Mauricio Umansky, CEO and Co-founder of The Agency, recently participated on a WSJ+ Panel to discuss the state of luxury real estate in Los Angeles. With the average home price in Beverly Hills hovering around $7 million and a recent sale of more than $70 million tilting the scale, the panel of real estate experts shared their opinions regarding the market.
Many questions were addressed by the panel, including: How high can prices go? What changes can we expect amid an influx of tech and foreign dollars? How deep is the market for a $20 million home and is there really a buyer for a home with a $500,000,000 price tag?
As Mauricio explained, there are 2,800 billionaires and 30,000 $100 millionaires in the world and it is his responsibility, and the responsibility of his team, to bring those high-net-worth buyers and sellers together. Mauricio and The Agency are renowned for their strategic marketing and networking initiatives as well as their collaborative approach to selling real estate. Since The Agency’s inception in September of 2011, the luxury real estate brokerage has closed more than $4 billion in real estate sales – making The Agency a global leader in high-end real estate.
In response to a discussion regarding global real estate investment, Mauricio declared Los Angeles a prime target for buyers all over the world as it is a safe and profitable place for global real estate investment.
Katy McLaughlin, L.A.-based special writer for the Mansion section of The Wall Street Journal, facilitated the discussion regarding L.A.’s elevating housing prices in the most sought-after metropolis.
To view a clip of the panel discussion, click here.
For more information on the current real estate market, view The Agency’s Q3 Report here. Please look forward to The Annual Report coming in early 2016.