There's nothing cheap about luxury real estate, but Tomer Fridman knows where to find the most value.
With over $3 billion in sales over his 14-year career and a reputation for discretion with high-net-worth and celebrity clients, Fridman has become Hollywood's go-to agent for the rich and famous.
Beginning his career in entertainment law but pivoting toward his passion for real estate soon after, Fridman's expertise draws on more than a decade of working with clients like Jennifer Lopez and the Kardashians.
He said that in his first year working in luxury real estate, a listing's price tag might have sat around the $3 million mark, whereas his listings today often fetch north of $100 million.
Considering himself a consultant rather than a salesman, Fridman has a method to determining a property's value and choosing what's best for his clients, who he said rely on him to look out for their best interests.
But he still had three things that make a property really stand out to him, and what you should look for before making a big investment.
A lot of a property's quality involves the type of land on which it sits. "If you have a double lot, you can't create that. It's like Picasso," Fridman said. As an example of the importance of land, he mentioned one of his latest listings, Khloe Kardashian's Calabasas mansion. It's "l.56 acres on the conservancy overlooking Malibu canyon. It's one of 16 properties in that whole enclave on a ridgeline and you can't build beyond it." In a word, he called it "Irreplaceable."
"You can't recreate certain marquee property," according to Fridman. "History, pedigree of architecture. Once you have those, you can't swap them out."
Fridman said he looks for priceless features, noting that a property designed by an architect no longer building is going to be unique by definition. "Replaceable features are a dime a dozen. If you can recreate that tomorrow, you're not investing right. We want timeless, not obsolete."
Location has been long-touted as one of the number one things to look for in real estate. and Fridman stands by it. Pointing to the value of California's platinum triangle, Fridman said the market is hot in LA's most exclusive, expensive, sought-after neighborhoods: Bel Air, Holmby Hills, and Beverly Hills.
But it's not simple enough to just say "location." You have to really know location on a granular level, he said.
"You need to know what streets within a location or city are the best. Is it up and coming?" Fridman said. "An acre of property in Beverly Hills is irreplaceable."