Josh Altman of Million Dollar Listing Los Angeles is one of the most successful real estate agents in the business. But sometimes even he can be caught off-guard, especially when a client is willing to consider an offer that is significantly lower than the list price.
Altman listed a property on Oriole Way in the famous Bird Streets neighborhood in the Hollywood Hills during the episode that premiered July 28. Bravo teased ahead of the episode that Altman “goes after a new modern in his Bird Streets territory but is shocked when the sellers consider a low-ball offer.”
In the episode airing August 4, Altman is tasked with finding a buyer in 24 hours or less. If he fails, he may lose out on a commission.
Million Dollar Listing Los Angeles airs at 9pm ET/PT Tuesdays on Bravo.
Here’s what you need to know:
The Oriole Way Property Was Described as the ‘Perfect Party Pad’
The property at 9133 Oriole Way was described by Bravo as the “perfect party pad.” The house has more than 12,500 square feet of living space, six bedrooms and 10 bathrooms. The backyard is outfitted with an infinity pool, a hot tub, and 180-degree views that stretch all the way to the Pacific Ocean. The preview noted that the seller had put in $800,000 worth of upgrades.
The master suite alone is 2,000 square feet, according to the listing on the Altman Brothers website. In an interview with Open House TV, Josh and Matthew Altman showed viewers the atrium, lined with olive trees, that leads to the master bedroom. The suite includes a massive closet that looks more like a boutique shop, a private office, a fireplace and a bathroom with views overlooking the backyard and the Los Angeles skyline.
The Altmans gushed about the size of the kitchen, which has an island that was made using eight slabs of marble. The space is decorated with chandeliers and equipped with custom appliances. There is also a hidden door that leads to a separate prep kitchen.
In a Bravo preview, the agents took in the custom entertainment features. The private movie theater is equipped with a 4k projector which, according to the seller’s representative, was worth about $125,000. The wine cellar can hold 1,500 bottles.
The home gym also has a steam room and sauna. In the preview clip, Josh Altman tested out the monkey bars, which were located in the same space as the boxing bags. He joked at the time, “I think I pulled two muscles.”
The Altman Brothers Sold the Oriole Way House For More Than $12 Million Less Than the Original List Price
The property at Oriole Way, despite its opulence and stunning views, has a history of sitting on the market. According to Redfin, the property was sold in March 2008 for $4.45 million.
Those owners must have completed major renovations because when the house was listed again more than six years later, the price had multiplied by eight. According to Fortune, the Oriole Way house was listed for $32 million. The magazine described the property as perfect for a “young Hugh Hefner-wannabe” but questioned in the article title, “Why can’t this $32 million Hollywood dream home sell?”
Property records on Redfin show that after being delisted and relisted a few times, the property sold for $27 million in January 2016.
The Altman Brothers appear to have signed on to represent 9133 Oriole Way in January 2019. Josh Altman posted about the listing on Facebook as the “Crown Jewel of the Bird Streets.” The house was listed for $29 million but did not sell. It was taken off the market in late May 2019.
Altman relisted the house the following month with a dramatic price drop. The new price was $21.995 million. He wrote on Instagram at the time that the house was an “immaculate contemporary masterpiece” offering “an unparalleled luxury environment.”
He sold the house in August 2019, but for a steep discount. As noted on the Altman Brothers website, the home was sold for $16.515 million in August 2019. It’s safe to assume that was the low-ball offer Bravo teased in the episode preview. Heavy reached out to Altman and asked why the sellers accepted the lower offer, but we have not heard back. It’s possible that construction in the neighborhood impacted the price.
The Altmans were not the only agents dealing with a lack of buyers willing to pay record prices. The Real Deal reported in October 2019 that the Bird Streets contained several extravagant homes that were sitting on the market. The outlet appears to have been referencing the Oriole Way property when it reported that a mansion on Oriole was purchased for $16.5 million in late August 2019. The Real Deal noted that the price was nearly 40 percent less than what the previous owner had paid for it.
Oriole Way Is Back On the Market For $23.9 Million
Altman sold the Oriole Way house, but that was not the end of the story for this property. Records on Redfin show the house was put back on the market in September 2019, just one month after Altman sold it for $16.515 million. The price was changed three times before the listing was removed in March 2020.
The house was again listed for sale on May 8, 2020. The new price is $23.9 million. The listing agent representing the property is Katelyn Byrd at Coldwell Banker Realty. Heavy reached out to Ms. Byrd via email for information about why the house had returned to the market so quickly, and whether the current owner completed additional renovations, but she has not yet responded.
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