Intelligence Talks

In this episode, we take a deep dive into Los Angeles’ luxury housing market—one of the world’s largest super‑prime residential hubs, currently ranking third globally for $10‑million‑plus sales. Despite a range of challenges in recent years, the market continues to show remarkable resilience and remains a key destination for global private wealth.
Liam is joined by Nick Segal to unpack the dynamics of a market that has recorded 250 sales above $10 million in the past 12 months, totalling $4.6 billion. Nick explains how the city is navigating significant headwinds—from the ULA tax reform, which imposes an excise tax of up to 5.5% on high‑value transactions, to complex insurance challenges and the emotional toll following last year’s devastating fires. While these factors have prompted some wealth migration to states such as Texas and Florida, the conversation explores why a degree of “stickiness” remains, and why some buyers are already returning to California.
The discussion explores the structural shifts in buyer behaviour, noting a move away from “aspirational” pricing towards a necessary realism among sellers. Nick highlights how tech wealth and other alternative sectors are backfilling changes in the traditional entertainment industry. In addition, a new trend in wellness‑driven development is reshaping the luxury landscape, with an increasing emphasis on lifestyle quality.

Looking ahead to 2026, Liam and Nick discuss the potential for a “righting of the ship,” driven by anticipated interest rate reductions and growing political momentum to recalibrate tax initiatives. They identify key sub‑markets to watch, including the Palisades—which is poised for a major recalibration—and Beverly Hills, which remains a stronghold for developers due to its exemption from the ULA tax.
For more insight into global wealth, luxury markets and the assets that sit alongside property subscribe to Liam’s twice-weekly research briefing here: https://preferences.knightfrank.com/subscribe-to-research?utm_campaign=2703391_Data%20Protection%20-%20Not%20asked%20consent%20%28Headshot%29&utm_medium=Email%20Marketing&utm_source=Dotmailer&dm_t=0,0,0,0,0

Host: Liam Bailey, Global Head of Research at Knight Frank & Editor of The Wealth Report, [email protected]
Guest: Nick Segal, Managing Broker at the leading Los Angeles brokerage, Carolwood, which has recently launched a new strategic alliance with Knight Frank.
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Rob Perrins, Executive Chairman of Berkeley Group, joins Tom Bill to explore the realities behind the government’s housing ambitions, the impact of the Autumn Budget, and what it will really take to deliver 1.5 million homes. With over 30 years at Berkeley, Rob offers a unique perspective on the UK’s planning system and the challenges of delivering homes at scale, particularly in London. He discusses why housing delivery has stalled, how the regulatory burden and taxation are undermining viability, and why restoring confidence and the “feelgood factor” is critical for the market. Rob also reflects on his career at Berkeley, the legacy of founder Tony Pidgley, and how the company’s culture of regeneration, placemaking and long-term investment continues to shape its approach today.
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Produced by Ollie Peart at ⁠⁠Rethink Audio⁠⁠.
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In our latest Intelligence Talks episode, Liam Bailey, Global Head of Research at Knight Frank, is joined by Tom Burchfield, Head of Market Intelligence at Liv-ex, the world’s leading fine wine exchange. They unpack a challenging three-year period for the Liv-ex 100, why Tuscany has shown resilience, and what the recent rebound could mean for the end of the downturn.

Liam and Tom explore how changing investor behaviour, shifting global demand, and evolving preferences for top vintages are reshaping the market. From Europe to Asia and the US, they reveal the forces stabilising prices and the trends shaping luxury alternative assets for the year ahead.

For more insight into global wealth, luxury markets and the assets that sit alongside property subscribe to Liam’s twice-weekly research briefing here:
https://preferences.knightfrank.com/subscribe-to-research?utm_campaign=2703391_Data%20Protection%20-%20Not%20asked%20consent%20%28Headshot%29&utm_medium=Email%20Marketing&utm_source=Dotmailer&dm_t=0,0,0,0,0
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2025 has been the year of not taking anything for granted in student housing. There’s noise in the headlines, nuance in the data, and if you know where to look opportunity in the fundamentals. Katie O’Neill speaks to Knight Frank's Head of Student Housing Capital Markets, Merelina Sykes, and Head of Student Housing Valuations, Neil Armstrong. She asks; how are investors navigating the current investment landscape? What’s really happening with rental growth, and how is it shaping occupancy? And importantly, what does the student think?

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Former Treasury and No.10 insider James Nation joins Tom Bill to unpack a Budget that has soothed markets but failed to boost Labour’s poll numbers. James talks about how easy it will be to introduce a mansion tax, the politics around an investor visa, and why the next big guessing game might not be related to taxes rises but the identity of the new Chancellor. Hosted on Acast. See acast.com/privacy for more information.