $413

HANCOCK PARK

Q1-15 PERFORMANCEBY NEIGHBORHOOD– SINGLE-FAMILY RESIDENCES & CONDOMINIUM RESIDENCES

Source: MLS

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.

An international associate of Savills

Documents

THE AGENCY REPORT - Cindy Ambuehl · city, with 32 deals recorded during the period at an average sale price of $2.8 million. Average PPSF remained very strong at $778/ SF, representing