Jade Mills
Brokerage: Coldwell Banker
Total Career Sales: More than $8 billion
List Ranking: 8
Notable: Mills’ notable sales include the Chartwell Estate, which sold for $150 million.
Coldwell Banker agent Jade Mills has had a long career in real estate, and has sold more than $8 billion worth of assets. Some of her noteworthy transctions in the past few years include the Chartwell Estate, which sold for $150 million in Bel Air; The Manor, in Holmby Hills, which sold for $120 million; and 27628 in Malibu, which traded hands for $128 million.
Mills spoke with the Business Journal about 2022, what buyers want now, and rising interest rates.
What got you interested in real estate?
What appealed to me about real estate in the beginning was not having to punch a time clock. Little did I know that real estate is 24/7. I have always loved meeting new people, and still to this day that might be my favorite part of my job.
How was 2022 for you? How did it compare to other years?
It was my best year in over 30 years selling real estate. When the market gets tough, buyers and sellers want experienced agents, and therefore my best years are always when the market is a little more difficult.
Was it a buyer’s or a seller’s market?
I feel that 2022 was both a buyer’s and seller’s market. The seller tended to be more flexible and the buyers were trying to beat the interest rates. We are still seeing some buyers buying now because they feel the rates will continue to go up.
What do buyers want now?
What buyers are desiring at the moment is a turn-key home, a home they don’t need to spend a year or more remodeling. I also feel that many of my buyers are looking for land so they can entertain at home.
Were there any major surprises last year?
I think the biggest surprise of 2022 was buyers moving back to Los Angeles from areas they fled to during the pandemic.
How did rising interest rates impact the market?
The rising interest rates have impacted the market in two very different ways. Many people rushed to buy before the rates increased, and several of my clients are still standing on the sidelines waiting for the rates to go down. All-in-all it is always a great time to buy because you can always re-finance later.
What was the most challenging aspect for you of being an agent this past year?
I did not feel that there were challenges that were any different in 2022 than in any other time. Buyers always have their wants and needs and sellers always have a price in mind. Putting the right buyer with the right seller is my job as a real estate agent. I love when both buyer and seller are happy at the close of escrow.
What are your expectations for 2023?
My expectations for 2023 are that we are going to have an amazing surge of interest in sales across every price point. (In early February) the market has picked up and we are so busy it is difficult to cover all of our showings. This will be the best year ever.
Has Measure ULA, also known as the mansion tax, impacted the way people are viewing real estate? Do you anticipate it doing so this year?
The ULA Tax has impacted the market to some degree. We have sellers who would like to close before April 1 to avoid the additional tax for sales in L.A. County over $5 million. I believe that incorporated cities where the tax does not apply, such as Beverly Hills, Santa Monica, Calabasas and Malibu, will become more desirable.
— Hannah Madans Welk
