This past Friday The Real Deal hosted its annual Los Angeles Residential Showcase and Forum, bringing together influential real estate players from several leading agencies. Deasy Penner Podley’s George Penner was there to discuss the ever-changing state of the residential market. Penner was honest about the current state of the Los Angeles luxury residential market and commented on the slowdown that occurred at the beginning of the year: “It was terrible,” he remarked.
The other panelists, Ernie Carswell of Douglas Elliman, Michael Williamson of Sotheby’s International Realty, and Yvonne Arias of The Property Lab, seemed to agree. The sluggish market and an increase in off-market or pocket listings were both challenges discussed by the panelists. Penner added that these pocket listings will ultimately be “extremely detrimental” to agents. Such challenges are to be somewhat expected in a market that is constantly fluctuating and an industry that is perpetually evolving, challenges that Penner and the other expert panelists are prepared to face head-on.
