$26M Brentwood listing to test LA market’s “pent-up demand”

Developer Phillip Braunstein and Bond Street Partners’ David Parnes walked through the recently completed property at 1104 Tigertail Road last week. It took a little over five years to get to that point.

The home, which lists Monday for $25.9 million, covers more than 14,400 square feet. The two-story home was built above grade, meaning there’s no basement, while views of the Getty Center mark the entire length of the 200-foot-long lot. Custom millwork, wood paneling and use of marble and stone round out the home’s finishes.

It took two-and-a-half years to obtain all the permits and another three years of construction for Braunstein and his development company Colossal Properties to bring the six-bed, 10-bath home to life and onto the market in Brentwood’s Crestwood Hills neighborhood. The enclave is known for its Mid-Century homes sitting high above Sunset Boulevard in the Santa Monica Mountains.

“The permitting was very long; the construction was very long,” Braunstein said of the hearings and appeals.

David Parnes on Beeple’s First Residential Installation, Brentwood Listing, Market Trends — 1104 Tigertail Road in Los Angeles (Tyler J. Hogan)

The gated property has a herringbone stone motor court, four-car garage, elevator, infinity pool, sauna, theater, gym, wine room and plenty of outdoor deck space.

Topping all that out is a custom artificial intelligence-generated sculpture created by digital artist Beeple, neé Mike Winkelmann. The artist turned heads after Christie’s auctioned his piece, “Everydays: The First 5000 Days,” for $69.3 million in 2021. The piece, which is not included with the home, marks Winkelmann’s first residential project and first to utilize AI.

Market rally

For Parnes, the Tigertail listing comes with a chance to ramp up Bond Street — the team within Beverly Hills brokerage Carolwood Estates co-founded by James Harris and himself — as the market bounces back from its summer slowdown.

During the first six months of the year, the two sold about $600 million worth of homes. Then the market slowed in July and August, according to Parnes.

“Now, September, we are slammed,” he said.

Last week’s Federal Reserve interest rate cut helped, and further reductions will as well, Parnes said.

“The sentiment’s back in the market. There is a lack of inventory, so there is pent-up demand,” he said. “People were waiting for a real clear signal that everything is OK and now it is.”

As a result, he expects the Bond Street team to clear about $1 billion in sales this year.

Bond Street ranked No. 8 in The Real Deal’s most recent list of Los Angeles’ top agents and teams, based on MLS data pulled between May 2023 and May 2024 for Los Angeles County. The ranking does not include deals under $1 million or off-market transactions. Bond Street had $285.9 million in sales volume across 52 deals for the May-to-May timeframe, according to TRD research.

Parnes’ optimism follows a rugged 2023 for the industry and a settling in of the Bond Street team at Carolwood, after joining the brokerage in February.

Parnes and Harris decamped from The Agency after a decade to plant their flag at a boutique that gives them the best chance at continuing to grow and develop their focus on Beverly Hills, Bel-Air, Holmby Hills, Brentwood, Pacific Palisades and Malibu among other nearby submarkets.

“I love [The Agency founder and CEO] Mauricio [Umansky] and we did incredibly well there,” Parnes said. “The Agency went global. They achieved everything they set out to do and more. They have offices everywhere. For us, we’re focused on the super high end, in our key market — which is Los Angeles. We find that the Carolwood brand is more aligned with what we are and who we are now because it’s a boutique Beverly Hills office with some of the top agents in the country.”

Parnes went on to call out Carolwood’s “sophisticated” branding and marketing as in line with the Bond Street brand.

As for 2025, Parnes is upbeat on luxury and expects, “business as usual.”

That’s in part, he said, due to a normalcy that has settled into Los Angeles’ luxury market. After all the headlines around the new rules stemming from the National Association of Realtors settlement and more than a year since the Measure ULA transfer tax went into effect, buyers and sellers are getting back to the market.

“Everything thrown at us, ULA, NAR, it hasn’t stopped us,” Parnes said. “Yes, last year was hard, but interest rates are going down and the fact that ULA is just a cost of sale now, it is what it is. And, as far as NAR, sellers are still choosing, from our experience, to offer commissions. … At the end of the day, people want to buy real estate.”