'MDLLA' Season 15: Josh Altman struggles to find buyer for Pelican Crest mansion with whopping price tag
LOS ANGELES, CALIFORNIA: After facing a frustrating setback with a listing on 'Million Dollar Listing: Los Angeles' Season 15, Episode 2, which led to Josh Altman losing nearly $400,000 in commission, the successful agent is now preparing to tackle his next major property. However, a new complication might be on the horizon.
In Episode 3 of 'Million Dollar Listing: Los Angeles' Season 14, Josh revealed that he was in the process of selling a luxurious $26.8 million residence in Newport Beach.
However, there was a slight complication that needed to be addressed. Unlike most properties in the area with outdoor pools, this particular home featured an indoor pool. While the indoor pool was undeniably stunning and offered the added benefit of being temperature-controlled, it was uncertain whether every potential buyer would appreciate this unique feature.
This dilemma was further complicated by the fact that Newport Beach is renowned for its breathtaking outdoor scenery, making it a prime destination for buyers seeking to enjoy the beauty of nature.
"It's going to be a hurdle having an indoor pool as opposed to an outdoor pool. I mean, we're in Newport Beach. You come to be outside," Josh shared in a confessional.
'MDLLA' Season 15: Josh Altman's $26.8 Pelican Crest listing features a $68k crystal chandelier
At the start of the episode, Josh Altman pulled up to the house following a scenic drive along the picturesque Newport Beach coastline. "1 Island Vista is in Pelican Crest, one of the best guard-gated communities in all of Newport coast. High-priced houses, big price per square foot, and the location is just best of the best," he said in a confessional.
This magnificent mansion was built by a man named Mike, with whom Josh has a long-standing connection through their shared interest in car collecting. With a spacious 11,438 square feet, this home features luxurious elements such as a stunning $68,000 crystal chandelier, 156 slabs of natural marble totaling $2 million for material and fabrication, a lavish 1,200-square-foot primary bathroom, and a cigar humidor.
Mike emphasized that every detail of the home was carefully considered without any budget limitations. "This house has been taking, like, a lot out of me for like the last year," he shared. The developer stated that a significant amount was invested in the renovations of 1 Island Vista. "I'm pushing $7 million dollars right now without holding costs," he revealed.
Josh is pleased with the price of $26,850 for the space, which equates to $2,200 per square foot, below the current market rate. This price point is exactly what he had been hoping for.
"I want to be realistic, and I'm not ready to gamble on this property. I don't want it to be putting me at a disadvantage, letting this property sit on the market. I want to roll it into the next project, do it again, keep going, keep going, keep going," Mike added.
Josh knows that his client prioritizes business and is keen to impress by successfully selling the property, as he anticipates future opportunities with this client. "He's a guy who's going to buy and sell 50 houses over the next decade. I want those to be sold by me," Josh said.
'MDLLA' Season 15 realtor Josh Altman seeks $671k in commission on $26.8m Pelican Crest listing
Josh Altman promised to get the deal done, but Mike made it clear, "Friendship is friendship, and business is business." After reaching a mutual understanding, Mike decided to proceed with Josh as his real estate agent. This decision means Josh is poised to earn a substantial commission of $671,250 from the sale of the property.
"In this market, pricing aggressively is actually a very smart way to approach selling a house. Otherwise, you're going to go stale. But also, it puts a lot of pressure because I have to get him an offer close to that price," Josh said.
'Million Dollar Listing: Los Angeles' Season 15 airs every Wednesday at 9 pm ET only on Bravo.