Sally Forster Jones, Aaron Kirman, and Santiago Arana say pandemic means shifting but not devastated market
For these top Los Angeles residential real estate agents who appeared Monday on TRD Talks Live, The Real Deal’s ongoing series of web conversations with real estate industry leaders, the coronavirus has meant lifestyle changes but, they hope, no long-term business disruptions.
Panel host and TRD Associate Publisher Hiten Samtani noted that no guest acknowledged serious challenges to their operations due to the pandemic.
The agents did give nuts-and-bolts insights about a residential market opening up again, with private home showings recently reallowed.
Forster Jones of Compass, the broker behind a recently posted $100 million Bel Air listing, said there’s as much activity as ever around homes going for less than $1.5 million.
“Interest rates are so low that buyers with jobs are absolutely going out buying,” Forster Jones said, asserting she fielded “30 to 35 offers” on a sub-$1.5 million home shown via virtual tour.
The ultra high-end luxury market, which has featured multiple $90 million-plus sales in the past six months, is full of “buyers looking for deals,” the agent said.
The segment between $1.5 million and the high end is cooler, though, she noted.
Forster-Jones added agents may have to fend off bargain hunters. “It’s a slightly different dance we’re doing,” she said.
The panelists also downplayed “coronavirus clauses” such as the Coronavirus Property Entry and Declaration form the California Association of Realtors advises agents to include in home sales.
Written by Matthew Blake