On Bravo’s Million Dollar Listing franchise, the real estate agents love to talk about breaking records when it comes to closing deals. But some properties pose more of a challenge, especially those in need of major renovations. On the July 21 episode of Million Dollar Listing Los Angeles, Josh Flagg faced the challenge of trying to sell the historic Casa Oceana property in Long Beach.
Million Dollar Listing Los Angeles airs at 9pm ET/PT Tuesdays on Bravo.
Here’s what you need to know:
In a Preview, Flagg Acknowledged That Casa Oceana’s Interior Needed a ‘Facelift’
Flagg listed Casa Oceana in August 2019 for $11.995 million. He promoted the property as an exciting opportunity for wealthy buyers because the home had not been available for more than 40 years.
The previous owners purchased the property in 1976 and completed a major renovation. According to Patch.com, the redesign was spectacular for the time period and the house was honored in 1979 with the Pacific Coast Builders Conference Gold Nugget Grand Award for Best Renovation.
But Casa Oceana’s interior was outdated by the time Flagg took over the listing. In an episode preview, Flagg acknowledged the house’s flaws. “We all know that this house needs a facelift. But my goal is to steer people toward the positives of this house, like the historic character.” Flagg added to the Bravo camera crew, “If you’re spending $11 million on a property, another $2 million in renovations is well worth it.”
Curbed LA reported that at the time Casa Oceana hit the market in 2019, Flagg was aiming to not only break an existing sales record but shatter it completely. At the time, the highest residential sale in Long Beach had been for $8.6 million.
Casa Oceana Is a Spanish-Style Home Featuring Large Outdoor Living Spaces & Is Located On a Bluff Overlooking the Ocean
Casa Oceana was originally constructed in 1927. It was designed by acclaimed Los Angeles architect Roland Coate, who is best remembered as the “architect to the stars.” Celebrities such as Howard Hughes, Paul Newman, Kenny Rogers, Humphrey Bogart and Lauren Bacall lived in homes Coate designed.
On his website, Flagg described the property as “one of the most private residences in Southern California.” The house is situated between two gated streets and sits behind walls that stretch ten feet high. The homeowner enjoys 225 feet of unobstructed ocean views and there is a private stairway to the beach.
The interior of the house includes 7,692 square feet of living space. There are three bedrooms and five bathrooms, according to Redfin. In the episode preview, Flagg highlighted the vaulted ceilings, original woodwork preserved from the 1920s and a sunken entertainment area that had once been a garage.
But what made Casa Oceana really stand out was the outdoor living areas. The home was constructed with several Spanish-style haciendas, or courtyards, that allowed the original residents to let in the breeze in the days before air conditioning. According to the Pursuitist, the outdoor areas include unique design features such as a hand-carved Mexican fountain, a koi pond, a sculpture garden and outdoor dining areas. Pictures of the house show off oceanfront views from several rooms in the house as well as a large swimming pool.
Casa Oceana Sold For Nearly $5 Million Less Than Flagg’s Original Listing Price
Despite Casa Oceana’s historic significance and beautiful location, Flagg did not find a buyer willing to shell out $11.995 million. According to Redfin, there was a price reduction in December 2019. The listing on Flagg’s website shows the price was eventually lowered to $10,995,000.
But that was not enough and Flagg was eventually replaced as the listing agent. The price was dropped again, to $9.995 million, in January 2020, according to Redfin. Listing agent Jordan Cohen of RE/MAX One represented the seller when the home finally sold for $7.25 million in June 2020.
The final price was nearly $5 million less than the number Flagg originally tried to reach for the house. However, $7.25 million is still significantly higher than most homes in Long Beach. Casa Oceana is located in the Belmont Shore neighborhood. According to Zillow, the median home value in Belmont Shore is just above $1 million.
Correction: An earlier version suggested Flagg had sold the property. Casa Oceana was sold by Jordan Cohen of RE/MAX One.
READ NEXT: Josh Altman’s House: Where His Wife & Kids Call Home