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Los Angeles Core New Development Market Watch Q1 2021

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Los Angeles Core New Development Market Watch Q1 2021 Quarterly MarketWatch Los Angeles Core Q1 2021 New Development Market Watch LOS ANGELES CORE Q1 2021 NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 01 Table of Contents Q1 2021 Quarterly Los Angeles Core MarketWatch .............................. 03 LOS ANGELES CORE SUMMARY ................................................................ 03 LOS ANGELES CORE - CONDOS $500K+ .................................................. 04 BEVERLY HILLS - CONDOS $500K+ .......................................................... 06 WEST HOLLYWOOD - CONDOS $500K+ ................................................... 08 BEVERLY CENTER / MIRACLE MILE - CONDOS $500K+ ........................... 10 SUNSET STRIP / HOLLYWOOD HILLS - CONDOS $500K+ ........................ 12 CENTURY CITY / WESTWOOD - CONDOS $500K+ ................................... 14 Leading Luxury Condo Properties in LA Core ..................... 1 6 LEADING LUXURY PROJECTS INFORMATION ............................................ 16 New Development Pipeline Projects ........................................... 2 1 PIPELINE PROJECTS MAP .......................................................................... 2 1 PIPELINE PROJECTS INFORMATION .......................................................... 22 HOLLYWOOD HILLS EAST SUNSET STRIP/ BEVERLY HILLS HOLLYWOOD POST OFFICE HILLS WEST BEL-AIR/ HOLMBY HILLS HOLLYWOOD BRENTWOOD W. HOLLYWOOD BEVERLY BEVERLY CENTER/ HILLS MIRACLE MILE CENTURY CITY/ WESTWOOD HANCOCK PARK/ WILSHIRE NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 02 Quarterly Los Angeles Core MarketWatch Q1 2021 LOS ANGELES CORE SUMMARY TOTAL SALES VOLUMES in all neighborhoods in price points above $500K +43.4% were UP 43.4% YOY and UP 14.0% QOQ in Q1 2021. The AVERAGE SALES PRICE netted out at $1.1 Million across all +8.2% neighborhoods UP 8.2% QOQ. TOTAL SALES VOLUMES in Beverly Hills remained strong, UP 118.2% YOY, +118.2% suggesting a flight to quality and luxury. CENTURY CITY reported the HIGHEST DEMAND with more than 138 +23.2% recorded deals UP 23.2% QOQ. Compass Development Marketing Group’s New Development Market Insights report provides an in-depth look at Los Angeles’ core neighborhoods of Beverly Hills, West Hollywood, Century City, Westwood, Beverly Center-Miracle Mile, and the Sunset Strip/ Hollywood Hills. Published quarterly and highlighting the city’s vast condo market, we pull information from a combination of public and proprietary databases that access the most up-to-date closing information for new development properties and resales. While LA’s core condo market was tested during the pandemic, demand appeared to turn the corner in late 2020 as enthusiastic buyers poured into the market. This demand has created sales volume increases of more than 43% YoY. With the roll-out of vaccinations, signaling a partial return to normalcy, an uptick in values followed demand as the average sales price increased more than 8.2% QoQ. A flurry of individuals have been redistributing their wealth and capitalizing on opportunities to cash out, upgrade their living spaces or neighborhoods. First time home buyers, in some cases who are being priced out of single-family residences, are now flocking to the condo market. While overall values are still lower from the pre-COVID period last year, expect the window of opportunity to close as demand escalates over the spring and summer months. Overall, the highest increase in prices occurred in the luxury condo market represented by closings between $1.5 to $3M, which saw an average PPSF of more than $956, an 8.6% increase QoQ and 7.6% YoY. Beverly Hills and Beverly Hills/Miracle Mile witnessed the greatest uptick in recordings with a 118% and 110% increase YoY, respectively. Century Plaza Hotel has led the pack with a total of six closings and an average of $2,341 PPSF since Q2 2020. This momentum has helped fuel Century City’s increase in average PPSF, up 2.7% YoY to $777. The broader LA market has shown clear signs of improvement since the onset of COVID-19. For any inquiries regarding our research, please reach out to [email protected]. NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 03 Quarterly Los Angeles Core MarketWatch Q1 2021 LOS ANGELES CORE - CONDOS $500K+ +6.6% +14.3% +22.2% All sales between All Sales OVER $3M were Sales OVER $3M were $1.5-$3M were UP 6.6% UP 14.3% in AVERAGE UP 22.2% YOY with 1 YOY to $2,033,855. PPSF to $1,680. total sale. MARKET PERFORMANCE Total Market Performance Condos ($500K+) 350 $900 300 $800 250 $700 200 $600 150 $500 100 $400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 2020 2021 NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 04 Quarterly Los Angeles Core MarketWatch Q1 2021 LOS ANGELES CORE - CONDOS $500K+ SALES BY PRICE POINT $500K-$1M Q1-21 YoY% Q1-20 QoQ% Q4-20 Avg. Sales Price $757,031 -2.7% $778,006 0.2% $755,385 $500K-$1M Avg. PPSF $661 -3.8% $687 -1.8% $674 Number of Sales 176 54.4% 114 -2.8% 181 DOM 57 58 44 $1M-$1.5M Q1-21 YoY% Q1-20 QoQ% Q4-20 Avg. Sales Price $1,174,052 -1.8% $1,195,064 0.0% $1,174,445 $1M-$1.5M Avg. PPSF $708 -2.0% $723 -2.0% $723 Number of Sales 95 37.7% 69 48.4% 64 DOM 58 53 54 $1.5M-$3M Q1-21 YoY% Q1-20 QoQ% Q4-20 Avg. Sales Price $2,033,855 6.6% $1,908,668 6.9% $1,903,448 $1.5M-$3M Avg. PPSF $956 7.6% $888 8.6% $880 Number of Sales 42 23.5% 34 44.8% 29 DOM 75 59 73 $3M+ Q1-21 YoY% Q1-20 QoQ% Q4-20 $3M+ Avg. Sales Price $5,004,091 -8.2% $5,451,667 10.9% $4,513,800 Avg. PPSF $1,680 14.3% $1,470 -0.4% $1,687 Number of Sales 11 22.2% 9 10.0% 10 DOM 96 138 114 NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 05 Quarterly Los Angeles Core MarketWatch Q1 2021 BEVERLY HILLS - CONDOS $500K+ +118.2% -8.4% -7.1% SALES VOLUME in Beverly The AVERAGE SALES PRICE The AVERAGE SALE PRICE Hills was UP 118.2% YOY with in Q1 2021 was DOWN 8.4% PER SQUARE FOOT in Q1 2021 24 recorded closings during YOY at $1,339,475 in Q1 2021. was DOWN -7.1% to $723 Q1 2021. MARKET PERFORMANCE Beverly Hills Market Performance Condos ($500K+) 50 $1,000 40 $800 30 $600 20 $400 10 $200 0 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 2020 2021 NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 06 Quarterly Los Angeles Core MarketWatch Q1 2021 BEVERLY HILLS - CONDOS $500K+ SALES BY PRICE POINT Beverly Hills $500K-$1M Q1-21 YoY% Q1-20 QoQ% Q4-20 Avg. Sales Price $774,843 -14.9% $910,500 -10.5% $865,917 $500K-$1M Avg. PPSF $643 -11.9% $730 -1.2% $651 Number of Sales 7 250.0% 2 16.7% 6 DOM 102 20 41 $1M-$1.5M Q1-21 YoY% Q1-20 QoQ% Q4-20 Avg. Sales Price $1,193,438 -6.9% $1,282,250 6.7% $1,118,000 $1M-$1.5M Avg. PPSF $681 -13.6% $788 0.7% $676 Number of Sales 8 100.0% 4 60.0% 5 DOM 45 76 62 $1.5M-$3M Q1-21 YoY% Q1-20 QoQ% Q4-20 Avg. Sales Price $1,908,444 4.5% $1,826,540 0.9% $1,891,813 $1.5M-$3M Avg. PPSF $822 4.2% $789 -1.9% $838 Number of Sales 9 80.0% 5 12.5% 8 DOM 111 68 62 $3M+ Q1-21 YoY% Q1-20 QoQ% Q4-20 $3M+ Avg. Sales Price - - - - $3,050,000 Avg. PPSF - - - - $923 Number of Sales 0 - 0 -100.0% 1 DOM - - 6 NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 07 Quarterly Los Angeles Core MarketWatch Q1 2021 WEST HOLLYWOOD - CONDOS $500K+ +42.9% +11.2% +10.7% SALES VOLUME in Q1 The AVERAGE SALES PRICE The $1.5-$3M+ price 2021 for West Hollywood in Q1 2021 INCREASED QOQ segment for West Hollywood INCREASED 42.9% 11.2% to $1,043,115 with an saw an increase in the Y0Y, with a total of 100 average sales price per AVERAGE SALE PRICE to recorded closings. square foot of $763. $2,132,556, UP 10.7% QOQ. MARKET PERFORMANCE West Hollywood Market Performance Condos ($500K+) 120 $1,000 100 $800 80 $600 60 $400 40 $200 20 0 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 2020 2021 NEW DEVELOPMENT MARKET WATCH - LOS ANGELES CORE - Q1 2021 08 Quarterly Los Angeles Core MarketWatch Q1 2021 WEST HOLLYWOOD - CONDOS $500K+ SALES BY PRICE POINT West Hollywood $500K-$1M Q1-21 YoY% Q1-20 QoQ% Q4-20 1 Avg. Sales Price $707,263 -7.4% $763,432 -5.3% $746,452 $500K-$1M Avg. PPSF $701 -0.6% $705 -3.0% $723 Number of Sales 62 29.2% 48 -7.5% 67 DOM 54 50 42 $1M-$1.5M Q1-21 YoY% Q1-20 QoQ% Q4-20 2 Avg. Sales Price $1,225,673 -2.7% $1,260,250 1.4% $1,208,250 $1M-$1.5M Avg. PPSF $759 -8.5% $829 -5.3% $801 Number of Sales 27 125.0% 12 22.7% 22 DOM 43 63 45 $1.5M-$3M Q1-21 YoY% Q1-20 QoQ% Q4-20 3 Avg. Sales Price $2,132,556 -1.8% $2,171,500 10.7% $1,927,143 $1.5M-$3M Avg. PPSF $953 -8.5% $1,042 -9.4% $1,052 Number of Sales 9 0.0% 9 28.6% 7 DOM 57 40 81 $3M+ Q1-21 YoY% Q1-20 QoQ% Q4-20 4 $3M+ Avg.
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