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Tracking Los Angeles Real Estate

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    The Agency CEO Mauricio Umansky weighs in on real estate in California.

  • Duration 4:59
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Talk about a recovery the number of homes sold for five million dollars or more hitting a record number and California last year.

That's where we find Robert -- not just anywhere in California -- and the Hollywood Hills.

Above Los Angeles.

With real estate agent -- extraordinaire -- yet in landscape and Robert I only tell Maurice -- I was looking at that very house -- line two weeks ago.

Just dreaming.

Just streaming.

Well -- get it we'll -- get a deal glory days and that's right candidate then Hollywood Hills this is.

One of the hottest areas now by no means do we say that LA's total real estate market is back it tumbled 41%.

Peak to trough if you look at that the Case Shiller Index but.

The one area that is back.

Is of course on the luxury and and that's where we bring in Horacio whose as.

-- -- mentioned are the real -- her extraordinary and thanks so much for joining us and talk to us why is this back so quickly just a couple of years you know after that the -- makes it really come back no thanks for.

Having me but basically what we've seen is we've seen you know the the really the luxury end of the high end market and everybody can be back.

And and believing in the real estate they're going -- going along in real estate.

Other billionaires are spending a lot of money in the very excited to come out -- and and you know some pick up some really great homes and naslund had taken some outlook out on line.

About fourteen million bucks or so yeah this how this particular houses -- thirteen 1000750.

Thousand.

And it's a 7500 square feet and it's it's in the coolest neighborhood in the city right now it's in the congress -- streets yet also -- streets it's where we have a lot of celebrities living out here.

Such as a Jennifer Aniston just sold her house over there and the U DiCaprio lives down the street than that Megan Ellison Larry Ellison -- daughter.

So you know this is the really cool hip area.

Now what's underpinning this the rise we've we've seen -- price is going and never before seen levels here.

What's behind it you let's you know basically the underpinnings of keeping prices high here.

Yeah -- will basically there's the you know there's a real influx and and and there's there's a sensation that we still have a long way to go we're reaching 3000 dollars a square foot.

We believe we can get into the fourth 5000 dollars a foot you know in New York we've seen the thirteen thousand right what.

So we're very excited about where we're this this market can keep going and we're seeing a lot of cash buyers there right where they coming from.

Cast buyers we were seeing a lot of international buyers were seeing buyers coming in from Russia China huge infusion of China money.

I think the people feel really good about the -- Los Angeles real estate.

It's a great city has been named the coolest city in the planet -- interviews album out to the ocean right all of these views are amazing -- -- people come up here for this and what -- pay for.

It's very exciting stuff.

Now and that -- there's we've seen not a lot of inventory but it's starting to slowly come back onto the market how's that gonna play into keeping prices high.

Yeah a lot of inventory that's coming into the market right now is really what we call off market stuff especially in this high end stuff so supply is low it's very difficult to -- -- property and right now it's kinda -- to get the right near real sort of go find you know the property there's a bidding war again at some it's unbelievable what's happening.

Yeah and we -- we talk about the prices staying firm here.

If rates do start to move higher that could affect some buyers but what about on the luxury and how does that affect them if you -- people billionaires coming in from Russia or China.

Well I think raise higher will actually start affecting and I think it could cause fear.

And and the fact the fear the people wanna start getting into the market quickly too so I think that if that happens it will start seeing a lot more purchases in the start and and a lot more volume occurring in the short run and then of course in the long run you know that probably decreasing but.

As far as we see over the next couple years received definitely you have rise and sales our -- -- ASCII data don't that I listen to back to hear from here in the Hollywood Hills.

Hey Robert King asked -- CO one thing -- he went out and took a chance and founded his agency is called agency right in the throes of the downturn.

French business total are they doing as an agency right now and away.

Get yeah and is -- -- right day -- -- very good question here.

You've got to go to agency during the president downturn how much business have you been doing helmets did did you do -- last year out on your -- -- -- will take you for asking get agency did just.

Under a billion dollars in our first year of of existence so we're very excited about that.

We're we're certainly seeing a lot more volume coming in and a lot more growth we're looking forward to growing we've kind of -- innovative.

The way that the industries working -- we're looking forward to a changing a little bit of the old though ways that the that the old you know that people used to do business.

Aaron regime Lansky thanks so much for joining us here Fox Business day and almost a billion dollars in his first year on what -- singled out too shabby up.

I would say thank you could hit thank you -- -- it's great to see and by the way -- get people to recognize -- -- because well.

He's on the -- -- -- of Beverly Hills with his beautiful wife Kyle Richards so.

I again not get it done in every way shape and form thank you so much -- -- fan.

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