The Top 10 Real Estate Power Players In L.A.

MYRA NOURMAND
NOURMAND & ASSOCIATES

Known as the First Lady of Real Estate, Myra Nourmand has a reputation for excellence in the listing, marketing and selling of high-end residences across L.A.

What has been your ticket to success?
My ability to develop strong relationships in the community, my dedication to my craft, my drive and adapting to change in today’s cutting age technology. The home is where your heart is, so this is one of the most gratifying services that I can provide to a client.

What are some common challenges and rewards you experience selling residential real estate in L.A.?
There’s only one way to thrive in the fiercely competitive L.A. market: work non-stop. You have to be accessible to your clients nearly 24/7 and you have to work at lightning-fast speed. Amazing listings [that are] priced right fly off the market because everyone is looking to purchase the same sought-after property.

Have you seen recurring trends in luxury real estate?
Views have taken on a greater importance than ever before. Buyers who seek an amazing L.A. view are entering a hyper-competitive market. Many have to adjust their budgets and be willing to pay more than they expected.

What is the key to sealing the deal on any real estate transaction?
In the high-end [subsector], you’re dealing with multiple players: buyers and sellers and their team of business managers, accountants, agents and lawyers. Putting together a multimillion- dollar deal under these circumstances is full of challenges. Effectively navigating through inevitable obstacles is what separates the elite agents from their less successful counterparts.

What advice would you give an agent who is just starting out?
Tenacity is key. I started out after being a homemaker who had stopped working to raise my kids. I told myself failure was not an option and, when I encountered roadblock after roadblock, I kept pushing forward. There’s a lot of disappointment in this business: sellers change their minds and pull their homes off the market, and buyers back out of deals. But around every corner is a new deal. As the saying goes, “When a door closes, a window opens.”

What do you see as the most desirable amenity or selling point of a residence that buyers look for in your market?
The most desirable amenities for my clients are location, property size and architecture.

JOYCE REY
COLDWELL BANKER

Joyce Rey has dedicated more than four decades to selling the country’s most extravagant residences, setting numerous records throughout her career and acquiring over $3 billion in sales.

As one of the top sellers of luxury real estate, how did you make it in the industry?
[There were] a number of factors—starting with a great educational background, a passion for the business itself, long hours of hard work, and putting my clients’ best interests first.

What is the key or secret to sealing the deal on any transaction?
Extensive follow-up.

Describe the hottest home in L.A. that you currently represent.
72 Beverly Park—this property offers more than any other! With Richard Landry’s outstanding architecture, six prime acres in the exclusive guard-gated Beverly Park [and] fabulous entertaining areas with high ceilings, nothing compares. If you move outside of L.A., the Sycamore Valley Ranch (formerly known as ‘Neverland’) is not only a piece of history, but an absolute paradise.

What are some common challenges and rewards you experience selling residential real estate in Los Angeles?
It is always difficult to find the perfect house for a buyer. Sellers typically want to price their property above actual market value. The rewards are many—the most important is the respect of your colleagues and the appreciation of your clients.

What do you see as the most desirable amenity or selling point of a residence that buyers look for in your market?
I think they look for outstanding architecture; city, ocean or pastoral views; and [for a home to be] move-in ready.

What advice would you give an agent who is just starting out?
Have a good savings account so you don’t have to worry about finances as you learn the business, work with a top company that focuses on the area that is of interest, choose a company that
has a strong training program, consider specializing in a certain neighborhood and utilize as many educational programs as possible.

What has been your most significant home sale?
There have been many, including Owlwood, Pickfair, the Harold Lloyd Estate; however, Le Belvedere in Bel Air, which was the highest sale for the U.S. for an entire year, was very exciting!

Are there recurring trends that you’ve seen in high-end homes in the past year?
There has been a high demand for contemporary architecture and developers are catering to that preference. Land and privacy are always requested, and our buying market tends to be younger and younger and always filled with celebrities.

What do you predict for luxury real estate over the next year?
At the moment, the market is stronger than it has ever been—there have been 24 sales of [over $20 million] so far this year, and there were only eight at this time last year. And of those 24 sales, 11 were over $30 million and there was only one… at this time last year.

CHRIS CORTAZZO
COLDWELL BANKER

Chris Cortazzo has been named Coldwell Banker’s number one real estate agent in Malibu for the past decade, earning over $4 billion in sales since 2000.

As one of the top sellers of luxury real estate, how did you make it in the industry? What has been your ticket to success?
Passion, passion, passion. I realized early in my career that, to be successful, it’s a 24/7 job.

What is the key to sealing the deal with any real estate transaction?
Having the confidence, knowing the property, knowing the neighborhood, and know- ing what the buyer is looking for.

Describe the hottest home in L.A. that you currently represent. What distinguishes it from other residences on the market?
There’s a $60 million estate that’s located on PCH that is absolute perfection. It’s Tuscany, it’s the French Riviera and it’s three acres located in Malibu on a low bluff, with direct beach access to a perfect surf break and a beautiful sandy cove.

What are some common challenges and rewards you experience selling residential real estate in L.A.?
It’s always a voyage of discovery trying to match the vision of the buyer with the properties on the market; the reward is when you achieve that.

What do you see as the most desirable amenity or selling point of a residence that buyers look for in your market?
Ocean views, with the ultimate [amenity] being beach access.

What has been your most significant home sale?
My first home sale in 1994 for $5 million, which I sold a few years ago for $60 million. This defined my career in real estate.

Are there recurring trends that you’ve seen in high-end homes in the past year?
It’s always the sifting sands of the beach in terms of what buyers are looking for. International buyers tend to be more traditional, where domestic buyers tend to be more architectural.

What advice would you give an agent who is just starting out?
Know your area, know your inventory, know your buyer, know your sellers, and then walk out the door with confidence that you can sell anything.

What are your predictions for the luxury real estate sector in L.A. over the next year?
It’s hard to predict L.A. in general, but… I anticipate [Malibu] to be very strong. More and more people are drawn to the beach lifestyle and, as such, Malibu has become an international destination.

JEFF HYLAND
HILTON & HYLAND

As Co-founder and President of Hilton & Hyland, Jeff Hyland has received the Lifetime Achievement Award from the Beverly Hills Greater Los Angeles Association of Realtors for representing some of the most expensive and prestigious properties in L.A.

How did you make it in the industry?
I originally wanted to be an architect, but couldn’t do the math. I figured since I couldn’t design them, the next best thing was to sell them. Being raised in Little Holmby and spending my childhood around Bel-Air and Beverly Hills, I developed a fond love for and knowledge of the market. As in any profession, one word can spell success―and it’s so apropos for our industry: integrity.

What is the key to sealing the deal on any real estate transaction?
Bonding with the client through your knowledge and professionalism is the key to sealing the deal.

Describe the hottest home in L.A. that you currently represent. What distinguishes it from other residences on the market?
613 N. Canon Drive is one of the most exciting opportunities on the market. Maison 613 sets a new standard of elegance, beauty and sophistication in the residential landscape of Beverly Hills. Conceived and executed by yacht architect Roy Sklarin, [it] boasts over 21,000 square feet of ultra-luxe amenities, including a paneled library, a state- of-the-art theater with a star roof, an indoor basketball court, a beauty salon, a Qubica AMF two-lane bowling alley, a fitness center, a resort- size swimming pool and spa, a commercial elevator, and much more. Needless to say, the property is unrivaled in its opulence.

What are some common challenges and rewards you experience selling residential real estate in L.A.?
In this hot market, the challenge lies in knowing the off-market properties and convincing sellers to sell off-market. Aside from the financial reward, which brings great pleasure, I relish in matching clients to the perfect property. Since our office sells one-third of our high-end properties in-house and off-market, it creates great fun in matching people to people and lifestyles to lifestyles through their future luxury home.

If you could own any estate currently on or off the market, which would it be?
My favorite estate in the entire city would have to be the estate owned by my partner’s late grandfather, Conrad Hilton. Sitting on over eight flat acres on Bel-Air Country Club, this exceptional property has no neighbors, providing the utmost privacy and intimacy. I don’t think there’s another home like it. It’s the best estate in the city, if not in the country—truly
magnificent.

What do you see as the most desirable amen- ity or selling point of a residence?
Privacy, privacy, privacy. It wasn’t always such an issue, but privacy has come to be highly sought after and highly coveted. Buyers want their home to be a safe haven, a sanctuary.

Are there recurring trends that you’ve seen in high-end homes?
There is a fantastic long-term appreciation in Los Angeles with bumps that come along once or twice every decade. We happen to be in a wonderful growth period and, hopefully, we can defy the normal ups and downs we’ve seen before. It may not happen, as everyone wishes to live in Southern California because we have everything―from impeccable weather to business growth to exceptional architecture to theater.

What advice would you give an agent who is just starting out?
Make as many mistakes as you possibly can early on; they will serve you well as you climb the ladder.

What are your predictions for the luxury real estate sector in Los Angeles over the next year?
I foresee a ten percent increase in L.A.’s luxury real estate sector. In the city, where you have to tear down to build something new, there’s something to be said about the finite supply that gives the market stability and long-term growth.