Los Angeles’ top residential brokerages say the market’s humming along. Under the hood, the motor sometimes splutters. High interest rates, last April’s introduction of hefty transfer taxes, an exodus from the state by home insurers and costly listings have all dampened dealmaking. That shows in The Real Deal’s analysis of L.A. County’s 20 largest residential brokerages by sales volume between May 2023 and May 2024. The annual list counts Multiple Listing Service-recorded deals above $1 million and does not include off-market transactions. Malibu in particular has been home to many of the year’s blockbuster deals, including the $61 million sale of a spec home in Scott Gillen’s The Case community and Laurene Powell Jobs’ purchase of a Paradise Cove home for $94 million. Although this year’s top four look similar to previous rankings, the rest of the list points to an increased presence from boutique brokerages.
Carolwood Estates is among the list’s newcomers. Some say the boutique presence isn’t new, as many smaller firms work with high-net-worth clients on off-market deals, which the list does not reflect.
“We’re seeing more than ever that our highest-level clients prefer to transact off market,” Carolwood’s Nick Segal said. “It helps maintain a sense of both anonymity for the sellers and exclusivity for the buyers.”
Carolwood Estates is among the list’s newcomers. Some say the boutique presence isn’t new, as many smaller firms work with high-net-worth clients on off-market deals, which the list does not reflect.
“We’re seeing more than ever that our highest-level clients prefer to transact off market,” Carolwood’s Nick Segal said. “It helps maintain a sense of both anonymity for the sellers and exclusivity for the buyers.”
Carolwood, which ranked highest of all the newcomers, at No. 8, had total volume of $1.6 billion across 290 deals, according to TRD analysis. The brokerage said its volume is closer to $2.7 billion with off-market trades factored in for the period from May 2023 to the present.
Boutique or not, market pressures remain the same including challenges around interest rates, Measure ULA and general consumer sentiment. L.A. will likely remain in its holding pattern in the months ahead, as consumers wait for the Federal Reserve’s next move and the election outcome.
Boutique or not, market pressures remain the same including challenges around interest rates, Measure ULA and general consumer sentiment. L.A. will likely remain in its holding pattern in the months ahead, as consumers wait for the Federal Reserve’s next move and the election outcome.
