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by Darren Sands | Original article, Black Enterprise

Go ahead and watch Kofi Natei Nartey sell a house to former NFL star Marcellus Wiley, and you’ll quickly get why the real estate industry in southern California is buzzing about one of its up and coming stars. Mr. Nartey is an agent at The Agency RE, in Beverly Hills (he leads its sports and entertainment division), and his experience is primarily in Los Angeles’s booming luxury market. He is also a featured agent on HGTV’s Selling LA. We talked to him about his goals, professionalism and one very common misperception about the luxury market in L.A.

BlackEnterprise.com: People who have worked with you rave about your professionalism. Talk to us about what they’re referring to.

Kofi Natei Nartey: A professional is a person who is committed to learning and training at a specific craft, and consistently executes at a high level. My clients appreciate my command of the real estate industry, and my ability to bring a level of calm to what can be a highly emotional transaction. Also, I am extremely responsive to my clients’ needs.

Simply stated, people like to know they are in good hands. I have been in this business for over ten years, have closed millions of dollars in transactions, and have trained hundreds of agents. I put every bit of this experience to work for my clients. Also, the majority of my clients come from the sports and entertainment industries and I have had experience in both. That helps me relate to their lifestyles. I understand things like the need for taller doorways or countertops for my NBA clients, or a screening room for my actors, directors, and producers.

What is different about working with celebrity clients and do you have a preference?

Privacy and trust become more critical when working with celebrity clients. Once that trust is established, however, it is a more complete trust. They want to find the best person for the job, turn the work over to that person, and focus on what they do best. Working with my team allows them to stay focused on their craft, while we take care of their real estate needs.

Also, we often work with a representative for the celebrity for a large part of the transaction. Most celebrity clients have managers, agents, and assistants that become an integral part of the buying or selling process. We work with them as a team to take care of the client’s needs. When the celebrity is available, flexibility and agility are important to make everything work with their schedule. I once received a call that one of my celebrity clients was arriving in town in two hours and wanted to see homes that day. We made it happen.

As for a preference, I truly enjoy working with both celebrity and non-celebrity clients because I enjoy working with people. It is very rewarding helping clients with the major transition that real estate can be. It can be just as exciting to help the newly signed athlete find a hip/modern pad as it is to help first time parents find the right family home.

What are your first questions to a high profile client? You seem rather comfortable with former NFL player Marcellus Wiley. How do you establish that relationship with your clients? Is it a balance?

Understanding my client’s motivation for buying or selling a home is most important. Their “Big Why” is what will drive many aspects of their real estate decisions. It is also important to assess their needs as thoroughly as possible up front. That way, I don’t have to waste their time with properties or issues that can be handled by me and my team. Understanding the client’s needs helps me service them better and make the most of my time with them.

There is definitely a careful balance between the business and personal relationship. I get along well with almost all of my clients, but what is most important is finding or selling their home. Closing the deal is usually a prerequisite for any relationship beyond the transaction. I have been invited to movie premieres, concerts, sporting events, and parties. These invites may have come because I was likeable, but more importantly, I delivered on my professional promise and took care of their real estate needs.

What’s the one or two things about luxury real estate people only slightly familiar with the marketplace would be surprised to know?

I sometimes speak at national real estate conventions, and those audiences are always shocked to hear what is NOT considered luxury in the Los Angeles market. I have sold $1M and $2M properties that were not considered luxury homes in Los Angeles. It really depends on the size and location of the property.

People are also surprised to hear stories about clients paying millions of dollars for a property, only to completely remodel it or even tear it down. At the higher price points, people are used to getting exactly what they want. This is the case with their properties as well. One of my colleagues sold a $17M house to a gentleman who bought it to live in while his primary residence was remodeled.

Also, I am often asked what particular celebrities are like to work with. Unfortunately, I can’t always say. It does not pay to kiss and tell in this business.

What are your plans for the future?

I believe we all have a responsibility to discover all of our gifts and talents and share them with the world. We must work to realize our potential in whatever field we are in, and I want to seize all of the opportunities that real estate has placed in front of me.

Ultimately, I will continue to build my team of agents as I pursue my goal of becoming the top sports and entertainment real estate broker in the country. Along the way, I hope to assist and inspire other young agents to have the courage to blaze a path where one never existed.

BY CATHERINE SHERMAN | Original Article, Zillow.com

Are tech bosses looking for privacy or is this new breed of celebrity rewriting the high-end real estate playbook?

As Mark Zuckerberg’s social networking company, Facebook, celebrates its 10th anniversary tomorrow and has worldwide usage by 1.23 billion people, the tech titan finds himself at the forefront of a real estate trend: tech bosses who are buying up their neighbors’ properties.

Zuckerberg made headlines last fall when he reportedly spent $30 million to purchase four of his neighbors’ homes. Not only were the homes not on the market, but Facebook’s chairman and chief executive officer turned around and leased them back to their original owners.

Two weeks later, Yahoo CEO Marissa Mayer reportedly bought a funeral home near her residence, with the Daily Mail proclaiming, “Yahoo! Marissa Mayer does a Zuckerberg and starts to buy up her neighborhood.” Three days later, the Silicon Valley Business Journal announced “Elon Musk pulls a Zuckerberg,” when news surfaced that the inventor and Tesla Motors CEO had purchased a home across the street from his Bel-Air pad.

While this tech titan home-buying spree was newsworthy in its own right, buying up neighbors’ homes is not a new phenomenon. From Brad Pitt to Reese Witherspoon, celebs long have been known for making multiple real estate moves in their neighborhoods. The question is whether tech titans have the same motives as Hollywood stars or if this new breed of celebrity is rewriting the high-end real estate playbook. To find out, we asked The Agency’s Kofi Natei Nartey, who helps celebrities and athletes buy and sell homes on HGTV’s “Selling LA,” and Silicon Valley real estate agents of the Boyenga Team to share their insight.

Privacy is paramount

According to Nartey, it’s common for Hollywood stars to purchase neighbors’ homes as a way of protecting their privacy.

“It’s a way to control who is your neighbor,” Nartey explained. “In the Hills, there are homes with amazing views, but with that comes limited privacy.”

Eric Boyenga says it’s the same for high-profile tech execs, who are increasingly becoming household names.

“It’s not uncommon for entrepreneurs to purchase neighbors’ property,” he said. “In the social era of today, those like Zuckerberg tend to be a mix of Hollywood star and tech titan, whereas a lot of execs in the past didn’t get a lot of fanfare.”

A normal quality of life

But unlike A-list celebs who are accustomed to dodging paparazzi, Boyenga says tech bosses are often in search of a more “normal” quality of life.

“We’re more engineer-driven here. Execs don’t want any news about them,” he said. “For a celebrity, that’s par for their course, but for a tech entrepreneur, they want the focus on their firm and [to have] a life outside of that.”

Younger tech company execs — including 29-year-old Zuckerberg — are drawn to the vibrant culture in Palo Alto.

“We have hills like the Hollywood Hills here that are more private, gated estates with views,” Boyenga said. “But, Palo Alto is where things are happening. It’s a very idyllic neighborhood and a great place to raise a family.”

He says most people who move to Palo Alto want to keep the neighborhood the way it is, and tech entrepreneurs are no exception. For instance, when Zuckerberg began buying additional homes in his neighborhood in December 2012, it was because he reportedly learned of a developer’s plans to capitalize on his residence in the area.

“These are tech titans that want to be part of their community but also want to make sure they don’t have someone move in next door that they don’t want there,” he explained. “It’s not a control thing as much as about quality of life.”

No way to buy bigger

Because Silicon Valley entrepreneurs are drawn to historic neighborhoods such as Old Palo Alto and Crescent Park, they’re subject to a competitive market.

“Inventory is so hard to come by,” said real estate agent Janelle Boyenga, Eric’s wife. “What we’ve seen is people are buying properties and keeping them to pass on to generations to come. Inventory is only going to get tighter as the years go by.”

And, unlike celebs who buy sprawling Beverly Glen estates or Manhattan penthouses spanning multiple floors, execs living in the Valley don’t always have the choice to buy a bigger home.

“In Old Palo Alto, there are not many large lots. Most are less than a quarter of an acre,” Eric Boyenga said. “Only a handful are half an acre, and they just don’t get sold off.”

Making room for friends & family

But when tech titans buy neighboring properties, it instantly raises questions about what they’re going to do with the lot and how it will impact the neighborhood.

“Marissa Mayer [buying the funeral home] — I’m curious about that one,” Boyenga said. “It could just sit there for years to keep a big development from coming near her property.”

He’s skeptical that Mayer can drastically change the property, even if she wants to, because of building restrictions. For this reason, Boyenga says most people tend to use neighboring property as a place to have friends come and visit.

“It’s not easy to buy a parcel and take the house down,” he said. “Most of these people are looking to use for guesthouse purposes or just for privacy.”

Rumors about high-profile real estate purchases are common — fashion mogul Kimora Lee Simmons’ reported 2009 purchase of her neighbor’s tennis court to build a pool is a good example. Nartey points out that often rumors are just because, frankly, it’s very difficult to drastically change a residence in L.A.

“You have to get permits from the city for any remodel or new construction — anything that might undermine the aesthetics of the neighborhood,” he said.

At the end of the day, whether celebrity or tech titan, it’s about finding a place to call home.

“More than anything else these buyers are buying for privacy and quality of life,” Boyenga said.

By LAUREN BEALE | Original Article, L.A. Times

ATLANTA — The U.S. luxury home market is being driven to new heights by relatively low prices, low interest rates and a more stable economy than in many countries, experts say.

Buyer interest is recovering quickly, said Kofi Nartey of the Agency in Beverly Hills, who was part of a panel of real estate agents speaking at the National Assn. of Real Estate Editors conference in Atlanta. “That tends to be the trend with the generation now. We get a lot of immediate gratification and bounce back.”

Among those buying are people in the sports world, whose accountants are suggesting they get into real estate, Kofi said.

On the East Coast, boomers are buying luxury second homes as a reward for a lifetime of hard work, said Jack Cotton of Cotton Real Estate. “A property on Cape Code may function as a magnet for bringing family back together.”

Younger people are buying second homes for aspirational reasons, Cotton said. “They want to grow into the person who would have a beautiful property like this.”

International buyers in his market are looking for homes with a tale to tell or an architect of note. A portrait of the original owner’s wife at a house built in 1880 has hung to the left of the fireplace since the house was constructed. “That kind of story would appeal to an international buyer.”

Luxury housing agents from around the nation are reaching out to international buyers. Even though they make up only about 5% of the Atlanta market, David Boehmig of Atlanta Fine Homes said he is planning on traveling to Hong Kong to take part in a real estate show. “It’s an expensive proposition.”

Some brokers are working in conjunction with art sales in far-flung locales in Asia. Attendees have to pass displays of luxury properties on their way to the show.

Bus tours of potential international buyers have been taking place in the Los Angeles market for the last several years.

West Coast buyers in the $20-million price range are looking for a wow factor, Nartey said. One house being built in Beverly Hills will be surrounded by a moat.

Where luxury prices end up in this boom has yet to play out, but the Multiple Listing Service recently experienced a new high with a $190-million estate in Greenwich, Conn. California had 697 home sales at $5 million and over last year for an all-time high, Nartey said.

“I definitely think we will see a $250-million listing,” he said. “Price at that level is just a suggestion.”

Just having the highest price in a market will have people lining up, Nartey said, and quickly reach the top-tier buyers.

“Some of the numbers are justifiable and some are slightly arbitrary,” he said. His office is marketing the home of a sports star for whom the No. 25 is significant, he said. “So we listed it at $25 million.”

By NEAL J. LEITEREG | Original article, L.A. Times

The South Bay, with its low-key atmosphere and sought-after beachfront, has been attracting athletes since the 1980s, when the Joe Montana-led 49ers were Super Bowl fixtures, Kurt Rambis was minting four NBA title rings with the Lakers, and Steve Sax and the Dodgers made their last two World Series appearances.

Montana, Rambis and Sax each called L.A.’s beach cities home during those championship years. The Los Angeles Kings roster, Lakers players and coaches as well as athletes for teams outside of California have joined the most recent wave of residents.

In the South Bay, Manhattan Beach and Hermosa Beach have been some of the most popular spots, particularly among the reigning Stanley Cup Champions. Last year, Kings center Jeff Carter paid $5.25 million for a home in Hermosa Beach, near the team’s practice facility in El Segundo. Fellow teammates, including team captain Dustin Brown and goalie Jonathan Quick, followed suit, each buying homes in Manhattan Beach.

“There is a high congregation of hockey players in the South Bay, Manhattan Beach in particular,” said Kofi Natei Nartey, director of the sports and entertainment division at the Agency. “But you also see a lot of out-of-state players who want to live here and train in more favorable conditions.”

Diana Taurasi, the former Connecticut Huskies basketball star who currently plays for the Phoenix Mercury, became a resident of L.A.’s beach cities in June, buying a Manhattan Beach townhouse for $3.3 million. Former Stanford guard Landry Fields, currently with the Toronto Raptors, paid about $2 million for property in the area in July.

In Calabasas, there’s a different vibe — and it’s not just reserved for the Kardashian clan. More sports figures are gravitating to the guard-gated communities in the affluent pocket between Agoura Hills and Woodland Hills, even at the sacrifice of a more practical commute.

“A lot of athletes, particularly those with families, are attracted to the peaceful, gated lifestyle,” said Nartey, who has worked with WNBA star Candace Parker, former Chargers tailback LaDainian Tomlinson and Lakers guard Nick Young, among others. “When they travel, they have peace of mind. They have security.”

It’s also an area where someone can get more bang for their buck, said Nartey, whose clients, many of whom are originally from the Midwest, are accustomed to larger properties.

For scale, Keyshawn Johnson’s former estate, which the retired NFL star sold to Kourtney Kardashian in February, occupies nearly two acres in the exclusive Estates at the Oaks enclave. Former NBA all-star Mitch Richmond, who lives nearby, is seeking $8.495 million for his 2.23-acre property.

Whereas homes were once looked at as merely trophies, many sports figures see real estate as a way to build and diversify their portfolios.

“There is a shift taking place among athletes in that there is a desire to build wealth as opposed to just getting rich,” Nartey said.

Tampa Bay Buccaneers safety and Carson native Dashon Goldson has purchased investment properties in Marina del Rey in recent years, as has 49ers tight end Vernon Davis.