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The real estate agents on Million Dollar Listing typically rely on nearby comps to help determine the best price for a new listing. But this strategy is less reliable when the property in question is twice the size of nearby houses and located in a small community where new construction isn’t very common.
That’s the challenge James Harris and David Parnes face in the season finale of the Bravo series. The duo signs on to sell a recently constructed mansion in the exclusive Hidden Valley Estates community in the Beverly Hills post office area.
Million Dollar Listing Los Angeles airs at 9pm ET/PT Tuesdays on Bravo.
Here’s what you need to know:
World-Famous Actors & Singers Call Hidden Valley Home
Hidden Valley is a small community situated between Beverly Hills and the San Fernando Valley. The neighborhood is actually part of Los Angeles, as opposed to the city of Beverly Hills. But the area is part of the Beverly Hills post office region and therefore is part of the coveted 90210 zip code.
Hidden Valley properties also boast larger lots than homes in surrounding neighborhoods. According to Beach Cities Real Estate, the lots in this area typically cover more than an acre of land.
But the privacy and intimacy is what has made Hidden Valley an enclave for celebrities. The neighborhood includes only about 30 homes, the Daily Mail reported in 2019. The gated community is shielded by guards 24 hours per day. Celebrities such as Jennifer Lawrence, Nicole Kidman and Keith Urban, Katy Perry, Zoe Saldana, Adele and Ashton Kutcher and Mila Kunis have all owned homes in the community.
The Hidden Valley Mansion Was Completed In 2019 & Includes 12,000 Square Feet of Living Space
Parnes and Harris had a couple of key challenges when they took over the listing at 9520 Hidden Valley Road. The home was located near Coldwater Canyon Drive, which is a busy street and therefore could detract some buyers.
The second major challenge was that the house, at 12,000 square feet of living space, is significantly larger than other homes in the neighborhood. Harris and Parnes’ listing is more than three times larger than another house located just 100 yards down the street.
While extra square footage is generally a positive thing in southern California, it made pricing a challenge due to the lack of relevant and direct comps. According to records on Realtor, the median price for the area was just under $3.2 million as of this writing.
Harris and Parnes’ listing was brand new construction, a rare find in Hidden Valley. The house has seven bedrooms and 12 bathrooms across three floors. A separate entertaining area is equipped with a glass-enclosed wine room and a private movie theater. The master suite has a private deck, his and her bathrooms as well as separate walk-in closets. See a tour of the house here.
The backyard includes a waterfall pool, pool house, a cabana and plenty of space for outdoor entertaining. The property also includes enough parking space for 10 cars and the garage has a turntable built into it.
Warning: The section below contains a light spoiler for tonight’s season finale episode of Million Dollar Listing Los Angeles, so turn back if you want to finish watching the episode first.
Parnes & Harris Listed the Hidden Valley Mansion For Just Under $20 Million
The property at 9520 Hidden Valley Road took several years to complete. The developer bought the property in 2015 for just over $3.2 million. During construction, the developer left open the possibility that she and her family might ultimately move in themselves.
But after four years of construction, the developer decided to put the house on the market and chose The Agency to represent the property. The house went on the market in January 2020 for $19.950 million. Harris promoted the fact that the house was new construction on his Instagram page.
According to records on Compass, the listing was briefly canceled in April before it was put back on the market one week later. The seller agreed to reduce the price in May 2020 to $18.495 million.
Ahead of the MDLLA season finale, Bravo teased on its website: “James and David go all-in on their new East Coast traditional, a 20-million-dollar stunner in a celebrity enclave, and all the agents stop by to check out the competition.” During the party, agents Josh Flagg and Josh Altman both express doubt that the house will receive an offer anywhere close to $20 million. Altman specifically mentions that his recent Beverly Ridge sale, a gothic castle previously owned by a Real Housewives of Beverly Hills star, would result in lower offers for the Hidden Valley house. (Altman’s listing sold for $13.9 million). Flagg guessed the mansion would go for about $16 million.
Although Harris and Parnes did not get a full-ask offer, they did ultimately beat their co-stars’ expectations. 9520 Hidden Valley Road sold in late July 2020 for $17 million. The real estate team ended up representing both the seller and the buyer. Harris celebrated on Instagram, “It was such an honor for our team to have represented an amazing buyer and seller on this beautiful property. A huge congrats to our wonderful clients and here’s to a happy and healthy life in their new home!”
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