On Bravo’s Million Greenback Itemizing franchise, the true property brokers love to speak about breaking data relating to closing offers. However for some properties, particularly these in want of in depth renovations, merely getting them bought generally is a main success as properly. On tonight’s episode of Million Greenback Itemizing Los Angeles, Josh Flagg confronted the problem of promoting the historic Casa Oceana property in Lengthy Seaside.
Right here’s what that you must know:
In a Preview, Flagg Acknowledged That Casa Oceana’s Inside Wanted a ‘Facelift’
Flagg listed Casa Oceana in August 2019 for $11.995 million. He promoted the property as an thrilling alternative for rich consumers as a result of the house had not been out there for greater than 40 years.
The earlier house owners bought the property in 1976 and accomplished a serious renovation. In line with Patch.com, the redesign was spectacular for the time interval and the home was honored in 1979 with the Pacific Coast Builders Convention Gold Nugget Grand Award for Finest Renovation.
However Casa Oceana’s inside was outdated by the point Flagg took over the itemizing. In an episode preview, Flagg acknowledged the home’s flaws. “Everyone knows that this home wants a facelift. However my objective is to steer folks towards the positives of this home, just like the historic character.” Flagg added to the Bravo digicam crew, “If you happen to’re spending $11 million on a property, one other $2 million in renovations is properly value it.”
Curbed LA reported that on the time Casa Oceana hit the market in 2019, Flagg was aiming to not solely break an current gross sales file however shatter it utterly. On the time, the best residential sale in Lengthy Seaside had been for $8.6 million.
Casa Oceana Is a Spanish-Model Dwelling That includes Giant Outside Residing Areas & Is Situated On an Ocean-Entrance Bluff
Casa Oceana was initially constructed in 1927. It was designed by acclaimed Los Angeles architect Roland Coate, who’s greatest remembered because the “architect to the celebrities.” Celebrities reminiscent of Howard Hughes, Paul Newman, Kenny Rogers, Humphrey Bogart and Lauren Bacall lived in houses Coate designed.
On his web site, Flagg described the property as “one of the crucial non-public residences in Southern California.” The home is located between two gated streets and sits behind partitions that stretch ten ft excessive. The house owner enjoys 225 ft of unobstructed ocean views and there’s a non-public stairway to the seashore.
The inside of the home contains 7,692 sq. ft of dwelling area. There are three bedrooms and 5 bogs, in response to Redfin. Within the episode preview, Flagg highlighted the vaulted ceilings, unique woodwork preserved from the 1920s and a sunken leisure space that had as soon as been a storage.
However what made Casa Oceana actually stand out was the outside dwelling areas. The house was constructed with a number of Spanish-style haciendas, or courtyards, that allowed the unique residents to let within the breeze within the days earlier than air con. In line with the Pursuitist, the outside areas embrace distinctive design options reminiscent of a hand-carved Mexican fountain, a koi pond, a sculpture backyard and outside eating areas. Footage of the home exhibit oceanfront views from a number of rooms in the home in addition to a big swimming pool.
Casa Oceana Offered For Practically $5 Million Much less Than Flagg’s Unique Itemizing Value
Casa Oceana bought after practically a yr in the marketplace. However regardless of the property’s historic significance and delightful location, Flagg didn’t discover a purchaser prepared to shell out $11.995 million. In line with Redfin, there was a value discount in December 2019. The itemizing on Flagg’s web site reveals the worth was finally lowered to $10,995,000.
However that was not sufficient. The worth was dropped once more, to $9.995 million, in January 2020. And the ultimate purchaser managed to shave off practically one other $three million throughout negotiations. The ultimate sale of Casa Oceana was finalized for $7.25 million, which is about $943 per sq. foot.
The ultimate value was practically $5 million lower than Flagg’s unique itemizing quantity. Nevertheless, that value remains to be considerably increased than most houses in Lengthy Seaside. Casa Oceana is situated within the Belmont Shore neighborhood. In line with Zillow, the median house worth in Belmont Shore is simply above $1 million.
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