5/15/2023 0 Comments Ariana grande posterThey love it.”Īnd, agents note that many stars have much easier access to coveted designers and architects such as Waldo Fernandez, Kelly Wearstler, Michael S. I mean, I have clients that fly out with their designer to the Paris Flea Market and they pick the light fixtures because they want vintage. When I was a kid, that’s how it was done. ![]() “I do think, honestly, it’s an artistic outlet,” says Fridman, “and then, it just so happens that they also make a fortune when they sell them.” In years gone by, adds Fridman, new buyers would hire a designer “and then you went on your way, and then you came home, and the house was done for you. They’re used to there being an important financial component or an important time component. Roy also believes that folks in the entertainment industry find that real estate investment suits them. One of the biggest vehicles for that has been real estate.” “The business manager’s job is really to create that wealth stream that protects the income that they’ve made and to make that work for them in future years when they’re not making as much. “Whether they’re actors, whether they’re music celebrities or whatnot, they have windows ,” he says. ![]() “And the truth is, most of the time, it’s yes, because the name of the owner is notable, and people want to buy their properties.”Īs Emil Hartoonian of The Agency notes, building a real estate portfolio is a smart investment for celebrities. “The business manager is with us on our tour, and we do talk about not just use and utility in terms of the client loving it, but, ‘Are we going to be able to sell this in one, two, three, four, five years?’ And, ‘Are we going to have a return on investment once the designer’s done and costs whatever it is?'” he says. Tomer Fridman - the longtime real estate agent to the Kardashian family, who are also known for buying and selling houses at a clip - says many entertainment clients think about a potential sale early on in the buying process. ![]() In 2021, Gambino clients Joe Jonas and Sophie Turner flipped a house in Encino to DJ Zedd for $15.2 million less than two years after buying it for $14.1 million and in September, Naomi Osaka sold a Beverly Hills house for $8.7 million, according to she paid $6.9 million three years earlier. There’s people making money in the entertainment business very quickly, and they upgrade.” I just think because it’s a younger city than New York, it’s more entertainment based. “I see the absolute most turnover in Los Angeles. “A large portion of entertainment clients we work with rapidly buy and sell homes as a result of their lives changing very often,” adds Gambino. ![]() market goes from its current sluggish state, brought on by high interest rates, into significant decline.) You have to hold longer.” (Though things could change if the L.A. “Whereas, depending on what you purchase in New York City, it could take five-plus years to gain incredible value. If you buy correctly, you can gain equity or make a profit by holding a property for just a few years,” says Carl Gambino of Compass. “From an investment standpoint, Los Angeles usually appreciates the quickest. Ariana Grande Shares Behind-the-Scenes Look With Cynthia Erivo From 'Wicked' Set
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