The Hollywood Reporter: Kofi is one of Hollywood’s top 30 real estate agents


By Peter Kiefer | Read the original Hollywood Reporter article here

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Ten years ago, Nartey asked his former college teammate, star NFL tight end Tony Gonzalez, to do him a solid. “He was one of the first people I reached out to, and he gave me a shot at selling his house in Manhattan Beach,” says Nartey, himself a ex-standout wide receiver at Cal who has emerged as the “go-to” broker for a growing pool of pro athletes seeking to buy or sell in L.A. Last year, the 3-year-old Compass poached Nartey from The Agency and tasked the Pepperdine MBA with launching a sports and entertainment division, which now has more than $100 million in active pocket listings. Having worked as an actor for nearly a decade after college (he’s appeared on True Blood and Modern Family), the father of two brings an understanding of both Hollywood and sports.

In August, he sold NBA player Nick Young’s six-bedroom Tarzana home for $3.2 million, and he’s in escrow on former Laker Derek Fisher’s Hidden Hills six-bedroom for $6.2 million. He also holds the listing for comedian Steve Oedekerk’s $10 million home in San Juan Capistrano. “The thing you want when dealing with a broker is inside information, and Kofi’s knowledge of pocket listings and off-the-market properties is second to none,” says Black-ish showrunner Kenya Barris, who hired Nartey to help him lease a home previously owned by Golden State Warriors star Andre Iguodala. “He’s also a cool-ass dude.”

With the arrival of two NFL franchises, a stadium rising in Inglewood and the recent deal for L.A. to host the 2028 Summer Olympics, more sports figures are looking to buy here. But in addition to “baller pads,” athletes need proximity to training facilities, which has Nartey and his team studying markets that range from Calabasas to the South Bay. “We now have a collective of 40-plus agents who are sharing ideas and best practices on how we can service clients and work better with business managers,” says Nartey. “We just get it better than everyone else because we’ve built a specialization around it.”

LA Times: Former Laker Derek Fisher scores a $6-million home sale in Hidden Hills


By Neal J. Leitereg | Read the original article here

Derek Fisher, the former Lakers point guard and five-time NBA champion, has sold his home in gated Hidden Hills for $5.95 million.

The Traditional-style estate, built in 2007 and customized during Fisher’s ownership, features such personal touches as Venetian plaster walls and hickory wood floors. Modern chandeliers create visual interest in the two-story foyer and living and dining rooms.

A wood-paneled den, executive office, screening room, six bedrooms and eight bathrooms also lie within more than 9,400 square feet of living space. An over-the-top kitchen large enough for a pickup game is equipped with two islands, marble countertops and warming and cooling drawers. An elevator services both floors.

French doors open to a flagstone patio that surrounds the swimming pool and spa. A guesthouse, outdoor fireplace, lawns and formal landscaping fill out the backyard. Elsewhere on the acre-plus property is a two-stall barn.

Kofi Nartey of Compass and Jordan Cohen of RE/MAX Olson & Assoc. were the listing agents. Nartey represented the buyer in the sale.

Fisher, 43, paired with Kobe Bryant in the Lakers backcourt on multiple championship teams coached by Phil Jackson. After retiring in 2014, the former point guard reunited with Jackson, then the president of the Knicks, when he was named head coach of the New York franchise. He was let go from his position last year.

He bought the house in 2009 for $5.5 million, The Times previously reported.

TRD forum: The state of LA’s luxury market, according to top brokers who live and breathe it


Written by Natalie Hoberman | Read the original article here

Angelenos are no stranger to high price tags, but with the Chartwell home listing for a record $350 million, has the bar been raised cartoonishly high?

Talk of Mr. Gucci, clients demanding bulletproof windows and the record-breaking Playboy mansion sale were among the topics that bounced around the Bank of America Plaza auditorium at The Real Deal’s first Los Angeles forum, where residential industry leaders came together to discuss the state of the market.

With a massive influx of global capital flowing into L.A., the city has become a luxury destination to rival the likes of New York and London, brokers said. But how much is too much, and how can brokers and developers stay realistic?

“The agents are telling developers what they want to hear and not what the reality is,” said Mauricio Umansky, co-founder of the Agency. Umansky said that when there was such a disconnect between asking prices and what buyers will pay, even a massive sale will end up looking like a defeat.

“When you hear that a $300 million house ends up selling for $100 million, the news is that you sold it for $200 million less,” he said.

“The luxury market is very fickle,” said Ben Bacal of Rodeo Realty, who said buyers want an increasingly demanding list of home features that includes bulletproof windows. “Los Angeles is coming up, but it’s slow.”

Rather than selling the “tangible value” of a property, listings are “selling the sizzle of L.A.,” said Kofi Nartey, who heads Compass’ sports and entertainment division. “We’re seeing a lot of these properties being priced [high] as a marketing strategy.”

Read the full article here

Kofi quoted in Private Wealth Magazine


A Penthouse Too Far?
Written by Leila Bouton | Read original article here

Manhattan’s iconic “Billionaires’ Row” is known for establishing new benchmarks in both the luxury and price of real estate. Now, the toniest residential area in New York City—with its ultra-exclusive condominium towers offering breathtaking views of Central Park—is experiencing its first-ever foreclosures.

Two recent lender suits against defaulting owners at luxury high-rise One57 (157 West 57th Street) have stirred concerns about the outlook for the Big Apple’s luxury residential real estate market. Are these foreclosures early warning signs of a bubble, perhaps global in scope, that could soon burst?

Donna Olshan, president of high-end Manhattan brokerage Olshan Realty, doesn’t think so. She says the recent foreclosures at One57 are isolated incidents involving borrowers who got into trouble, not indications of a coming market meltdown.

Instead, Olshan says current soft prices are partly the result of excess inventory caused by the overbuilding of expensive condos. “At $10 million and above, inventory is growing. We had too much building on the uber-luxury end of the market. Things under $1 million fly and things over $10 million are sitting,” she says.

Overpricing by sellers of luxury properties is largely responsible for stalling transactions at the top of the market, says Olshan, a 37-year veteran of the New York real estate market. “Real estate is an efficient market. If it’s not priced correctly, it won’t sell. People either remove their property from the market or they lower the price and sell it.”

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LA Times: New Warrior Nick Young sells his Tarzana home, shoe house


This article originally appeared in the Hot Property section of Los Angeles Times  |  Read the original article here
By Lauren Beale

Golden State Warriors
 shooting guard Nick Young has sold his old home court in Tarzana for $3.25 million. In addition to the main dwelling, there’s a customized guesthouse that he had converted into storage space for his vast shoe collection.

Iggy Azalea rumors to the contrary, the former Laker was the sole owner of the property, which he bought three years ago from singer-actress Selena Gomez for $3.45 million. Apparently shoe houses and celebrity cred aren’t necessarily appreciation upgrades.

There are a total of six bedrooms and nine bathrooms within the 6,630 square feet of living space.

Also on the acre of grounds is a lighted and fenced basketball court, an outdoor kitchen and a swimming pool with a spa. Lush landscaping surrounds a blue-stone courtyard with a fountain at the front of the home.

Young, 32, starred at USC and was an NBA first-round draft pick. He averaged 13.2 points a game for the Lakers this past season before joining the Warriors.

Kofi Nartey and Trevor Lambright of Compass were the listing agents. Nicholas Donohoe of Coldwell Banker represented the buyer.

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