Cortney and Robert Novogratz have famously successfully navigated the choppy waters of high-end residential real estate in New York City for years and now they are tackling Los Angeles. Through market ups and downs, multiple renovations and redesigns—not to mention raising seven kids while they are at it—they've managed to make great deals and now, they're sharing their secrets for what works when searching for a home with us...
Here are a few factors we feel are important as per value, whether you're buying a big home in Los Angeles or a starter home anywhere in America:
- Proximity to a grocery store, shopping, and Starbucks is good for a property's value. If you see a Whole Foods being built in the neighborhood, it's a good sign.
- Other renovations in the neighborhood are usually a good sign.
- Buy on the fringe of booming neighborhoods, as they usually catch up to the more expensive ones.
- We always buy wrecks rather than jobs that require less renovation, as the deal is usually better and you can make the space your own.
- Buy the cheapest house on a good block.
- We love urban cities; the youth of America is moving to them.
- Zoning is important. Make sure you understand what can and can't be built.
- Don't chase a house at a high price. You'll find your dream house if you are patient and look at as many as possible.
- Remember that trees don't grow to the sky. Prices won't go up forever yet rates will.
- Go out with several brokers (not just one), but also take the lead. Of the nine houses we bought in NYC, only one was shown to us by a broker - the rest were all properties we found.