R
eal estate in New York City reached new highs in 2024, while Los Angeles struggled with the aftermath of devastating wildfires that destroyed thousands of homes and crippled communities. The estimated damage cost $30 billion, driving down values on the Westside as buyers and sellers sought fire insurance at reasonable prices.
Luxury real estate buyers are taking their time, seeking value and quality, says Mauricio Umansky of The Agency. Trusted relationships matter more than ever in uncertain times, with smart deals and real service guiding clients through uncertainty with confidence.
Cindy Ambuehl, a top agent at Christie's International Real Estate, specializes in off-market transactions for high-profile celebrity clients. Her $40 million Brentwood deal set a record-high price of $2,000 per square foot. No slowing down in the ultra-luxury market: High-net-worth individuals continue to invest in tangible assets like real estate, particularly in prime areas.
Josh Altman and his team at Douglas Elliman posted a 2024 sales volume of over $1 billion, working with notable clients like Mindy Kailing and LL Cool J. They've expanded their presence with offices in Orange County and Phoenix. Josh and Heather Altman announced their departure from Bravo's "Million Dollar Listing" after 13 years.
Santiago Arana handled high-profile listings for Ben Affleck and Jennifer Lopez, as well as Lady Gaga and LeBron James. He notes that economic turmoil creates uncertainty for consumers, leading to a slower market. Luxury buyers want value and quality, taking their time in uncertain times.
Jeff Biebuyck and Dana Olmes at Frontgate Real Estate at Compass work with high-net-worth individuals in exclusive gated communities like Hidden Hills. Their 2024 sales volume reached $206 million, pushing their lifetime total over $2 billion. They've noticed how socioeconomic uncertainty has affected the market, leading to a pause button on luxury purchases.
Noble Black's sales volume for 2024 was almost $418 million, with notable deals including a $90 million penthouse at 432 Park Ave. He notes that buyers continue to favor turn-key properties requiring little to no work, especially branded residences.
Alexander Boriskin and Michael Lorber at Douglas Elliman have shaped the trajectory of luxury real estate in New York City and the Hamptons. They say today's buyers focus on quality buildings, neighborhoods with architectural charm, and proximity to the best of New York living.
Leighton Candler's lifetime sales have crested $2.2 billion, with notable deals including Julia Koch's 740 Park Ave. duplex sale for $45 million. She notes that Manhattan's Upper East Side, Greenwich Village, and Tribeca continue to lead the pack in luxury real estate.
Carrie Chiang has over $10 billion in sales, working with celebrities and captains of industry. Location remains key, with many global high-net-worth buyers seeking Midtown or the Upper East Side for its proximity to business and cultural centers.
Steven Cohen at Douglas Elliman notes that today's buyers are looking for homes with wellness amenities like cold plunges, infrared saunas, and meditation rooms. He also highlights the resurgence of porte-cochere designs, prioritizing invisibility and a seamless transition from street energy to serene home environments.
Christie's International Real Estate agent Tomer Fridman did $322 million in 2024 sales, selling 60% of the Rosewood Residences Beverly Hills before delivery. He notes that the fires hyper-stimulated the real estate market, with purchases going significantly over asking price due to a lack of inventory and fire insurance concerns.
Ginger Glass at Compass has two recent listings with celebrity pedigrees: Jennifer Lopez and Ben Affleck's Los Angeles home and Mark Wahlberg's manse, both listed for $68 million. She notes that buyers are asking for homes with usable theaters on main floors only, without a commercial or basement feel.
Zach Goldsmith at The Agency specializes in high-end and luxury properties, selling historic Hollywood Hills homes to clients like Lily-Rose Depp. He notes that there have been significant trends for buyers seeking refuge from "high fire" zones and neighborhoods, flocking to areas like the "flats" of Santa Monica and Beverly Hills.
Deborah Grubman at The Corcoran Group has $154 million in 2024 sales, working with A-list clients like Hugh Jackman and Rupert Murdoch. She notes that real estate in New York offers variety, with each part of the city having its own allure attracting buyers to specific neighborhoods.
Frances Katzen at Douglas Elliman has sold out some of New York City's most prized new development projects, grossing $3.5 billion in total sales. She says buyers are seeking properties that feel like sanctuaries – spaces offering natural light, generous square footage, outdoor access, and minimal need for upgrades.
David Kramer at David Kramer Group, Compass, closed big deals in West L.A.'s Brentwood neighborhood, including the sale of Andrew Scheinman's home ($17 million) and Petra Ecclestone's sale of one home ($36 million). He notes that buyers are gravitating toward warmer, more inviting interiors – homes that feel like a true sanctuary.
Kayla Lee at Serhant specializes in architecturally significant properties, regularly transacting in iconic buildings. She says the luxury market is holding strong, but today's buyers are more thoughtful and intentional, focusing on long-term value in established, prestigious locations.
Jade Mills at Coldwell Banker Realty works with many A-listers, handling notable sales like 11 Beverly Ridge ($29.9 million) and 815 Cord Circle ($28.5 million). She notes that while the fires have increased buyer demand for leases and sales in affected neighborhoods, most people impacted by the fire have found temporary housing.
Linda May at Carolwood Estates has closed over $4.5 billion in sales, representing notable properties like Brad Grey's estate ($70 million) and Fanny Brice's onetime home. She says buyers who have been searching for the right home are now seeing opportunities to purchase at more strategic price points.
Cooper Mount at Carolwood Estates repped the buyer in 2024's highest on-market sale in Malibu, the $70 million purchase of The Edge estate. He notes that aspirational pricing is deterring buyers from transacting, but when there is a great home priced appropriately, transactions are still taking place.
Clayton Orrigo and Stephen Ferrara at Compass closed $1.2 billion in 2024 sales, ranking as the No. 1 mega-team in New York City by RealTrends. They note that buyers this year prioritize turnkey properties with larger bed counts, private outdoor space, and premier locations in the city.
David Parnes and James Harris at Carolwood Estates handled $940 million in sales last year, bringing their lifetime total to $4 billion. They say the ultra-luxury market remains resilient, with demand for prime locations not slowing down due to buyer diligence rather than deterrence.
Lea Porter at The Beverly Hills Estates has seen a stagnation of transactions on the Westside due to clients and friends being unable to decide whether to rebuild or sell their vacant lots after the January wildfires. She notes that most are standing on the sidelines, trying to determine their next move.
The Joyce Rey Team at Coldwell Banker Realty repped and closed the highest lot sale in Beverly Hills Post Office history, selling for nearly $75 million. They note that luxury real estate demand has increased due to the fires, with buyers seeking leases and sales in affected neighborhoods.
Ryan Serhant at Serhant closed nearly $800 million in 2024, while running a production studio and starring in Netflix's "Owning Manhattan." He says when markets are uncertain, there is a flight to quality, and that's exactly what's happening now.
Marc Shevin, Hanna Shevin, and Sara Shevin at Douglas Elliman note that local properties in Hidden Hills and Calabasas are getting a boost from the construction of the L.A. Rams' practice facility, drawing players and coaches to the area.
Jim St. André at Compass closed over $250 million in 2024 sales, recently closing on 150 Charles St. at $60 million, the highest price achieved for a downtown apartment. He says the luxury real estate market has been off to a robust start in 2025, with record-setting sales and strong sales volume.
Tracy Tutor at Compass burnished her reputation on Bravo's "Million Dollar Listing" and expanded her profile through social media. She notes that there is growing interest in dual-market ownership – especially between Los Angeles and tax-friendly states like Texas and Florida – as clients look to diversify their real estate portfolios while maintaining a footprint in L.A.
Mauricio Umansky at The Agency says his team's priority was to protect and support agents, clients, and the community after the January wildfires. He notes that safe havens are key for luxury buyers seeking refuge from high fire zones and neighborhoods.
Branden Williams and Rayni Williams at The Beverly Hills Estates find that their hyper-focused strategy has allowed them to thrive in an unpredictable market – volume of sales in 2024 was $1.3 billion. They say the resilience and unity among Angelenos are evident as the community comes together to rebuild and support one another during this difficult time.
Peter Zaitzeff at Serhant closed $295 million in 2024 sales, earning a rep as the expert for architecturally significant properties. He notes that uncertain environments often result in increased opportunities in real estate, with high-end investors looking to the asset class for a less volatile experience vs. stocks or other publicly traded assets.
