Westside Estate Agency http://www.weahomes.com Beverly Hills, Malibu, Miami Wed, 07 Dec 2016 00:13:19 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.1 Cindy Crawford and Rande Gerber seek $60 million for model Malibu compound http://www.weahomes.com/cindy-crawford-and-rande-gerber-seek-60-million-for-model-malibu-compound/ Wed, 23 Nov 2016 20:21:16 +0000 http://www.weahomes.com/?p=25495 Supermodel Cindy Crawford and her husband, businessman Rande Gerber, appear to have the model down...read more

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Supermodel Cindy Crawford and her husband, businessman Rande Gerber, appear to have the model down for home-flipping.

A year ago they more than doubled their investment on a traditional-style home in Malibu. Now the couple is looking for a big score, listing a compound in the Encinal Bluffs area for $60 million — $9.5 million more than what they paid for it a year ago.

Set on a bluff of roughly 3.2 acres, the gated estate has a tennis court, park-like grounds, and a footpath to the beach below.

The Mediterranean-style main house, built in 1944 and newly renovated, is designed for indoor-outdoor living and has walls of glass that open to ocean-facing, wrap-around decks.

Living and dining rooms, a media room, and a chef’s kitchen with a large island and a breakfast bar are within nearly 5,300 square feet of living space. The ocean-view master suite has a fireplace, a separate sitting area and his and her’s bathrooms for a total of four bedrooms and 5.5 bathrooms.

A swimming pool and spa, an outdoor pavilion, lawns and mature landscaping complete the coastal setting.

Christopher Cortazzo of Coldwell Banker and Kurt Rappaport of Westside Estate Agency hold the listing.

The 50-year-old Crawford took to modeling in her teenage years and has appeared on hundreds of magazine covers. Her life story, “Becoming,” was released last year. Gerber, 54, is a former model and a nightlife industry businessman. He co-founded the tequila brand Casamigos with actor George Clooney.

Click here to read the full post on the latimes.com.

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LA Times – Top Sales http://www.weahomes.com/the-la-times-top-sales/ Wed, 23 Nov 2016 19:30:06 +0000 http://www.weahomes.com/?p=25488 $11.25 million — Brentwood A gated estate in the 400 block of North Carmelina Avenue...read more

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$11.25 million — Brentwood

A gated estate in the 400 block of North Carmelina Avenue sold for $1.225 million less than the asking price of $12.475 million. The buyers were Tom Davidov, managing director at the investment bank Credit Suisse, and his wife, fashion editor and celebrity makeup artist Mary Alice Davidov.

Sitting on more than half an acre of lush grounds, the Spanish-style home is entered through a courtyard with a koi pond and an outdoor fireplace.

The 9,600 square feet of interior space has a refined look, with white-painted walls, hardwood floors and vaulted ceilings with exposed beams. Among living spaces is an eat-in kitchen, a sunroom and a formal dining room that overlooks the courtyard.

Including a guesthouse and a detached studio, there are nine bedrooms and 8.5 bathrooms. The master suite takes in a view of the Getty Center.

Richard Ehrlich of Westside Estate Agency had the listing.

Click here to read the full story on latimes.com.

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Silicon Valley tech executives are buying luxury second homes in L.A. at increased rate http://www.weahomes.com/silicon-valley-tech-executives-are-buying-luxury-second-homes-in-l-a-at-increased-rate/ Wed, 23 Nov 2016 19:24:36 +0000 http://www.weahomes.com/?p=25483 Sales numbers reported by a leading Los Angeles luxury home sales broker show that a...read more

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Sales numbers reported by a leading Los Angeles luxury home sales broker show that a significant number of high-net-worth individuals from Silicon Valley are buying second homes in the Silicon Beach/Westside area of L.A.

Whether they want to be closer to business interests or to the leisure culture L.A. has to offer, the number of buyers with a Silicon Valley mailing address who purchased a home in the region that includes Bel Air, Beverly Hills, Malibu, Marina del Rey, Santa Monica, West Hollywood and the surrounding areas has been growing.

Westside Estate Agency (WEA) reported in an analysis of its monthly micro-reports an almost three-fold increase in real estate sales in the most sought-after neighborhoods in the Westside/Silicon Beach area, home of LA’s burgeoning technology industry, from 2007 to 2016, with most of the growth happening in the past two years.

WEA specializes in luxury properties valued at more than $1 million in the Westside, a market that grew 71 percent from the second to third quarters of this year and was up 11.5 percent compared to the third quarter of 2015.

According to Data provided by CoreLogic, a real estate data and analytics company based in Irvine, California, the number of buyers in the 13 zip codes loosely called Westside in the period January through mid-October 2016 who listed a property tax mailing address in the San Francisco area was 21, the highest number since before the economic downturn in 2007.

Silicon Beach has become the second-largest tech hubin the country behind Silicon Valley, Forbes reported. So it makes sense that tech executives from San Francisco may find themselves in need of a home base when they visit operations in L.A.

Stephen Shapiro, co-founder of WEA, said the high-net-worth buyers enjoy the L.A. lifestyle, and there is a larger selection of luxury estate homes to choose from in L.A. than in San Francisco.

“They are looking for property on the beach where they can relax,” Shapiro said.

He said some of the homes may only get used a few days a year, but that the strength of the Westside luxury market makes homes a good investment, which appeals to high-net-worth individuals.

WEA has facilitated Westside purchases by Larry Ellison of Oracle, Sean Parker of Facebook and Napster, Blake Kerkorian of Sling Media, and Evan Spiegel of Snapchat, and recently hosted a meeting in Silicon Valley to connect with that region’s top realtors.

Ultra-wealthy clients expect one-on-one attention, Shapiro said, and focusing on their needs has helped him grow his business from renting houses to film and record industry customers in the 1970s to a company with multi-million dollar listings.

“Most of our business comes from referrals and previous clients,” he said. “Good clients view us as a partner and use us over and over.”

A 2015 Ipsos MediaCT survey said high-net-worth millennials were the most likely age group to purchase a new home in the next year. Both millennials and Gen Xers in the category were expected to pay an average of around $5 million for new homes. High net worth is generally defined as having more than $1 million in liquid assets.

So what features are important to an uber-wealthy millennial tech executive looking for a $5 million-plus home?

The survey showed the luxury buyer is looking for a smart home that’s fully automated and wired; that is LEED-certified or meets other sustainability criteria such as solar power; has an open floor plan; and has a home gym, a theater and a safe room.

They are also looking for four or more garages and a wine cellar or wine room, and may want an outdoor kitchen and deep water dock or pool.

Click here to read the full article on bizjournals.com.

 

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WEA Featured Agent: Magali Bergher http://www.weahomes.com/wea-featured-agent-magali-bergher/ Fri, 28 Oct 2016 19:00:57 +0000 http://www.weahomes.com/?p=25259 WEA agents are from the worlds of business, entertainment, academia, and, of course, real estate. They are an incredible group of agents that have a passion for business, architecture, and...read more

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WEA agents are from the worlds of business, entertainment, academia, and, of course, real estate. They are an incredible group of agents that have a passion for business, architecture, and their local communities. This month’s featured agent is Magali Bergher. See what Magali shares about herself on her WEA profile by clicking here.

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Letter From WEA: DO YOU WANT A TEAM OF BROKERS OR ONE RESPONSIBLE BROKER? http://www.weahomes.com/letter-from-wea-do-you-want-a-team-of-brokers-or-one-responsible-broker/ Fri, 28 Oct 2016 18:51:02 +0000 http://www.weahomes.com/?p=25256 There seems to be a growing trend for brokerages to have “teams” representing sellers on the listing of their homes. It begs the question of what is best for YOU?...read more

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There seems to be a growing trend for brokerages to have “teams” representing sellers on the listing of their homes. It begs the question of what is best for YOU? A team or an individual?

At WEA, we firmly believe that one responsible agent is best. When we’ve interacted with teams of more than 2 agents, it seems that no one wants to manage the listing. They all hope that one of the other agents in their team will do the job. When we’ve called teams to organize showings, we’ve frequently had to make multiple calls to multiple people in the team to get an answer. It becomes confusing and problematic. We recently did a deal where there were NINE team members, and responses to simple questions took days. I’m confident that the client they represented had no idea of the inefficiencies that were going on behind the scenes.

Isn’t it better to have ONE individual that you interact with? At WEA, that agent is not only the point of contact for showing inquiries but also the one who is immediately available (via phone, email, and text) to answer any questions and update the client on progress.

Please, tell me the value of the team because I don’t see it.

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Home of the Day: Post-and-beam bliss beneath the Hollywood sign http://www.weahomes.com/home-of-the-day-post-and-beam-bliss-beneath-the-hollywood-sign/ Wed, 26 Oct 2016 20:23:44 +0000 http://www.weahomes.com/?p=25312 Nestled on a hill below the iconic Hollywood sign, this 1957 post-and-beam in Hollywood Hills...read more

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Nestled on a hill below the iconic Hollywood sign, this 1957 post-and-beam in Hollywood Hills features walls of floor-to-ceiling glass that invite natural light and blur the line between indoor and outdoor spaces. Open living spaces, a centerpiece fireplace and a canyon-facing deck are among features of the home.

Address: 3132 Hollyridge Dr., Los Angeles, 90068

Price: $2.695 million

Built: 1957

Features: Post-and-beam design; hardwood flooring; three en suite bedrooms; office/bonus room; studio; viewing deck; swimming pool; landmark, city lights and mountain views

About the area: The median sale price for single-family homes in the 90068 ZIP Code in August was $1.465 million, based on 25 sales, according to CoreLogic. That was a 14.5% increase in median price compared with the same time last year.

Agents: Ryan Burns, Westside Estate Agency, (310) 801-3077

Click here to read the full story on the latimes.com.

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Press Release: Westside Estate Agency Thrives, Fueled by Growing Demand for Luxury Real Estate in Prime Los Angeles Locations http://www.weahomes.com/wea-thrives-fueled-by-growing-demand-for-luxury-real-estate/ Wed, 26 Oct 2016 13:00:38 +0000 http://www.weahomes.com/?p=25128 Leading luxury real-estate brokerage firm saw vibrant Q3 growth through focus on client satisfaction, agent loyalty, and experience in working with high-net-worth individuals (HNWI) who seek the LA lifestyle and...read more

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Leading luxury real-estate brokerage firm saw vibrant Q3 growth through focus on client satisfaction, agent loyalty, and experience in working with high-net-worth individuals (HNWI) who seek the LA lifestyle and solid investment opportunities

BEVERLY HILLS, Calif., October 26, 2016: Westside Estate Agency, (WEA), the leading Los Angeles luxury home brokerage firm, experienced robust growth in Q3, driven by strong demand for Los Angeles luxury real-estate. WEA specializes in luxury properties valued at more than $1 million in the Westside, a market that grew 71 percent from Q2 to Q3 this year, and was up 11.5 percent compared to Q3 of 2015. In its most recent market analysis, WEA reported continued growth in both Westside listings and property values. The Westside of Los Angeles includes Bel Air, Beverly Hills, Malibu, Marina del Ray, Santa Monica, West Hollywood, and surrounding areas.

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Established in 1999 and focused exclusively on luxury properties of $1M or more, WEA’s growth is driven by its impeccable roster of agents who remain loyal to the firm and are dedicated to client satisfaction. WEA’s co-founder and chairman, Stephen Shapiro, attributes the firm’s recent success to its independence and reputation as one of the most established boutique agencies. “Superlative one-to-one customer service, coupled with agent loyalty and the latest market intelligence, are key to selling to the high-net-worth individuals who are defining the Westside luxury real-estate market.”*NOTE: sales data for single family homes of $1MM or more

Current WEA listings include some of the Westside’s most unique properties

The firm currently offers a number of prestigious listings in the Westside and Malibu that are solid investments for discerning buyers, including:

  • The Summit, Summit Drive, Beverly Hills: An extraordinary estate that almost defies description. Situated in a 24-hour guard-gated community with its own gates and private drive, this home is a modern architectural masterpiece of size and scale.
  • 661 Doheny Road, Beverly Hills: Over an acre in the most prime section of Beverly Hills, this world-class estate is the perfect blend of quality, style, and privacy.
  • 1642 Mandeville Canyon Road, Brentwood: a magical compound of three structures set amid 2.63 acres of park-like property.
  • 182 N. Carmelina Avenue, Brentwood: An extremely private, secluded, and sophisticated Mediterranean Villa designed by William Hefner in 2004.
  • 31250 Broad Beach Road, Malibu:  An architectural connoisseur’s dream designed by Frank Gehry. This world-class trophy property encompasses multiple parcels with an unprecedented 160 feet of beachfront in a prime section of Broad Beach.

The Westside attracts HNWI seeking strong investments and the Southern California lifestyle

WEA was included in the Los Angeles Times top sales of August with the close of film editor Dominik Bauch’s $6.75 million Brentwood traditional style home. Completed this year, the three-story house sits on slightly more than a quarter of an acre and is fronted by a circular driveway. WEA also worked to close the sales of designer Barbara Barry’s fully furnished Beverly Hills home for $7.85 million, former child star Marjorie Lord’s Hollywood Regency style home for $8.3 million, and John Krasinski and Emily Blunt’s Hollywood Hills home for $6.5 million. WEA is also representing studio chief Chris McGurk as he moves to sell his modern Malibu home.

In addition to being consistently in the mix of the local buyers and sellers who comprise the Westside luxury market, WEA is experiencing an influx of buyers from Silicon Valley as executives either seek the lifestyle provided by the Westside, or who relocate south to work in the expanding LA tech neighborhoods of Silicon Beach. WEA has already represented Larry Ellison, (Oracle), Sean Parker, (LinkedIn, Napster), Evan Spiegel, (Snapchat) and other technology luminaries who have invested in Westside properties, and recently hosted a meeting in Silicon Valley to connect with that region’s top realtors.

NOTE TO MEDIA: The September edition of the WEA micro market illustrates the dramatic growth between 2007-2016 of Westside luxury homes and estates valued at more than $1 million.

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WEA in the News: Emily Blunt and John Krasinski sell L.A.-area home for over the asking price http://www.weahomes.com/wea-in-the-news-emily-blunt-and-john-krasinski-sell-l-a-area-home-for-over-the-asking-price/ Tue, 25 Oct 2016 23:36:29 +0000 http://www.weahomes.com/?p=25297 Actors Emily Blunt and John Krasinski have parted ways with their second home in Hollywood...read more

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Actors Emily Blunt and John Krasinski have parted ways with their second home in Hollywood Hills West this year, selling the renovated single-story for $3.505 million, or $10,000 over the asking price.

The fenced and gated house, built in 1965, came to market in September and was under contract in about three weeks. Records show Blunt and Krasinski bought the property two years ago for $2.595 million.

The roughly 3,500-square-foot house has vaulted ceilings with exposed beams, light hardwood floors and contemporary fixtures. A U-shaped countertop/bar surrounds the kitchen and an oversized island.

A great room with a wall fireplace, a formal dining room, a media room, four bedrooms and 3.5 bathrooms also lie within the floor plan. The master suite features a separate sitting room and a pair of walk-in closets.

A swimming pool and spa, a covered patio, lawns and mature trees fill grounds of more than a third of an acre.

Kurt Rappaport of Westside Estate Agency was the listing agent.

Blunt, 33, has film credits that include “Sicario” (2015), “Edge of Tomorrow” (2014) and “Salmon Fishing in the Yemen” (2011). She stars in the recently released thriller “The Girl on the Train,” a film adaptation of the Paula Hawkins novel. Krasinski, 36, gained fame for his role as Jim Halpert on the long-running sitcom “The Office.” Among his film credits are “Aloha” (2015) and this year’s “13 Hours: The Secret Soldiers of Benghazi.”

Earlier this year, the couple sold another home in the area to reality television personality-model Kendall Jenner for $6.5 million. They reportedly bought a historic townhouse in the Park Slope area of New York in late 2014 for $6 million.

Click here to read the full article on the latimes.com.

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Miami Luxury Real Estate Attracting Turkish Buyers http://www.weahomes.com/miami-luxury-real-estate-attracting-turkish-buyers/ Mon, 17 Oct 2016 22:40:47 +0000 http://www.weahomes.com/?p=24930 High net worth investors of luxury real estate know that the condo market in Miami Beach has produced high supply for years. But now, thanks to an influx in Turkish...read more

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High net worth investors of luxury real estate know that the condo market in Miami Beach has produced high supply for years. But now, thanks to an influx in Turkish buyers, the Miami luxury real estate market is poised to attract much-needed demand.

Qualified Foreign Investors: A Sight for Sore Eyes

The longtime retreat for residents of the Americas is now attracting a large expatriate population of wealthy Turkish buyers, who are snatching up properties in Miami-Dade County. A recent Wall Street Journal article stated that 5% of pre-construction inventory in Miami is now being sold to Turks. This was just the stimulus Miami luxury homes needed. In early 2016, the sales of homes and condos in South Florida began to abate amidst concerns of the large amounts of real estate inventory already in the pipeline combined with a dwindling number of foreign buyers (Source). The Sun Sentinel, a local news outlet likened the qualified foreign investors to the “backbone of the Miami-Dade market.” One of the reasons they were not purchasing in Q1 and Q2 of 2016 was due to concerns about worldwide economies.

Miami, Florida: A Turkish Delight

Now, following the Brexit decision (and declining real estate market in the UK) and the events of the failed Turkish coup attempt, Turkish nationals are seeking to diversify their portfolio in a market that is looking increasingly stable. These affluent newcomers already make up 10,000 part-time residents in Miami while an estimated 2000 Turks are already homeowners (Source).

Real estate prices are quite attractive compared to localities in Istanbul, the capital, or Bodrum a popular beachside city located on the Aegean Sea. Buyers are looking to purchase their third or fourth home. When they come to Miami, they have usually made a decision to buy. A large majority of Turkish buyers are interested in obtaining an EB-5 visa, which requires a down payment of $500,000 or more in real estate in order to be qualified as an Immigrant Investor. Once approved, Turkish nationals can acquire permanent residency in the United States of America.

Why Emigrate and Invest Now?

The steady trickle of Turkish immigrants has been noticeable for some time in Miami, so much so that a newly built consulate was completed earlier this year in Miami’s Brickell City Tower. In response, Turkish Airlines at Miami International Airport added a daily flight from MIA to Istanbul to service the influx passengers (Source). No doubt warming geopolitical relations between the U.S. and Turkey may have led to an opening up of borders between the two nations, but an unstable global climate has also incentivized Turk investors to seek stable real estate in a market they view as less volatile.

Instability in South America, Venezuela, Brazil, Russia, France, China (as well as Turkey itself) has made it attractive for many foreign HNWI to flock to the sunshine state. Miami offers the name recognition of other competing regions like London and New York City, but at a fraction of the price. Terrorist attacks throughout Europe as well as a devalued Lira, Turkey’s currency, have driven the trend.

Likewise, the climate is closer to the equator, making it fitter for Turkish nationals who are used to a warm, seaside, Mediterranean climate. In addition, many foreign citizens are purchasing homes or condos in downtown Miami, which is becoming more accessible to homeowners without a car – making it ideal for traveling business owners.

Big Players in the “305”

Turkish buyers are purchasing pre-constructed homes. Just recently, three units at the Ritz-Carlton Residences on Sunny Isles Beach sold to Turkish buyers, at about $4 million each (Source). An even bigger buyer paid $8.5 million for a two-story penthouse at Biscayne Beach (Source). Meanwhile, a historical boat repair yard on the Miami River known as Merrill-Stevens boatyard has been purchased by $7.69 million by Turkish billionaire Mustafa Rahmi Koc (Source).

Ready to Buy or Sell in Miami-Dade?

Westside Estate Agency has offices in Coral Gables, Miami. Give us a call at (305) 447-1471

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Westside Spotlight: Brentwood http://www.weahomes.com/westside-spotlight-brentwood/ Mon, 17 Oct 2016 17:28:42 +0000 http://www.weahomes.com/?p=24889 Warm Pacific breezes, leafy tree-lined streets, and a rich history are key elements of the affluent Westside neighborhood of Brentwood. Like nearby Santa Monica, Brentwood offers a temperate climate for...read more

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Warm Pacific breezes, leafy tree-lined streets, and a rich history are key elements of the affluent Westside neighborhood of Brentwood. Like nearby Santa Monica, Brentwood offers a temperate climate for homeowners who enjoy an indoor-outdoor lifestyle.

Brentwood is located at the base of the Santa Monica Mountains, whose ridges and canyons define the area both north and south of Sunset Boulevard, and west of the 405 freeway between Bel Air and Pacific Palisades.

Brentwood offers seven private and two public schools for families of this relatively small Los Angeles district of 35,000+ residents, and retains local traditions such as a maypole erected each spring at the Archer School for Girls.

Some of the local gathering places and highlights of this neighborhood include the Brentwood Country Mart, home of Reddi Chick and the Farmshop. Brentwood’s restaurants span the gamut, from Toscana, to Baltaire and Amici (for more, read this recent Thrillist guide).

Like many Westside communities, Brentwood is home to celebrities, athletes and technology luminaries, including Heidi Klum, Kurt Russell, Kate Hudson, Harrison Ford, Elon Musk, LeBron James, Evan Spiegel, Arnold Schwarzenegger, and many more. It was also once the home of gangster Mickey Cohen.

Brentwood real estate includes architecturally significant homes from some of the mid-century masters working in Los Angeles, as well as more traditional homes of the Spanish Revival, Cape Cod, and Tudor styles. Notable homes include the George Sturges house, which was designed by Frank Lloyd Wright and built in 1939. Home values remain strong in this sought-after area, which is near both the Getty museum and UCLA.

The district’s real estate offerings consist of a mix of luxury estates and homes with prices ranging from under $1M to $22M+. The average price per transaction has grown from $1,832,500 in the benchmark year of 2007 to its current valuation of $2,850,238.00. There was a 90-percent growth in sales over the previous year as well. We view Brentwood as an undervalued property market compared to nearby Beverly Hills.

Home buyers and investors alike will find Brentwood a charming community with superb schools and amenities, as well as a superior investment opportunity. So, in addition to being a wonderful place to live, it has a positive financial upside.

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