LOS ANGELES—This pause in the market is the perfect time to start a new venture. At least, that is what brokers Horacio LeDon and Mark Rutstein are saying. The duo has formed Iconic Group at Partners Trust, a luxury residential group that will focus on bespoke luxury homes as well as condo development projects. The demand for bespoke and luxury real estate is rising, and the duo sees this as a long-term trend.

“We have seen a little bit of a pause in the market, probably because prices have risen steadily and need a break,” LeDon, who heads the development group at Partners Trust, tells GlobeSt.com. “So, we weren't in the thick of a lot of deals being done, and that gave us the opportunity to do it with care and patience.”

While this was a good time in the market, the market conditions were not the impetus for LeDon and Rutstein to form Iconic Group. “For us, this was opportunistic more than anything else,” says LeDon. “Mark Rutstein was in a longstanding partnership that ended up unwinding and it presented an opportunity to work together. For me, this was a tremendous opportunity to partner with someone who is well accomplished and an amazing person. It wasn't necessarily market conditions but it was good timing none the less.”