Michael Nourmand on LA’s changing real estate landscape
In this week’s Houses in Motion, which is part of HousingWire Daily, we spoke with Michael Nourmand, one of the most consistent and established Beverly Hills real estate brokers. Nourmand’s father founded Nourmand & Associates, an LA-based real estate brokerage, and Nourmand has seen firsthand the rapid changes in west Los Angeles real estate, including the influence of reality television shows and the impacts of climate change.
We spoke with Nourmand about these changes, and how what happens in Beverly Hills is both relevant and irrelevant to the rest of the country’s housing market.
Here is a small preview of the interview, which has been lightly edited for length and clarity:
Matthew Blake: One thing that is distinctive about Beverly Hills is that there are so many shows about real estate in and around Beverly Hills. There’s “Million Dollar Listing,” “Selling Sunset.” How do these shows affect the real estate market itself in Beverly Hills? And what do they show that might be accurate, or inaccurate?
Michael Nourmand: When you graduated from college, and you came back and told your parents in the early 2000s, “Hey, I want to get into residential real estate.” They looked at you like they just wasted all of their money sending you to college. It was very, very different. I mean, it was almost like they held their nose, like they were cringing.
Now, you graduate from college and you come home and say, “I want to get into residential real estate.”And they think it’s fabulous. They’re thrilled. It’s the craziest thing I’ve ever seen how dramatically it is shifted. I think part of that is due to reality TV.
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Below is the transcription of the interview. These transcriptions, powered by Speechpad, have been lightly edited and may contain small errors from reproduction: