'MDLLA' Season 15 star Tracy Tutor disappointed after receiving $7.1m offer!
LOS ANGELES, CALIFORNIA: Tracy Tutor discussed the challenges of the real estate market during the premiere of 'Million Dollar Listing: Los Angeles' Season 15, mentioning that people are hesitant to sell their homes due to the Los Angeles "mansion tax."
In 'Million Dollar Listing: Los Angeles' (MDLLA) Season 15, Episode 2, Tracy expressed her frustration about the difficulty of finding buyers for homes. One of her clients gave her a low offer on a house she was trying to sell for $8,775,000, leading to further frustration.
"We got an offer on Crescent Bay. The offer price is very low. It's $7.1 million. It is all cash. Obviously, that is way too low, and I know James the developer and seller, he's going to want to reject the offer immediately. But I'd like to present to him an alternative," Tracy shared in a confessional.
During the call to discuss the offer, James appeared to be unhappy, while on the call with Tracy and his wife Frances.
"Realistically, $7.1 million, I mean, that's laughable, right? It's really a disrespect to all three of us that they would even put in a $7.1 [million] offer on an $8.7 million house," James said.
Tracy agreed to lower the price as suggested during the initial meeting, but she had a different solution in mind.
"What if we counter them and concurrently reduce the price to the $7,995,000 that we've been throwing around for a while but we weren't ready to go there," she advised.
Tracy added, "Maybe that encourages people that have seen the property to come back to the table which could drive urgency, we could end up in a multiple, potentially, we could drive the price up on the current buyer."
'MDLLA' Season 15: Tracy Tutor dishes on the challenging real estate market
Tracy Tutor recently shared insights on the shifting landscape of the real estate market, emphasizing the complexities and difficulties that come with finding a buyer in today's market. In a conversation with her client, Tracy highlighted the unique challenges posed by the current state of affairs in the industry.
"You and I both know, James, that this property a year ago would have traded with a 9 in front of it," she confessed.
The agent further added, "Trying to keep up with what's happening every day in this market is painful. Without this lowball [offer], we'd be having a discussion in a few weeks from now if we didn't have another offer on the table and reducing to the same price without the leverage of having an offer in hand."
"Whether me reducing to $7,995,000 creates an urgency for the $7.1 million buyer to come or it makes a new buyer come to the table and it creates a buzz that we're now at a great price, I don't really give a s**t. I just want the buyer to be solid and get close to $7,995,00 so that I can close this house for James," she added.
As the three individuals engaged in a detailed conversation about the decrease in prices, Tracy made a point to comfort James and Frances by emphasizing that the lowered prices were not a reflection of the exceptional quality of the home they had constructed. Instead, Tracy attributed the reduction in prices to the current state of the market, which, unfortunately, showed no signs of improvement.
'MDLLA' realtor Tracy Tutor reveals the struggles of selling a home
During an interview on 'MDLLA' Season 15, Episode 2, Tracy Tutor elaborated on her feelings of frustration regarding the challenges she faced in trying to sell the house.
"At this price point a year and a half ago, if you were on the market for longer than 21 days, you were dead in the water. Today, we're looking at the average days on market of 140 to 165 days," she said.
Tracy went on to say, "We should've been under 8 [million] all along. I hate to say, 'I told you so,' but I told you so."
Did 'MDLLA' agent Tracy Tutor sell the Crescent Bay listing?
As the episode progressed, Tracy Tutor decided to lower the price even further, bringing it down to $7,995,000. Despite this significant reduction, there were still no takers. Feeling the pressure to sell, Tracy then made the bold move to drop the price once again, this time to $7,599,000. And yet, the lack of interest persisted, leaving Tracy frustrated and uncertain about the future of the property.
"To have to fight this hard to sell what I consider to be a beautifully executed property is a defining moment in where the market is. The market's f*****g s**t," she said.
Tracy continued, "It is going to be a long year for real estate agents and brokers around the country."
Nevertheless, she refused to lose faith and continued to hold onto hope.
"I think we've got a little bit of time. We made this reduction. I mean, there's stuff that's sitting on the market, you guys, for 1,000 days ... We do not reduce again. You're under-selling it at that point," she told her clients.
'Million Dollar Listing: Los Angeles' Season 15 airs every Wednesday at 9 pm ET only on Bravo