"Nina Zokhrabyan is the operational backbone of Aaron Kirman's brokerage, Christie's International Real Estate Southern California. She's gone through several cycles and is no-nonsense about the limbo in which Los Angeles' residential high-end real estate market finds itself. Every time you see a market shift there's what I call a pause period and the pause period is when the buyer and the seller are not seeing eye to eye on what the value of the property is, Zokhrabyan said."
"Buyers are cautious, sellers are stubborn and everyone is waiting for someone else to blink first, Kirman said. While one could technically say buyers hold the power, both sides are paralyzed, he added, blaming the activity impasse on a mix of high interest rates, economic uncertainty and political gridlock nationally and locally. In a nutshell, the market is challenged with buyers in the catbird seat."
"The spread between asking and closing prices is also widening. Spelling Manor sold for $110 million, after originally asking $165 million in 2022; Gene Simmons' former Beverly Hills pad got $28 million in July for a property originally listed at $48 million; and Jim Carrey's Brentwood estate sold for $17 million in August, a stretch from the $29 million asked when it hit the market in 2023."
Nina Zokhrabyan serves as the operational backbone of Christie's International Real Estate Southern California and has navigated multiple market cycles. Zokhrabyan identifies a recurring pause period when buyers and sellers disagree on property value during market shifts. Aaron Kirman's brokerage rose to No. 8 in Los Angeles County by dollar sales volume, recording nearly $2 billion across 504 deals in the July-to-July period. The top 20 brokerages closed about $51 billion, excluding off-market and sub-$1 million deals. Buyers are cautious and sellers are stubborn, with high interest rates, economic uncertainty, and political gridlock contributing to stalled activity and widening price gaps.
Read at therealdeal.com
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