Real Estate Moves Toward Supporting Familiar Face in Mayoral Race

Karen Bass may not be the sea change some in real estate may have hoped for at City Hall, but at least a few are fine with more of the same considering the options of those running against the incumbent for mayor.

It’s an early read given the latest campaign contribution reports aren’t yet in, but in talking with some in real estate this past week about the track record of mayoral hopeful Nithya Raman, a few are inclined to stick with what they know.

That’s because Raman’s support of policies such as the city’s mansion tax, additional restrictions on rent floors and ceilings for Rent Stabilized Ordinance properties and the Wildlife Ordinance regulating development in the hillsides hasn’t sat well with many in real estate.

From Dan Yukelson’s view, the executive director and CEO of the Apartment Association of Greater Los Angeles, offered there’s “no one that’s viable” when it comes to a candidate the industry could collectively rally behind outside of simply sticking with Bass.

“It’s unfortunate that Rick Caruso is not coming to the table and I don’t know who else will,” he said. “I mean, we need somebody who’s balanced and more business friendly and who’s going to focus on security and public safety.”

On picking up the phone

While those who spoke to Raman’s track record voiced frustration over the Democratic Socialists of America member’s policy stances, there was another point that emerged in conversation after conversation having to do with the culture at City Hall.

Richard Klug, a property owner and agent at Sotheby’s International Realty, may have said it most succinctly.

“These old-line politicians would listen to you,” he said, saying that some 20 years ago if he had a problem and wanted to speak to a councilmember, he could call up the late Tom LaBonge — who, like Raman, represented the Fourth District — and there would be a conversation.

That dialogue’s since been replaced by some at city hall with screening of inquiries, email requests over phone calls and then sometimes silence. While seemingly benign or what some might chalk up to differences in communication styles, it also highlights how bigger issues can be allowed to take shape.

Ben Belack at The Agency said he recently passed the two-year mark in getting Raman’s office to help repave his street, which is in the councilwoman’s district. “Her office conditionally passes the buck,” Belack said, saying he’s been shuttled to other city departments to get the road fixed.

There was also the example of a meeting Bass and Raman took pre-wildfires with the Doheny Sunset Plaza Neighborhood Association of which Belack is a part.

“It was more of a speech and the mayor said, ‘I will take 10 questions and then I will give all 10 answers in a row and then I will leave,’ and then she did,” Belack recalled.

Big get

In residential brokerage news, Coldwell Banker West said it added over 121 agents, who made the jump from a Keller Williams franchisee in El Cajon.

Coldwell Banker West is an affiliate of Coldwell Banker Real Estate and counts a dozen offices with over 1,100 agents focused on the San Diego market. The new faces bring 337 listings and 2025 annual volume of $293 million.

Joe Garzanelli was the former El Cajon Keller Williams franchisee and made the decision to move that business to Coldwell. Garzanelli is now with the brokerage as an agent.

Keller Williams declined through a spokesperson to comment on the agent moves.

While a smaller market than Los Angeles and Orange counties on the high end, some luxury agents see opportunity in San Diego County. That’s where Douglas Elliman’s Altman Brothers Team opened a new satellite office in early February. It’s modestly staffed with Jason Saks, with the expectation the Rancho Santa Fe outpost eventually grows to three.

The raft of additions for Coldwell Banker West follows Compass’s closing last month of its $1.6 billion purchase of Coldwell parent Anywhere Real Estate.

Coldwell Banker West President and owner Peter Mendiola declined to share his thoughts on what the flood of new agents says about Southern California’s brokerage business landscape, but said in a statement to The Real Deal he’s “never been more optimistic” about the business’s future, praising the leadership of Compass CEO Robert Reffkin.

If there is something to be said about the regional state of the business it would be the continued consolidation march. And, if there’s any lack of clarity on who sits at the top in terms of market share, that would be Compass.