By Luxury Playbook for Luxury Playbook | Read the original article here
In our new vlog series, Luxury Playbook, Kofi covers the luxury products, places, and properties that appeal to the celebrities, athletes, and entertainers we work with. This episode covers the Audemars Piguet Offshore Polaris, courtesy of Rostovsky Watches.
Kofi was invited for the third consecutive year to take the stage at the 15th annual Leaders in Luxury Conference. This year, it was held at the Four Seasons resort in West Palm Beach, Florida. Topics included trends in the luxury market, international buying patterns, B2B strategies, and amazing networking amongst some of the countries top luxury real estate agents.
Leaders in Luxury is an exclusive retreat for members of the Institute for Luxury Home Marketing who have proven production in the high end, residential real estate market. This bespoke event is specifically crafted to encourage sharing strategies, growth, and referrals with other like-minded professionals from any brokerage or market.
In October, Kofi was invited for the second year in a row to speak to recently retired NFL players and their significant others about opportunities and careers in real estate. In front of a packed room, he covered everything from working as an agent to investing in real estate. In true Kofi fashion, he also covered transferable life and business skills that would help the former players with their transitions.
The Bridge to Success is an annual four day conference for recently retired NFL players. The comprehensive event has numerous speakers, panels, and corporations there to conduct job interviews. Kofi is the only real estate agent in the country with this affiliation with the NFL. He is in his second year of participating in this program.
By Liz Stinson for Curbed Los Angeles | Read the original article here
Is it a spa or is it a house?
Designed by famed NorCal architect Mickey Muennig in 1998, this scenic modern paradise sit on 21 acres of prime Big Sur land.
The two-bedroom, three-bathroom house unfolds over its 2,652 square feet in tiers that follow the sloped plot of land. The entryway opens onto two sets of stairs: one that leads to a sunken living room anchored by a circular concrete fireplace, and another that leads to an open-plan kitchen and dining area. Yet another set of stairs from the living room is connected to an indoor garden/spa that features an indoor-outdoor hot tub.
While the house is laid out as open-plan, the bedrooms offer a sense of privacy. The expansive private quarters come with their own decks, and the master features a waterfall shower that’s overflowing with flora.
Muennig embraced natural shapes and materials that echo the raw beauty of the Big Sur landscape. Redwood beams span the ceiling; circular windows look out onto the mountains and ocean; and burnished concrete floors give the space a warm, organic feel.
Located at 46902 Pfeiffer Ridge Road, this striking home can be yours for $4,895,000.
By Natalie Hoberman and Dennis Lynch for The Real Deal | Read the original article here
In the not too distant future, college athletes playing at top-tier schools may be hitting the open houses as hard as they hit the gym.
Earlier this month, the State Legislature unanimously passed a bill — over the NCAA’s objection — to allow college athletes to earn money from their names, likenesses and images. If Gov. Gavin Newsom signs the “Fair Pay to Play Act” — which would take effect in 2023 — California would become the first state in the nation to allow college athletes to get paid.
And its impact could be enormous, with California’s college athletes for the first time being offered lucrative endorsement deals and sponsorships.
It could mean that some would have enough money to do the first thing many players do when they sign their first professional contract: Buy a home.
For real estate agents, the bill could also create a pipeline of newly-minted millionaire clients. Los Angeles alone is home to two of the top college athletic programs in the nation, the University of Southern California and UCLA.
Kofi Nartey, Compass’ sports and entertainment division director — and former college football player — supports the bill but admits it will present a new set of challenges.
“I think it’s good for college athletes to be able to make money from their likeness and the brand they are building in the same way that the universities have for years,” he said.
Buying a first home is an exciting prospect for college athletes — and their agents — but it comes with considerations those students and their schools haven’t previously had to tackle.
Nartey, who was a wide receiver at the University of California at Berkeley, admits the stakes are higher when working with younger athletes.
“We have a built-in responsibility because we are dealing with the largest financial decision of most people’s lives,” he said. “There’s an increased responsibility when you are dealing with someone who’s come into a lot of money very quickly.”
Gregory Piechota, a Compass agent who’s represented pro athletes in L.A., including Serena Williams, said it’s important to make sure everyone on a client’s team is on board with a purchase. That could be a financial manager, a sports agent, and family members.
“There are agents who will say that whatever the client wants they’ll make it happen, but from deals I’ve done, what helped me keep clients is making sure everyone’s on the same page,” he said.
Hilton & Hyland agent Justin Hunchel offers a little preview for prospective buyers. Because athletes move frequently, he advises they “buy something that’s going to be easier to get rid of versus something that is very specific” to their taste. Sometimes that’s easier said than done.
“For someone who comes into a lot of money like that, there can be a tendency to go through it rather quickly,” Hunchel said. “So you try to advise them as best you can, but there’s only so much you can do in those situations.”
Nartey added that he’s had to “tell clients not to spend as much as they wanted to spend. When you haven’t renewed a contract, there’s no reason to spend that much.” Nartey’s client list has included Michael Jordan, Kevin Durant, former Lakers player and current L.A. Sparks head coach Derek Fisher, among others.
Nartey said that universities, which have been staunchly opposed to the bill, should “build out the infrastructure to support these younger athletes.” That could mean a mandatory training on wealth management, similar to the “Rookie Transition Program” available for incoming N.F.L. players.
SB 206 does not require schools to provide that counseling or training. It’s mostly focused on barring schools and the NCAA from disqualifying student athletes who receive compensation in some way for their likeness, image, and names.
The issue of allowing college athletes has been debated within the NCAA since at least the 1980s, but the country’s dominant collegiate sports association has fiercely fought the idea and continues to do so.
In a letter sent to Newsom earlier this month, the NCAA argued that the bill was unconstitutional and would give California schools an “unfair recruiting advantage” over schools in states without such a law.
“This bill would remove that essential element of fairness and equal treatment that forms the bedrock of college sport,” the letter said, according to the L.A. Times.
Piechota said he’s noticed that top-tier players themselves are better preparing for the pressures of life as a professional athlete. He said they’re “smarter” with their money than athletes typically were in the past.
More young athletes are interested in investment properties and quiet neighborhoods away from the high-profile areas like the Hollywood Hills and West Hollywood, where there are more distractions, he said.
Compass agent Elana Fullmer, whose husband, Brad, spent a couple of seasons with Angels during his 10-year baseball career, called L.A. a great place for a young player to buy.
“What’s a safer or better way to build wealth than to buy property in L.A.?” she said.
Still, being able to spot a good investment deal requires expertise and some finesse.
When asked if he had any advice for young athletes looking to buy homes either for personal or investment purposes, Nartey was concise: “Call me.”
By Forbes Council Contributor for Forbes | Read the original article here
According to the Global Wellness Institute, the international wellness market is worth $4.2 trillion (more than half of the world’s total health spending), having grown 12.8% between 2015 and 2017 alone. Among the ten most lucrative industry segments – including fitness, personal care and nutrition – wellness real estate is a large and growing market. Valued at $134 billion, the wellness real estate market comprises 1.5% of the world’s construction industry and about half of its green construction industry.
Wellness real estate developers are building homes and offices that are designed and constructed to optimize their occupants’ physical and mental health. By utilizing low toxicity materials, installing IoT appliances that facilitate healthy choices (smart refrigerators), and conceptualizing floor plans and rooms specifically designed for healthy activities (exercise, meal preparation, meditation), these spaces may drive measurable increases in both the quality and duration of people’s lives.
Forbes Real Estate Council member Kofi Nartey is the national director of the sports and entertainment division of Compass, a real estate technology company operating in 17 regions across the United States, including New York, Los Angeles, Washington, D.C., Miami, Seattle and Philadelphia. Overseeing a national team of luxury real estate agents serving distinguished clientele, Nartey is at the epicenter of the celebrity housing market. He says builders and developers who embrace wellness real estate will have an advantage in saturated markets.
A large part of Nartey’s success stems from constant immersion in new technology and trends. “I have to stay on top of what's next so I’m able to provide guidance to builders on everything from wellness rooms to circadian lighting. Even simple things, like secure food and product delivery areas on porches (with controlled access from smartphones), can bring more value to clients and greater profits to my developers,” he says.
Every wellness update counts. Recently, Nartey says, the installation of a smart refrigerator became the main selling point for a client’s new construction home. “The purchasers cited the refrigerator as a deciding factor, because they could order groceries and receive updates on items they needed from the refrigerator’s touch screen. More importantly, their kids could watch videos on that same screen while dinner was being prepped. That bit of calm for a parent is a game-changer,” he says.
By Jack Flemming for Los Angeles Times | Read the original article here
Mike Bryan, one-half of the prolific Bryan brothers duo that won 16 Grand Slam tennis titles, is looking to ace a Camarillo home sale. His Mediterranean villa in Spanish Hills Country Club is currently up for grabs at $2.195 million.
That’s $204,000 less than the price he was asking last year, records show.
A landscaped front yard and amenity-loaded backyard surround the 1997 home, which sits on over an acre. Inside, five bedrooms and 4.5 bathrooms are spread across 5,424 square feet.
Whitewashed living spaces are broken up by black accents such as ironwork in the foyer, countertops in the double-island kitchen and custom built-ins in the family room. The main level also holds an office, formal dining room and expansive two-story living room. Upstairs, the master suite expands to a lounge, a spa-like bathroom and a private balcony.
Out back, the palm-topped grounds hold a swimming pool, spa and gazebo. Rolling lawns lead to a sand volleyball court off to the side.
Bryan, 41, first reached the world No. 1 ranking for doubles players with his twin brother, Bob, in 2003, and the pair have spent a total of 506 weeks at the highest rank. As a doubles player, Bryan has won 18 Grand Slam titles, all but two with his brother: the Australian Open six times, the U.S. Open six times, Wimbledon four times and the French Open twice. Additionally, he won an Olympic gold medal in 2012.
Kofi Nartey of Compass holds the listing with Paul Coleman, an independent broker.
By Modern Luxury for Angeleno Magazine | Read the original article here
Kofi Nartey is the real deal. As Director of the Sports & Entertainment Division at Compass Real Estate, he utilizes his more than 15 years of experience to help his A-List clientele realize their dreams when buying, selling, or investing in property in L.A.'s white hot real estate market.
"The unique lifestyles of athletes and entertainers require specialized services that guard their privacy and protect them contractually," Nartey says. "We have been fortunate to use that understanding to build what is arguably the largest national database of celebrity, sports and luxury real estate clients."
The Nartey Sports Foundation, which he and his wife– a fellow athlete– Mimi launched last year, continues to break boundaries with sports-related interventions for underserved youth.
"We recently held a fund-raising screener of in Search of Greatness and are sending 100 pairs of soccer cleats to Ghanaian athletes donated by a group of middle school students here in L.A.," Nartey shares. "We are also very excited for our second annual gala in July. Athletics gave us a great foundation of hard work, teamwork and leadership, so being able to provide opportunities for your sports participation is amazing."
Specializations
Nartey's impressive resume as a college and pro athlete, an actor with more than 10-years of experience, an MBA, a celebrity and luxury real estate correspondent and author of Sellebrity: How to Build a Successful Sports and Entertainment Based Business, has provided him with an exceptional advantage working with his high-level clientele and is helping to drive his newest venture.
"This summer we're launching 90210.com: A Media Company, which will cover all aspects of our business, from outstanding properties to luxury lifestyles to world-class brands we work with through video content. It will be an outstanding way to expand our already growing network."
By Forbes Real Estate Council for Forbes | Read the original article here
The market is always fluctuating in some way, but in order to be successful, you must be able to separate signals from noise when trying to understand developing trends. Doing this, however, can be a challenge—you need to know what to look for, as well as what sources you can trust, when you're doing your research.
In order to help shine some light on what you need to know, members of the Forbes Real Estate Council, below, discuss some ways they recommend staying on top of market trends and fluctuations, as well as discuss why those approaches can help. Here's what they said:
1. Focus On Your Specific Market
Most market fluctuations and trends that get reported are general and not specific to a particular market. Cities in a region are all micro markets. Even the street to street can yield different market stats. Make sure the information you are referencing or relying on is specific to your market and your goals. - Kofi Nartey, The Nartey Group - Compass
2. Find Experts And Bearish Cynics
In commercial real estate, there's a cacophony heralding opportunity zones articles every day. But, speak to a tax specialist and you learn that the rules aren't finalized. Talk to fund organizers and they're not yet buying. Want to separate the action from hype? Find experts and the bearish cynics, and if there's more talk about a "moment" than definitive action, that's your guidepost. - Kristin Geenty, The Geenty Group, Realtors
3. Watch The High-End
Markets are about money. When appreciating, the market moves from the bottom up. When money is available, the lower, mid and high-end are doing well. In a downturn, if the high-end is lagging, it's an indication that the cycle is in decline. A strong, low and mid-level price market is still possible while high-end is in decline, but it's a sign of an overall negative trend. - Thomas McCormack, Resources Real Estate
4. Listen To Your 'Boots On The Ground'
Real estate is a people business, so always remember teamwork makes the dream work. The people on the ground are the ones that are going to be your eyes and ears for a particular market. They are also going to be more of an asset compared to anything you read online. If you select the right market and people they can give you the inside scoop on a daily basis and more. - Engelo Rumora, List'n Sell Realty
5. Educate Yourself About The Economy
As investors and advisors, we need to understand the overall economy to determine what is actually a "signal" or indicator of where the market is headed versus what is just an anomaly or noise and inaccurate analysis. By continuously educating ourselves and looking beyond just the numbers and stats, we are able to add value for both our own portfolio and our clients' requirements. - Catherine Kuo, Elite Homes | Christie's International Real Estate
6. Trust In The Numbers
Cold, hard data never lies, and the market is always in flux. So, dig deeply into recent sales data, including comparable percent changes over a 6 to 12 month period, to reveal the real market trends that are impacting your potential opportunities. Focus on property type and micro-market data trends to find the real-deal information that will confidently guide you when setting your sale or purchase target. - Garratt Hasenstab, The Mountain Life Companies™
7. Check Your Sources For Credibility
Seek data from multiple sources, look for consistent conclusions supported by more than one data point and consider sources’ credibility. A research report or national news story should carry more weight than the views of an unknown blogger. All sources are not created equal, and we need to be cognizant of a source’s credibility to cut through today’s content-hungry, 24/7 news cycle. - Gary Beasley, Roofstock
8. Study Ratios
Data by itself is only partially useful. What's interesting is how they relate to each other. I like to look at the ratios, which combine several different market stats to really distill down what's going on. For instance, price per square foot is somewhat useful, but price per square foot per square foot will plot out how increased size will diminish the standard PPSF value. - Ari Afshar, Compass
9. Research Master Plan Documents
When I want to get up to date on market trends, I check in on material updates to master plan documents in metropolitan areas with the most population growth. Master plans are the guiding documents for community development and can usually be found on the planning and zoning or development websites for most cities or counties. Maricopa County was the fastest growing county in 2018, which is a good place to start. - Bryan McLaren, Zoned Properties, Inc.
By Forbes Real Estate Council for Forbes | Read the original article here
Understanding local housing trends can be crucial to the purchase or sale of a property — no one, for instance, wants to purchase a house, only for its value to drop tremendously a month or two later. However, knowing what to look for — and why — can be challenging. While real estate professionals have a specific set of metrics or signs they watch, people outside of the industry may not know what information is particularly important to consider when buying or selling a house, much less the best place to find that data.
So how can non-industry experts keep an eye on local housing trends in order to make better-informed decisions? Here are some approaches members of Forbes Real Estate Council advise trying:
1. Use A Data-Driven Approach
An average investor would do well to utilize a data-driven approach. Truliais a great resource which provides local housing trends and data such as listing prices, sales prices, sales volume and rental prices. The data is also provided in heat map and historical chart visualizations. - Yousif Abudra,BENA Capital, LLC
2. Track Everything Online
Keeping track of the housing market is easily done online by watching what price the neighborhood homes are actually closing for and what style of properties are most popular. Following along with neighborhood developments like local coffee shops opening up or new restaurants moving in will give you a good idea of what areas will become the most popular. - Beatrice de Jong, Open Listings (YC W15)
3. Read Blogs And Newsletters
Most good agents write periodic blogs or send out newsletters. If you're interested in a specific community or neighborhood, look for the agents with the most listings and sign up to receive market information. Some of the national portals such as Zillow or Realtor.com also offer market information. - Lisa Fettner, ReferralExchange
4. Follow Trends And Experts
Markets are often impacted by residential and commercial developments. Some people follow new construction permits. Some people follow Whole Foods into neighborhoods. Also, follow an agent in your area. Lots of agents post market updates or send out emails with market stats. Get on their distribution lists. Then, when it is time to pull the trigger, contact one of them. - Kofi Nartey, The Nartey Group - Compass
5. Use A Multiple Listing Search Engine
Ask a real estate broker friend to set up an auto-search in the Multiple Listing Service. It can be set for pricing, a specific area, age of home, new construction, size or bare land. The MLS will notify you of new listings, price reductions and back-on-the-market properties. You'll get a feel for price fluctuations, what's flying out the door, what isn't and the number of days on market. - Jessica Pankratz, Town & Country Realty
6. Align Yourself With A Pro
While there's an abundance of data and other info online, the smartest and most efficient way an average person can keep apprised of local market trends is to align themselves with a competent real estate pro. A great agent not only knows the pertinent numbers, but also the players in the market, understands trends from a first-hand perspective and can advise based on what's happening in real time. - Thomas McCormack, Resources Real Estate
7. Set Up Google Alerts
Set up Google alerts to get notified of local real estate news, trends and statistics in your email inbox. Be careful to balance reports, consider the source and their motivation, and look for the rawest and most impartial data possible. Keep a close eye out and ear to the ground in your neighborhood too. All real estate is local. Are rent and for sale signs sitting out longer? - Kent Clothier, Real Estate Worldwide
8. Study The Area
To get a handle on housing trends, read about everything else in the community or region. A growing arts district, expanding college or university, big employer coming in (or going out), are great indicators of incoming demand levels. Many in the real estate industry look at historical trends in sales but for future demand, look into drivers such as jobs, students or the area's rising profile. - Kristin Geenty, The Geenty Group, Realtors
9. Look For A Top Selling Agent
Every neighborhood has a "go-to" real estate agent who dominates the market. You see their "For Sale" signs everywhere. They know the local housing trends better than anyone because they typically work and live right there. And they not only have the best market data, but have inside knowledge you can't Google. Even if you're a seller thinking of going the iBuyer route, talk to that agent! - Lane Hornung, zavvie
10. Read The News
Real estate is excellent fodder for media that reflect the actual state of the market. Open your local paper and flip to the real estate section. Normally you'll see stories about emerging neighborhoods, prices, or new businesses coming to the area — all which can have an effect on your real estate needs. Of course, it's important to talk to a real estate agent before making any serious moves. - Elizabeth Ann Stribling-Kivlan, Stribling & Associates
11. Pay Attention To Detail
It’s important to frame each and every property within its own micro-market. Having the ability to showcase how a property compares to competing inventory, within its own micro-market, can provide invaluable insight to buyers. Property details can significantly increase or decrease the value of a property. - Cody Vichinsky, Bespoke Real Estate
