Million Dollar Listing L.A.
Episode 6 – Trouble in Paradise
Josh Altman heads to the Hollywood Hills for a listing appointment with Vicki. He arrives at a stunning 5,225 sq. ft., 4 bedroom, 4 bath home spanning seven levels with an elevator, sauna and rooftop pool. It had been listed previously with another broker for $2,250,000 but sat for months. Josh and Vicki agree to lower the price slightly to $2,199,000.00 and hope for the best.
Josh Flagg goes to his friend Karen’s Bel Air mansion to discuss listing the home. He has had success with her in the past. She surprises Josh with the news that they actually want to buy commercial property with the proceeds from this house, formerly owned by Elvis Presley, and therefore would like to head inland to the hot and humid San Fernando Valley, basically downgrading her current living situation. She is looking for something in the range of $2 to 3 million in the suburban Valley. Josh is not crazy about looking there but is going to give it a good try.
Madion meets with his young producer friend Brent in the high hills of Malibu. He had bought the gorgeous 10-acre property for $6 million but unfortunately it has never been completed even with sinking over $2 million into the construction. At this point the framing of of the house and stables are up, but nothing else. The pool and tennis court zoning permits are due to expire shortly, which can lead to dire financial consequences if they must be renewed. Madison advises they price the property aggressively at $4,500,00.00 and take it from there. (What a dream piece of land!)
Josh A. meets with his girlfriend Heather at home. He gently breaks the news to her that he will be forging a partnership with his brother Matt, but does NOT want to risk his personal relationship with Heather by including her. Heather is clearly hurt and angry. Josh tries to explain how is afraid of how office problems can definitely impact their great relationship. He feels terrible, and Heather leaves the room.
Madison is working like a dog looking for the perfect buyer for the Malibu horse property. He has double checked with the city on the permits; there are no extensions available BUT if a buyer is found within the next 30 days they will make an exception. Potention buyers are brought in to the half-finished home, but they hesitate when the permit issues are raised. It would be next to impossible to go to contract and begin construction that quickly.
Josh F. heads into the San Fernando Valley, a place he is quite unfamiliar with, to start shopping for his buyer Karen. He visits his company’s branch office to gather information from the brokers. He now feels confident he can zero in on the perfect house.
Josh A. begins to shop his seven level client’s home around to the Hollywood crowd. He stops in at a trendy local bar to scout out possible buyers, reasoning that this home will appeal to young athletes or actors. He makes several connections.
Madison is searching for a horse owner for the Malibu property. He spends some time at the local polo fields, reasoning that an owner could save a bundle by keeping their animals at home instead of boarding them.
Josn A. beings private showings on the Hollywood Hills home. He brings potential clients up to the fabulous rooftop deck. Interest seems high.
Josh F. is back in the humid Valley. They have an appointment in Encino, where Michael Jackson lived. It is an old money, expensive area. This home is 5,000 sq ft. with features such as a 7 person shower(!) and pneumatic vacuum elevator, and it is priced at $3 million. His client feels the yard is a bit small, however.
Madison and his boyfriend Marcos take a hike near the shore. He knows that Marcos has to return to Mexico soon after his sabbatical ends; and decisions will have to be made. Madison tries to gauge Marcos’s feelings for him. It is possible Madison may have to make a life-changing decision!
Josh A. meets with Scott, a Hollywood agent, who may have a buyer for the trendy house. Scott’s client actually saw the house two years ago and is STILL interested. Josh is excited that Scott’s client could be “the one”.
Josh F. heads to Tarzana, another great neighborhood in the Valley. At a listing price of $2,495,000.00, it is well within Karen’s target range. The home features an indoor pool and Japanese garden, and it situated next to a golf course. It is a bit dated (carpeting in the bathroom!) but still has some great features. Karen thinks this redecorating project may be too big. The pair head to another listing in the same town, priced at $2,050,000 and encompassing 6,000 sq ft. A home such as this would be $10 million in Beverly Hills. The property is just under one acre and has a massive kitchen. Josh thinks this is the one! He will try to negotiate a lower price, but it is just a game, he knows this house is perfect for Karen.
Madison meets with Brent at his office to bring him up to speed. He explains how the feedback has been good, but the permit issues are negating any deals. He tells Brent he should lower the price to $3,500,000.00 to offset the price of the new permits. Brent is disappointed, but they agree on $3,800,00.00.
Josh F. does some business while getting a massage. He speaks with George, the agent on the Tarzana house. They had offered $1,900,000.00, but the agent says their counter offer will be full price of $2,050,000.00. He calls Karen with the news. They decide to counter back at $2,015,000.00, because Josh simply hates to have his clients pay full price for anything! The seller’s agent calls back and says a deal has been struck! Karen now has a new home in the Valley; but will Josh ever visit her there?
$2,050,000.00 is the offer Josh A. must now consider for the Hollywood Hills home. He meets with the buyer’s agent Scott at a barber shop. Scott calls his client, who decides to make a final offer of $2,150,00.00, take it or leave it! Josh is ecstatic that he has been able to make even more money for his seller!
Madison heads to a meeting with Brent. He reveals that an all-cash offer has been made for $3,500,000.00 for the Malibu property. Brent is not very happy with the offer and would like to keep it listed, but he is definitely bleeding $100,000.00 per month in carrying costs. Brent says he would not like to go any lower than $3,700,000.00. Madison places the important call.
Madison is told that the most the Maibu buyer would pay is $3,650,000. Brent decides to accept the offer! Madison’s commission will be $106,000.00. It appears that Madison has yet another happy client.