David Parnes and James Harris are working to sell a family home during the July 28/August 4 episodes on Million Dollar Listing Los Angeles. The agents on the Bravo reality show often talk about how important location is when selling a house. The Marguerita Avenue home in Santa Monica appears to be in an ideal location, located a short walking distance down the street from the Pacific Ocean.
But Parnes and Harris have struggled to find a buyer for this Santa Monica property. As of this writing, the home on Marguerita Avenue had still not sold and was put back on the market in June 2020.
Million Dollar Listing Los Angeles airs at 9pm ET/PT Tuesdays on Bravo.
Here’s what you need to know:
The Current Owners Decided to Downsize After Living In the Marguerita Avenue Home For Nearly 20 Years
Harris and Parnes met with the owners of 435 Marguerita Avenue in a preview clip ahead of the episode’s premiere on July 28. Serene and Ray explained that while their gameplan was to remain living close to the beach, it was time to downsize. Serene said that only one of their children was still living at home, meaning that much of the six-bedroom house sat unused most of the time.
The property includes 6,994 square feet of living space and nine bathrooms. According to the listing on The Agency’s website, the 21,000 square foot double lot is equipped with a guest house, a playhouse, a swimmers pool, a greenhouse and a sports court. The property is surrounded by a gate and mature trees, enhancing the owner’s privacy.
The interior includes a large library with built-in bookshelves, an over-sized dining room, two family rooms and an eat-in kitchen. The listing adds that the “style brings a casual yet elegant Cape Cod charm capturing the true essence of the East coast with original quarter-sawn oak floors, wainscoting, and rare Batchelder fireplace tile.”
The current owners purchased the house in May 2000 for $4.475 million, according to Realtor.com. The property, which was first constructed in 1921, was remodeled in 1995.
The Marguerita Avenue House Was First Listed In 2017 For Nearly $21 Million
The current owners of 435 Marguerita Avenue decided they were ready to sell it in 2017. According to Realtor.com, the house was put on the market for $20.832 million in February 2017. In the MDLLA episode preview, Harris and Parnes stated that the original list price had been $20.995 million.
But the sellers ultimately decided they weren’t yet ready to let go of their family home. In a quick turnaround, they changed their minds about selling the property and the house was delisted just one month later, according to records on Redfin.
Harris and Parnes have been the agents involved with this listing from the beginning. The real estate firm representing the property in 2017 was listed as the Bond Street Partners. Harris’ and Parnes’ brokerage company, The Agency, is part of the Bond Street Partners organization.
The preview clip of the episode from Bravo suggests that Harris and Parnes had a longstanding relationship with the Marguerita Avenue homeowners. In the video, Harris remarked that at the time of filming, it had been about a year since he and Harris had been in the house.
Once inside, they discussed how Serene and Ray had repainted the walls to make the house brighter. The on-screen narration noted that the couple had spent $50,000 on painting and staging. Harris also commented about how apprehensive Serene had originally been when he first suggested the house be staged.
The Price Has Been Lowered Twice Since 2017
Harris promoted the house on Instagram on August 13, 2019. He stated in the post that the brokers open included a backyard barbecue. Bravo included in the episode summary ahead of the premiere, “James and David host a backyard BBQ for their new family-oriented estate in Santa Monica.”
But once again, luck was not on the sellers’ side. Records on Redfin show the house sat on the market until January 2020, when the listing was canceled. The price was then dropped to $16.995 million before being delisted again in February.
The latest update happened on June 25, 2020. The Marguerita Avenue house returned to the market but kept the listing price at $16.995 million. Parnes promoted the home on Instagram and Facebook four days later. He wrote in the caption, “Encompassing approximately half an acre on one of Santa Monica‘s most desirable streets, this idyllic paradise is the perfect blend of East Coast meets West Coast.”