Caruso Group, Kevin Dees, Mara Commercial, Zac Mostame and other Top Agents join Carolwood as Firm Enters Newport Beach, Montecito and Toluca Lake Markets

Carolwood Estates, headquartered in Beverly Hills, announced in January that it will open its first Orange County office. The firm has affiliated with a veteran duo in the market: The Caruso Group, headquartered in Newport Beach. 

“Our primary focus is Beverly Hills, but we are looking for locations that complement our client base,” said Carolwood’s managing broker and partner Nick Segal.

Carolwood started business in late 2022 and is helmed by top agent Drew Fenton.

The Caruso Group’s founder Michael Caruso most notably opened and operated The Agency’s first two Orange County offices in Laguna Beach and Corona Del Mar in 2018. He served as Broker of Record for The Agency’s 39 California offices for nearly 6 years.

The team, staffed by Michael Caruso and his son Phillip Caruso, made about $77.5 million in sales volume in 2023, according to RealTrends. The group closed $500 million in sales over the past decade, according to a statement from the duo.

Caruso said that he wanted to work with Carolwood because it offers a more boutique feel. “There’s a commitment to elite service and protection of a client’s privacy that we identify with,” he said. “It’s discrete. It’s storytelling that is property-focused.” 

The once-insular Orange County coastal market has become very hip in recent years, and Los Angeles area agencies have opened flagship offices and produced reality TV shows based on the OC’s luxury real estate scene. 

John Stanaland, a veteran Orange County agent, said firms from outside Orange County seem to be gaining a toehold by partnering with OC agents and hiring people locally. 

“Carolwood made a strategic decision by picking local agents familiar with the Orange County market rather than choosing Los Angeles area ones,” Stanaland said. “It takes many years to know and learn the market. There’s a lot of local market knowledge that goes into working here and accurately representing properties.” 

Carolwood also welcomed Patrick Fogarty to the firm in January. The London-born Fogarty has focused on neighborhoods such as Beverly Hills and the Bird Streets. He solely represented the buyer in a 2019 deal for a $42 million mansion at 1155 Angelo Drive in Beverly Hills.

In mid December, Carolwood Estates unveiled a new division, Carolwood Commercial, with the affiliation of the Mara Commercial team.

Chris Mara brings over 37 years of commercial real estate experience to Carolwood, previously serving as the Vice President of Commercial Real Estate at Hilton & Hyland. A partial list of tenants and owners Mara Commercial have been involved with include deals done with Adidas, Marc Jacobs, Paul Smith, October’s Very Own, Coamerica Bank, A.P.C., Rick Owens, Honor the Gift, and Starbucks.

The startup also expanded its reach into the San Fernando Valley with the affiliation of the Dees Real Estate Group.

Kevin Dees, Sebastian Spader and Benjamin Ballarin have been ranked among the top 1% of realtors in the nation by RealTrends and recently represented both sides of the record setting sale of The Hope Estate in Toluca Lake for $26 Million.

Carolwood also announced the arrival of luxury agents Zac Mostame, Loren Judd, Jim Ostridge, and Alexandra Allen to the firm this past October. 

Zac Mostame is a rising star who completed more than $195 million in sales in 2023. Mostame recently represented the highest sale in Holmby Hills of 2023, a $34 million deal on Wyton Drive.

“Carolwood’s prominent presence in the ultra-luxury real estate market caught my attention,” Mostame said. “Secondly, I appreciated the boutique atmosphere of the company.”

Veteran Loren Judd served as Senior Manager at Coldwell Banker Beverly Hills for over 8 years before transitioning back to sales in 2019. He previously represented superstar Taylor Swift on a $25 million purchase in Beverly Hills.

Jim Ostridge co-represented the buyer of a $16 million home in Brentwood last year owned by fashionista Allen Schwartz. 

Alexandra Allen served as a co-listing agent for the 2019 megadeal for the $150 million Chartwell Estate. The property was the former residence of the late Univision Chairman Jerry Perenchio.

Finally, Carolwood reported opening an office in the wealthy enclave of Montecito this past October. Positioned about 90 miles north of Los Angeles on a rugged coast near Santa Barbara, Montecito has long been a refuge for celebs and the ultra-wealthy including A-listers such as Ellen De Generes and Oprah Winfrey.

Carolwood co-founder and CEO Drew Fenton has maintained an interest in the area. Fenton closed the sale of an $18 million estate located at 710 Picacho Lane in Montecito, and a $22 million deal at 3055 Padaro Lane in Carpinteria.