Hailing from London, Patrick Fogarty moved to Los Angeles and turned his love of architecture into a career. We sat down to ask him about his fast start in real estate and what it’s like selling the luxury Los Angeles market.
Q: Talk to us about the early days in your real estate career. How did you get started?
PF: I had watched my mother renovate homes as I was growing up so my interest in architecture and design came early. We also moved regularly so I was familiar with the buying and selling process. Coming from London I was used to Historic properties but when we started traveling to Los Angeles I became aware of more Modern architecture and design which I’m now a fan of.
Q: Talk to us about your background in development.
PF: I got into development at 24. The market was out of the downturn we had in 2008 and great opportunities became available that would yield good returns, so I invested and started doing remodels and from there I went on to do new constructions. The last project I did was a new construction, we hired an architect who was responsible for the design, but ultimately all the little details, like amenities were my idea; everything from the climate-controlled wine cellar, gym, to a movie theater.
Q: Any projects or collaborations currently in the works?
PF: I’m in the process of remodeling a historic 1919 craftsman and building ADU (Accessory Dwelling Unit) on the property. It has been a labor of love and required a lot of attention to detail with keeping the house’s integrity and charm, whilst still making it current with today’s standards.
Q: What has been the most stand-out moment of your career thus far?
PF: Selling my first spec house. It was a 3-year process and a great way to learn the entire construction process from making sure you order all your materials and finishes on time, so they don’t delay the project, to learning about contracts with the different sub-contractors, etc.
Q: What are some of the market trends that you see on the horizon for the luxury sector in Los Angeles? What role have international buyers played in the market?
PF: I think in the ultra-high end market, there is a desire to assemble properties by buying up neighboring homes and combining them. I think LA has a healthy mix of US buyers as well as foreign buyers which bodes well on a strong luxury market in my opinion as we are not reliant on international buyers, different to other global destinations such as London and New York.
Q: Describe what a client experiences when they’re working with you. How do you serve these high-level clients and what are the personal and professional attributes that really separate you from other agents?
PF: Understanding their needs; if it’s a buyer it’s important to grasp what they love quickly and then focus on that rather than constantly bombarding them with lots of options that are not a fit for them. Being honest and transparent with my clients particularly with regard to property values is always important to me too.
To learn more about Patrick Fogarty and to get in touch, visit www.patrickfogarty.com.