INTERVIEW: MONIKA TU, Founder / Director Black Diamondz Group
Where her Chinese-focused business is headed given ongoing COVID constraints.
Where her Chinese-focused business is headed given ongoing COVID constraints.
Monika Tu doesn’t mince words. Nor does she carry any passengers.
How else to explain what is now a rather well-worn tale – a story, hers, that details a Chinese immigrant who landed in Australia from Shenzhen in 1988 without any English.
She studied, claimed an RMIT scholarship and subsequently turned a basic market stall into a successful international electronics business. She’s since found incredible acclaim — and arguable dominance — as a property agent within Sydney’s tightly-held prestige property market.
There’s more to her work than simply opening residential doors — helping to forge and foster cultural and community links for her largely immigrant (predominantly from China, Middle East, Europe) client list, alongside arts philanthropy and an unwavering dedication to each and every day.
We caught up with Tu to discuss the difficulties of 2021 — and to better understand the road ahead.
Kanebridge News: There’s an incredible resilience that seems to frame the Sydney prestige market – but how difficult was 2020 in regards to your business and key clients?
Monika Tu: Obviously, Covid-19 had huge impacts on many businesses last year and ours was no exception. The restrictions on international travel hit us hard, however, we saw a surprising rise in local Chinese buyers wanting to buy a property quickly. People may think that most of our buyers are international. However, that’s not the case and many of these people had been holding out for the ‘perfect’ property — but when Covid hit they relaxed their expectations slightly because their main aim was to secure a property.
KN: And how do you view the road ahead?
MT: I see the market continuing to do well. The prestige market will always follow a different trajectory to the general market, but I don’t see things slowing down. With the influx of movie stars and wealthy individuals wanting to call Australia home, there’s only one way prestige property is going, and it’s up.
KN: There’s a belief in some economic quarters that things must naturally end, and soon.
MT: People have always said this, even prior to the pandemic. But Sydney and Australia’s prestige property market is robust, resilient, and has proven itself repeatedly. As long as Australia is seen as a world-class lifestyle destination, people will always be willing to pay.
KN: What was the allure of property that made you start Black Diamondz?
MT: If I’m honest, it wasn’t so much the allure of property that made me start Black Diamondz. It was the gap in the market of servicing the multitude of high net-worth individuals, predominantly from China, who were looking to call Australia home. Some agents were more than capable of finding them a great property but could not open other doors such as schools, lifestyle, business opportunities, networking, and philanthropy. This is the gap that I knew I was able to fill.
KN: How did you get your start in the prestige market?
MT: Black Diamondz really started by chance. There were a lot of conversations at the dinner table about new migrants searching for luxury homes, but a lack of services or guidance for them when it came to making decisions. One of my friends had a friend from China looking for a property and was having no luck with local real estate agents. I took him for a drive around Sydney’s Eastern Suburbs and just asked him what type of house he liked. He picked one, I knocked on the door and the owners said it was not for sale. Fast forward five days later and they sold it for $13.5 million. That is when I realised the need for this type of service was out there and took full advantage.
KN: Does the size of the deal you’re working to close ever intimidate, or is it something that drives you?
MT: For me it’s never about the size of the deal. I treat a $5 million apartment with the same work ethic that I treat a $50 million home. For me it’s all about giving my clients, both buyers and sellers, the very best experience possible.
I love smashing records, like selling Sydney’s most expensive home in 2019, but those things don’t happen every day and if that’s what drives you, you won’t last long in real estate.
KN: What do you think gives Black Diamondz a competitive edge?
MT: On the surface, it’s our proven ability to achieve consistent, market-leading results over the past ten years, as well as our international database. But deeper than that is our standing within the community. I know almost everyone in Sydney, and I have nurtured these relationships over the years. This is the key to a successful real estate business — your network and influence.
KN: You’re a self-confessed workaholic, is that a necessary mindset to achieved success especially in the market you work?
MT: I think the entrepreneurial mindset I have is what has made me successful — not only in real estate but in life. I never stop working but I also don’t see it as work, it’s my life and it’s what I do day in, day out.
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Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market
A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.
Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.
The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.
Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.
The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.
Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.
In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.
As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.