Special Report: Residential Real Estate Agents – Sellers of Dreams

Special Report: Residential Real Estate Agents – Sellers of Dreams
Mauricio Umansky sold 777 Sarbonne Rd.

2022 was a good year for many of L.A.’s top residential real estate agents, but for other agents, it didn’t quite reach the highs seen in 2021.

The top 10 residential agents collectively sold $10.8 billion worth of real estate in L.A. last year, compared with $10.2 billion the year before, according to the Business Journal’s annual list of top residential agents in LA.

Aaron Kirman, Kurt Rappaport, James Harris, Rayni Williams and Josh Altman each did more than $1 billion worth of sales.

But there were some challenges.

One of the biggest issues facing the market last year was rising interest rates.

“It created a real sense of volatility week to week,” said Tami Pardee, founder and chief executive of Pardee Properties. She was No. 9 on the list with $619 million worth of sales.

A challenge for this year is Measure ULA, also known as the mansion tax, which imposes a transfer tax on real estate that sells for more than $5 million. Measure ULA, which applies to the city of Los Angeles only, goes into effect on April 1.

Chris Cortazzo, a Compass agent specializing in the Malibu marketplace, said it has motivated sellers to move before the deadline and brought more people to Malibu to avoid ULA entirely. Cortazzo was No. 7 on the list with $809 million worth of sales.

“I believe that incorporated cities where the tax does not apply, such as Beverly Hills, Santa Monica, Calabasas and Malibu, will become more desirable,” added Jade Mills, an agent at Coldwell Banker.

Mills was No. 8 on the list with $650 million worth of sales.

Rayni and Branden Williams called ULA “the biggest challenge of the year,” adding that markets including Beverly Hills, Malibu and West Hollywood “will reign king.”

The duo was No. 4 on the list with $1.3 billion worth of sales.

Despite some changes coming to the market, leading agents are optimistic about the year ahead.

“In 2023, we plan on continuing to crush it and surpass the $1 billion mark again,” Douglas Elliman’s Altman said.

— Hannah Madans Welk

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