As 2017 earnings reports trickle in from various public real estate companies, the industry is fighting off some serious salary envy. After all, when Blackstone CEO Stephen Schwarzman takes home at least $785 million, a broker’s income can seem paltry by comparison.
Those employed across a spectrum of real estate professions in L.A. told reporter Natalie Hoberman that they’re working harder than ever just to rake in the same amount of money they earned last year. It’s no easy task given that deal volume is diminishing for both residential and commercial sales. Check out our look at what real estate jobs pay today.
Despite a slowdown, the agents who made our top luxury brokers ranking still pulled in eye-popping sales volumes over the past 12 months. They have some colorful tales about the brandy tastings, Beverly Hills Hotel-themed parties and other opulent events they’ve held in the hopes of moving high-end listings.
Meanwhile, on the commercial side, our ranking of the top construction lenders in L.A. County finds that only a select few banks and non-traditional lenders are ponying up the cash for big projects, with — surprise! — the prolific Bank of the Ozarks landing atop the list.
One of the reasons for hesitation from many lenders can be found in some struggling retail projects, such as the Bloc, which developer Ratkovich Company recently withdrew from. On the heels of the developer’s separation from the project, we took a close look at which of L.A.’s major shopping centers are doing well and what they need to improve.
Speaking of separations, high-profile L.A. divorces often make headlines, but what’s not often discussed is how brokers handle the tricky situations involved in dividing assets. Laura Wasser, the divorce lawyer A-listers turn to, told us just how complicated it gets when a couple with big real estate holdings goes splitskies.
Other highlights in this issue include a look at the rental racket Coachella Valley homeowners enjoy during the music festival and our sit-down with Pacific Union CEO Mark McLaughlin, who hinted about expansion plans in the offing. My favorite tidbit? He doesn’t own socks.
Enjoy the issue!