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“We had a 13-year run of a robust market and are experiencing a necessary cycle change,” says Rayni Williams of The Beverly Hills Estates, reflecting on the 36 percent drop in luxury home sales that hit L.A. in the second quarter. Meanwhile, the median price of a home in Los Angeles hovered at $963,000, down 1 percent from the previous year. The decline can be attributed to a combination of high interest rates, the dual strikes that hit Hollywood and the new ULA mansion tax, in which home sellers in the city of Los Angeles must pay at least a 4 percent transfer on any sales above $5 million. “Sellers are hesitant to sell given these barriers,” says AKG’s Aaron Kirman. Despite the challenges, L.A.’s agents (chosen based on total sales volume, Hollywood clients and media visibility) continued to smash records, led by the most expensive sale in California history — Beyoncé and Jay-Z’s $200 million purchase of an estate in Malibu in which Westside Estate Agency’s Kurt Rappaport repped both sides of the deal. “At the end of the day,” says Douglas Elliman’s Josh Altman, “a trophy is a trophy, and if people want it, they are going to buy it.” (Client names are found via public records.)

A private estate in Los Angeles’s posh Pacific Palisades that was the longtime home of the late TV writer and producer Steven Bochco has sold for a hair under $24.95 million. Bochco, a 10-time Emmy Award winner behind TV shows such as “Hill Street Blues,” “Doogie Howser, M.D.” and “NYPD Blue,” died in 2018 at the age of 74. His estate sold the property. The seven-bedroom home, which sold in August, was designed by the prolific Paul Williams, who, in 1923, became the first African-American member of the American Institute of Architects and was known for designing mansions for the Hollywood greats like Frank Sinatra, Lucille Ball, Cary Grant and Barbara Stanwyck in the 1930s and ’40s. Recently renovated, the gated property comprises a more than 10,800-square-foot main house fitted with a formal living room, a family room with a projector screen, a gourmet chef’s kitchen, a library, a gym, a wine cellar and a private guest wing. Meanwhile, the primary suite has vaulted ceilings with dual bathrooms, walk-in closets and a fireplace, said the listing, which was held by Aaron Kirman, Dalton Gomez and Morgan Trent of AKG | Christie’s International Real Estate. “The buyers were overjoyed by the incredible opportunity to own a significant piece of architectural history in such a coveted location,” Kirman said. Elsewhere on the 1.4-acre trophy estate is a standalone guest house, a pool with a spa, a cabana and a tennis court. Bochco reportedly bought the home in 1997, and as well as working on some of his hit TV shows while living there, he hosted charity events on its grounds, with guests including U.S. presidents Barack Obama and Bill Clinton, Mansion Global previously reported. The home hit the market last August with a $35 million price tag that was gradually trimmed down to a hair below $27.5 million, listing records show. The buyer is a trust, property records show. https://www.mansionglobal.com/articles/nypd-blue-creator-steven-bochcos-longtime-home-sells-for-nearly-25-million-b346a8a2

MORGAN TRENT Trent Luxury AKG | Christie’s International Real Estate Morgan Trent joined AKG | Christie’s International Real Estate to build on the team concept that has been an integral part of his life. He was born and raised in Southern California and returned after a unique journey. Trent graduated from the University of Michigan on a football scholarship and was drafted by the Cincinnati Bengals in 2009. While living out his dream in the NFL, Trent’s love for real estate led him to earn his real estate license and actively practice real estate in the off-seasons. His clients have included executives, professional athletes, entertainers and contacts from his network. Trent brings a competitive spirit as well as a wealth of relationships and real estate knowledge to the team and to his clients. The same hard work and dedication that allowed him to accomplish so much in his past, is the same approach he takes every day with his clients. https://labusinessjournal.com/custom-content/leaders-of-influence-residential-real-estate-brokers-2023-morgan-trent/

It certainly pays to own a home before you reach your golden years. About 80% of Americans age 60 and over are homeowners, with housing wealth accounting for approximately 48% of their median net worth, according to a February 2023 paper published by Vanguard. And tapping into your home equity can provide a lucrative path to retirement (see the best HELOC rates you may get now here) — especially if you move to a less expensive place. About 60% of migrating retirees are moving to less pricey places — and typically extracting $100,000 of home equity in the process. Where you bought your home matters, a lot. Retirees moving out of their primary residence on the West Coast (Washington, Oregon and California) are most likely to be able to maximize the home equity they built up, and then retire and relocate. Similarly, retirees in the Northeast (New York, Massachusetts, New Jersey, Maryland and Washington DC) are also well positioned to come out of a home sale with cash in hand, the Vanguard report reveals. Current Mortgage Rates for March 21, 2023 ​Zip Code 93109 ​Property Value 870,000 ​Loan Amount 696,000 ​Percent Down20% ​Loan Term 30 year fixed, 5/1 ARM ​Credit Score 740 - 759 This data showcases that if you’re planning to depend on home equity to help fund retirement, where you live now matters. Indeed, selling a home and living off the profits “is very viable for coastal dwellers moving inland to the Midwest,” while it might not be for others, says certified financial planner Derieck Hodges. Most lucrative states for older Americans to sell their home in Average ratio of home equity extracted and the destination house price Washington D.C. 174% Hawaii 116% California 77% Colorado 73% Massachusetts 59% Washington 41% New Jersey 33% New York 33% Oregon 33% Maryland 30% Hodges adds: “Since the pandemic, rents have escalated and values of homes to buy have also increased so many homeowners end up downsizing their space but not radically saving that much money after paying for relocation expenses and closing costs on the sale of their home.” Least lucrative states for older Americans to sell their home in Average ratio of home equity extracted and the destination house price West Virginia -48% Oklahoma -36% North Dakota -33% South Dakota -33% Mississippi -32% Arkansas -31% Iowa -29% Alabama -27% Kentucky -26% Nebraska -25% How to get the maximum value out of your home when you sell “One of the best things a retiree can do to get the maximum value out of their home is to be sure it’s in good shape when they go to sell it,” says Jacob Channel, senior economist at LendingTree. For those who have lived in their home for a long time without making any significant changes, it’s not uncommon to find yourself in a situation where your home seems dated or rundown. “You don’t need to gut renovate your home, but modernizing your kitchen, replacing a worn down carpet in a high traffic part of the home or even painting and fixing creaky doors can make a big difference to prospective buyers and not only help you sell your home faster, but also receive a bigger offer,” says Channel. Furthermore, Holden Lewis, home and mortgage expert at NerdWallet, says when you have lived in a house for many years, you stop noticing the things that would bother a buyer, like scuffs on baseboards or toilet handles that must be jiggled. “Ask a neutral person … to walk through the home and identify all the little things that might turn off buyers. Make sure the house’s major systems are functioning and aren’t in need of replacement. This includes plumbing, the roof, heating and air conditioning, the electrical system and the water heater,” says Lewis. For her part, Clare Trapasso, executive news editor at Realtor.com, says this year’s homebuyers are really looking for move-in ready homes with curb appeal that are well located. “Those homes are still selling with multiple offers, sometimes over the asking price, depending on the market,” says Trapasso. Essentially, it’s important for sellers to put themselves in a buyer’s shoes. “When buyers walk through a home, their first inclination is to begin discounting the home for items that are in need of repair or upgrade. I’m not a believer in replacing items in order to sell it to someone who is ultimately going to replace it to their own taste, but I do advise my clients to make sure items that are easily noticeable to a buyer’s eye are fresh and in working order,” says real estate agent Morgan Trent of the Aaron Kirman Group at Christie’s International Real Estate. Before selling their home, experts say retirees should pay attention to the real estate market up to 24 to 36 months prior to pulling the trigger. “If the market has taught us all one thing over the past couple years, it’s that it can be very volatile and the value of many Americans’ most valuable asset can severely fluctuate in a matter of months. While there are a number of variables that make up the overall demand in any one housing market, it’s imperative that sellers do their work and understand the market in which they are located,” says Trent. If you’re set on selling, Lewis says it’s imperative to consult tax experts to gain access to the accumulated equity because capital gains taxes could take a bite out of the sale. “A reverse mortgage is a way to extract equity without selling the home and without making monthly payments. Reverse mortgages require financial counseling and shouldn’t be entered into lightly,” says Lewis. Other options for retirees who want to tap into their home equity include applying for home equity loans or home equity lines of credit (HELOCs), assuming they have good credit scores and aren’t debt burdened. “Before you rush into one of these, be sure you understand what you’re getting into. Defaulting on a home equity loan can result in losing your home and a reverse mortgage could make it extremely difficult for you to pass your house down to your children or other members of your family,” says Channel. See the best HELOC rates you can get here. https://www.marketwatch.com/picks/10-most-lucrative-places-where-older-americans-can-sell-their-homes-maximize-profit-and-retire-elsewhere-733d720d?mod=newsviewer_click&tesla=y

Handbag designer Tyler Ellis is listing a newly renovated Los Angeles estate with two houses for $42 million. Ms. Ellis purchased the roughly 0.6-acre Brentwood Park property through a trust for $12.375 million in 2016, property records show. The designer and her husband, investor Benjamin Shriner, tapped the home’s original architect, William Hefner, and design firm the Archers to reimagine and renovate an existing house built around 2005 and add a second structure, according to marketing materials. The roughly 6,000-square-foot main residence and the newly built entertainment house overlook a garden, pool and bocce court, according to listing agents Aaron Kirman and Morgan Trent of AKG | Christie’s International Real Estate. Ms. Ellis said in an email that after purchasing the home, she and her husband saw “incredible potential” to enhance it further. The couple added about 1,000 square feet to the main house, which has four bedrooms. In the primary suite, they created his-and-hers closets and baths and a “cozy” den, she said. There is also a chef’s kitchen with a La Cornue range and an office with floor-to-ceiling glass French doors. Ms. Ellis said the couple built the home for their family, including their young son and dogs, and intentionally separated the main house to keep it a “discrete family sanctuary” while using the other house for entertaining. The entertainment house is about 5,000 square feet with two bedrooms and a covered terrace, Ms. Ellis said. A hidden button opens a door to a marble staircase that leads to a lower level speakeasy, home theater and a roughly 6,500-bottle limestone wine cellar, according to the listing agents. “As a designer, it’s all about the details,” Ms. Ellis said. More: An Oceanfront Estate in San Diego to Hit the Market for $38 Million She said she and Mr. Shriner are selling because they are “actively looking for our next project to develop.” Ms. Ellis is a handbag designer who founded an eponymous line in 2011. She is the daughter of the late fashion designer Perry Ellis and TV writer and executive Barbara Gallagher. Mr. Kirman said luxury homes are trading in Brentwood Park, though there is very limited inventory because sellers are holding on to properties. “When we see a trophy house like this, we know there’s innate value because inventory is so few and far between,” he said. https://www.mansionglobal.com/articles/in-los-angeles-a-european-inspired-estate-with-two-houses-asks-42-million-dac761fe

Around six years ago, Tyler Ellis doled out $12.3 million for a fairly plain French-inspired residence in the western reaches of Los Angeles. Now the luxury handbag designer — the only offspring of legendary fashion designer Perry Ellis and screenwriter Barbara Gallagher — has flipped the stylishly redone chateau-style estate in a prime pocket of Brentwood back up for sale, asking nearly $30 million over what she paid for the place back in late 2016. Originally built in 2005, Ellis and her investor husband Benjamin Shriner implemented a full-scale customization of the premises during their tenure, working in collaboration with original architect William Hefner and longtime favored interior designers The Archers. Today, the property features an expanded main house and a tacked-on “entertainment” house — for a total of six bedrooms and 10 baths in 11,800 square feet of stylishly eclectic living space. “This is a rare and exquisite estate that perfectly blends classical and contemporary styles,” says Aaron Kirman, who is co-listing the property with Morgan Trent, both of AKG | Christie’s International Real Estate. “From the moment you step into Bristol Château, you are transported to a tranquil and lush European oasis in the heart of Brentwood Park. The details and design put in by William Hefner and The Archers make for a one-of-a-kind residence that embodies timeless elegance and sophistication.” Nestled behind walls and gates, on over a half-acre parcel laced with towering cypress trees, the two-story main house is accessible via reeded-glass entry doors that open into a grand foyer displaying a feathered pink bear crafted by Italian artist Paola Pivi. Other highlights include a formal dining room topped by a custom-built Studio Molen chandelier, library sporting blue lacquered walls, and black-hued gourmet kitchen spotlighted by new subway tile and bronze hardware, plus a pricey La Cornue range. There’s also a sumptuous upstairs master retreat outfitted with a separate den, as well as dual walk-in closets and baths. As for the other house, that three-level space spans around 5,000 square feet and comes complete with an office, along with glitzy amenities like a speakeasy, movie theater and 6,500-bottle limestone wine cellar. A covered terrace blends seamlessly with the grassy backyard, which hosts a pool and spa, garden, bocce court, and additional spots for al fresco lounging and entertaining. According to The Wall Street Journal, which first reported the listing, Ellis and Shriner are selling because they’re actively looking for their next project to develop. https://www.dirt.com/gallery/moguls/fashion/tyler-ellis-house-brentwood-park-1203622540/tylerellishouse_bp21/

L.A. Dodgers star Mookie Betts is trying to score a homerun of a sale before the new MLB season starts up with the listing of his Encino home. Asking $9.995 million, the right fielder paid $7 million even for the property in 2018. The new-ish estate boasts nine bedrooms and 10 bathrooms across 9,415 square feet of living space. Located just south of the boulevard, the multi-structure property features the main house, a two-story guest house—with two bedrooms upstairs and a full kitchen/living room downstairs—and a recently completed gym/basketball court complete with bathroom and roll up doors. Back inside the main residence, the chef’s kitchen is sure to impress with its top-of-the-line appliances and ample counter space, along with a huge walk-in pantry. The primary suite is located upstairs and features dual walk-in closets and two separate bathrooms and a nook off the primary that could be used as an office or nursery. The four additional bedrooms upstairs offer plenty of space for family and guests, while the two bedrooms downstairs are perfect for live-in staff. Conveniently, there are both upstairs and downstairs laundry rooms. The home also features a home theater, while the outdoor living space boasts a zero edge pool/spa with sunken fire pit, putting green, cabana, outdoor kitchen and firepit. https://californialistings.com/2023/02/24/dodgers-star-mookie-betts-lists-encino-home-for-nearly-10-million/?fbclid=IwAR1amObZZf9xj-DqkUFVLDIiVo9rV2oFoX2VpQCEQUR2PIOESIpmTjrlf28

Trent, one of Aaron Kirman's Top Performers for Past Four Years, Makes the Switch to the New Luxury Brokerage LOS ANGELES, Jan. 24, 2023 /PRNewswire/ -- Morgan Trent, former NFL cornerback turned luxury residential real estate agent, announced that he is making the switch to AKG | Christie's International Real Estate, continuing his role with one of the nation's top-producing residential sales teams. This move follows last year's news that real estate powerhouse, Aaron Kirman left his top position at Compass and started his own luxury brokerage in a new partnership with Christie's International Real Estate. As President of Trent Luxury, Trent plans to continue fostering a team-oriented approach and maintaining a dominant position in the market, as he has done for years alongside Kirman. "Morgan is one of the real estate agents in the country who has a database of the who's who. Representing athletes, celebrities, and CEOs alike, his database is second to none and we are thrilled to have him as one of our partners here at AKG," said Aaron Kirman, CEO of AKG | Christie's International Real Estate. Trent joins Christie's International following his departure from COMPASS, where he was responsible for the sale of noteworthy properties such as 5 Avalon Vista, which sold for $21 million, 627 Moreno, which sold for $19.5 million and the highly impressive sale of a $36.5 million property in Brentwood - the most expensive home transaction of the year in the prestigious Westside neighborhood. "AKG|Christie's International Real Estate is the perfect partner for Trent Luxury with such a proven track record and presence in the luxury space," said Trent Morgan, President of Trent Luxury. "The Christie's International Real Estate brand alone gives us the look and feel that we weren't able to attain at other brokerages and is much more aligned with where we see Trent Luxury going over the next several years." Born and raised in sunny Southern California, Trent's journey has been anything but ordinary. After graduating from the University of Michigan on a football scholarship, he was drafted by the Cincinnati Bengals in 2009 and spent several seasons living out his dream in the NFL. In his off-seasons, Trent pursued his passion for real estate, obtaining his license and now serves a diverse range of clients including executives, professional athletes, and entertainers. Trent's diligent work ethic and dedication to his clients are reminiscent of the same qualities that have allowed him to achieve success in the past. Founded by Aaron Kirman and headquartered in Beverly Hills, CA, AKG | Christie's International Real Estate is one of the nation's top-producing residential sales teams with a total of over $14 billion in luxury real estate sales and over $1.6 billion sold in 2022. Dedicated to infusing innovation and disrupting the traditional real estate sector, AKG | Christie's International Real Estate is consistently ranked among the top 10 producing teams by Wall Street Journal and Real Trends, setting price-per-square-foot records throughout Southern California. To learn more about Aaron Kirman and AKG | Christie's International Real Estate, please visit www.akgre.com. To learn more about Morgan, please www.trentluxury.com and follow him on Instagram at @TrentLuxury. https://www.prnewswire.com/news-releases/luxury-agent-morgan-trent-leaves-compass-for-akg--christies-international-real-estate-301729432.html

Newport Beach real estate pros may have scoffed when Beverly Hills agents, with their high-flying, reality-TV lifestyles, planted flags on the Orange County coast. But the outsiders are here, and they’ve made clear they plan to stay. They cite their TV-enabled reach and their connections to the global elite, who’ve taken a shine to the stretch of coast running from Newport Beach through Laguna Beach to Dana Point. The reward for these agents is clear: fat commissions if the area transforms from an upscale but provincial market into one that could someday match prices in Malibu and Beverly Hills. Veteran local agents often work and rub elbows with the newcomers, but they’re not so sure if this outsider interest in their turf will transform their market. There were 442 sales of single-family homes in Newport Beach from Jan. 1 to Nov. 27, MLS data show, with the median sale at $3.5 million, and just 18 sales over $10 million. Tim Smith of Coldwell Banker has sold trophy homes in the Newport Beach area for 20 years. He also played down the notion that a turf war is taking place. From 2012 to 2020, he estimated that 14 percent of his prospective clients hailed from outside the area. Since the pandemic, he estimated that the number has ballooned to 50 percent. However, there’s no changing the basic nature of real estate, he said. It’s a local game.

Formula 1 heiress Petra Ecclestone was selling the eight-bedroom home in the city’s tony Brentwood neighborhood. Russell Westbrook, point guard for the Los Angeles Lakers, has just dropped $37 million on a lavish new home in the city’s Brentwood neighborhood, directly across the street from his teammate LeBron James, Mansion Global has learned. Mr. Westbrook, 33, quietly bought the property in an off-market deal from Formula 1 racing heiress Petra Ecclestone. Given the off-market nature of the sale, details on the property are scarce. When Ms. Ecclestone bought the home in 2019 for $22.7 million, Mansion Global wrote that the eight-bedroom, 11-bathroom pad sits on a half-acre lot with canyon views and has a home theater, a wine cellar and a spa. Outside there is a four-car garage and a private pool. Sam Palmer, David Kramer and Barry Watts with Hilton & Hyland represented Ms. Ecclestone and Morgan Trent of Compass represented Mr. Westbrook in the sale. Mr. Westbrook, who couldn’t be reached for comment, has played for the Lakers since last year. He’s a nine-time NBA All-Star and earned the NBA Most Valuable Player Award for the 2016–17 season, when he played for the Oklahoma City Thunder. His teammate—and new neighbor—Mr. James, who has played for the Lakers since 2018, bought his Brentwood pad in 2017 for $23 million. https://www.mansionglobal.com/articles/los-angeles-laker-russell-westbrook-snaps-37-million-los-angeles-mansion-opposite-lebron-james-01666900100