Aaron Kirman Talks Privé Malibu, Los Angeles Condo Market

Aaron Kirman’s Christie’s International Real Estate Southern California is testing the breadth of demand for coastal condo living, with the brokerage zeroing in on locals previously priced out of the market and international buyers as prospects for the recently opened Privé Malibu.

Kirman, along with Tomer Fridman and Amir Ensani, are tasked with selling the property’s 68 townhomes, with two- and three-bedroom units that start at $1.9 million. Units range from 1,577 square feet to 2,231 square feet, with several penthouses in the mix.

The trio has seen a mix of prospective buyers since launching sales at the BH3 Management-developed property a week ago, Kirman, the founder and CEO of Christie’s, said. That has included locals looking for a way into the Malibu market as well as an international contingent, with Korean and Chinese buyers hunting for second homes. A third bucket of potential buyers wants a location near local colleges in the area, like Pepperdine University, among others.

Along with being near Zuma and Point Dume beaches, Privé’s amenities run the gamut and include a fitness and biohacking studio, various sports courts, lawn for yoga, zen garden, dog park and playground for kids.

6487 Cavalleri Road in Malibu (Christie’s International Real Estate Southern California)

Condo living

Kirman, Fridman and Ensani are directors in the brokerage’s development division, a new department that’s looking to capitalize on buzz around Los Angeles’ high-end condo market.

“L.A. was never necessarily a condo city, although recently we’re seeing a lot of people downsize,” Kirman said.

They ticked off the factors driving interest among those looking to condos rather than single-family homes, noting security benefits and cheaper homeowner association fees, which includes fire insurance.

That continues a trend Fridman and Ensani said began with the unveiling of The Century at 1 West Century Drive in Century City about a dozen years ago. Fridman called it a project that broke the barrier between condos and single-family homes. It also helped set the tone for high-rise living in a market that’s traditionally been defined by mansions.

In fact, last January’s sale of the 39th-floor penthouse at The Century remains L.A. County’s priciest condo sale on record in recent years, according to Zillow data. The over 9,000-square-foot space was purchased by former OPI executive Miriam Schaeffer for $39.1 million.

“[The Century] was the first real condominium high rise to have over 20,000 square feet of amenities and the first high-rise to have actual land. Here at Privé we’re on 10 acres, so [residents are] not giving up certain amenities in order to downsize,” Ensani said of potential buyers who may be looking to sell their single-family homes in favor of a condo.