Million Dollar Listing LA - General Discussion

[Stan39]

9 hours ago, Grrarrggh said:

I spend the money then make sure the developer knew I was doing a HUGE remodel and design. 

Yeah, do a walk through with Tracy and the developer in tow, but basically describe the house as a tear-down and you just want the land. Lol. 
 

These developers build houses like rich people all think and like the same things. I don’t smoke and would find a giant purpose-built cigar-room in the middle of my living room to be an eyesore. And it would be difficult and tacky to try and repurpose the room for something else. “Yeah, the developer made this giant humidor for cigars but since nobody in my family smokes we turned it into a closet for family board games. We think the ventilation system is perfect to extend the life of the cardboard for our games.”

[geauxaway]

32 minutes ago, Stan39 said:

Yeah, do a walk through with Tracy and the developer in tow, but basically describe the house as a tear-down and you just want the land. Lol. 

Ha!  Mr. didn’t you notice all the neck nails line up would explode.  Tracy you are gonna work for every penny and then some with that guy, and in the end I still wouldn’t be surprised if he just one day dumps her.  Probably over something tedious no less.

[Lady Lucy]

https://www.mansionglobal.com/articles/new-malibu-mansion-to-hit-the-market-for-100-million-211676

 

An article about the New Castle and the "Case" houses.  No mention of Tracy marketing them. 

 

[lynxfx]

2 hours ago, Lady Lucy said:

An article about the New Castle and the "Case" houses.  No mention of Tracy marketing them. 

 

From the article...

"The sale of Case No. 2 will be handled by Mr. Gillen’s newly launched brokerage arm, Unvarnished. Led by Mr. Gillen and supported by Side, a venture capital-funded real estate technology firm, a group of licensed agents will exclusively list and sell the “Malibu Series.”"

Hard to understand if Gillen has a new group of licensed agents or if those are Tracey's team. If it is her team then she has a piss poor PR person since they left her completely out of a half billion dollar real estate story. 

[CrazyInAlabama]

That doesn't sound like Tracy's team, she's still with Douglas Eillman (spelling?), even though she has her own team.  

[Surrealist]

On 7/9/2020 at 8:18 AM, TV Diva Queen said:

I agree - If I'm spending $75MM on a home in Malibu, I want to be on the sand.  The New Castle was not my style, the front outside was a white box.  I don't care if the "fun" is in the back, when I drive up, I want to be awestruck.  

Exactly. If I'm spending $75MM on a house, the damn thing had better be oceanfront.

[Stan39]

Anyone know how places like California and New York handle those “negotiations” where the buyer can include the furniture, art, car, whatever in the price of the house? It was illegal to do when I was in Florida. I guess if it’s an all cash offer it makes sense, but as my mom pointed out if they’re financing a mortgage then the buyer is essentially buying furniture on a 30-year-layaway plan  

[CrazyInAlabama]

Either the ad says it sells furnished, at the listed price, or there is a separate negotiation for the furnishings, or whatever the buyer wants.    I think that furnishings being included is often in the basic listing, but is more common for vacation homes.    I'm guessing that artwork, and other custom furnishings will be a separate negotiation, and contract, but on the show they say it's the total price. 

Some buyers might qualify for the down payment, and mortgage, but don't have enough money for a separate contract for furniture, or other extras.  

Edited July 14, 2020 by CrazyInAlabama

[Jess14]

On 7/8/2020 at 1:59 AM, Marley said:

Wow that developer is really into himself. Not a fan.

The Altman and Fredrik stuff seems so fake. Hasn’t Fredrik done business in LA for quite some time? Seems like a lame storyline.

Yep. I couldn't roll my eyes enough at the Fredrik/Altman scenes, including Heather acting like Fredrik just ran up and attacked her at the party. Please!

The Malibu developer was insufferable. The house was nice, but it didn't seem all that different from the other large mansions on the show. At least Josh and Josh's razor house is truly different and unique (even if it was way too sterile for me). In this house, some of the features that were supposed to noteworthy (cigar room, for example) would be a turn off to me.

[pally]

None of that portfolio are in Tracy's active listings so looks like she is out as any part of the listings.  As much as a control freak as he appeared to be, it is not a surprise that the only person he trusts to sell them is himself

[dleighg]

3 hours ago, Stan39 said:

Anyone know how places like California and New York handle those “negotiations” where the buyer can include the furniture, art, car, whatever in the price of the house?

we did some of that (in NY) when we bought our house. We more or less said "we'll pay X, if you include the family room sofa set." I don't think that's such a big deal. Maybe if your price is really on the edge of being reasonable for the bank to approve it, but if you're talking about roughly $1k, who cares?

[Diane Mars]

On 7/12/2020 at 11:27 PM, pally said:

None of that portfolio are in Tracy's active listings so looks like she is out as any part of the listings.  As much as a control freak as he appeared to be, it is not a surprise that the only person he trusts to sell them is himself

yes !

[7-Zark-7]

I loved the wide open living room of The Castle and the views of Malibu were beautiful, but what was going on with the exterior?  It had a weird 90s take on bauhaus with the small windows and American Colonialism with those gigantic columns (that had drainage downspouts running like a design feature along the front). What the hell? If I were a multi-millionaire and just saw the outside of that place, I'd tell my agent to turn us around. But then again, I'd have had to walk up the driveway to see that monstrosity, so I guess I'd just run.

At least I would have been spared meeting that builder. Why are so many builders on these Million Dollar Listing shows such jerks? Do they carry their personalities around in their wallets, and then have to toss it to make more room for cash?

[oakville]

4 hours ago, Diane Mars said:

yes !

I wonder what happened to Tracy's big project in Dubai from last season ?

[lynxfx]

6 hours ago, oakville said:

I wonder what happened to Tracy's big project in Dubai from last season ?

I completely forgot about that Sex and the City storyline. 

There was also that $100m beachfront in Playa Vista that a season ended with Josh Altman which never materialized. 

Then that $80-100m mega compound over in Bradbury which I don't remember selling on the show. 

[dleighg]

36 minutes ago, lynxfx said:

I completely forgot about that Sex and the City storyline. 

There was also that $100m beachfront in Playa Vista that a season ended with Josh Altman which never materialized. 

Then that $80-100m mega compound over in Bradbury which I don't remember selling on the show. 

and on the NY version of the show didn't they have Frederick getting some gig for dozens of $$$$ homes in the Tarrytown NY area? (I live near there so it perked my ears)

[CrazyInAlabama]

On Tracy's website it still mentions the Castle, the Dubai project, and a few others by the Atlantis group (Mexico for one), so I think some get mentioned, even after they are no longer her exclusive.    I bet she still represents the U.S. sales for Dubai, but I'm guessing the super picky Castle owner dumped her.    

[Stan39]

On 7/12/2020 at 4:36 PM, dleighg said:

we did some of that (in NY) when we bought our house. We more or less said "we'll pay X, if you include the family room sofa set." I don't think that's such a big deal. Maybe if your price is really on the edge of being reasonable for the bank to approve it, but if you're talking about roughly $1k, who cares?

I guess the point was why do it if you’re financing the house. If you see a house for $500K that you think is worth $475k but has $25k worth of furniture it would be better to pay $475k for the house and buy your own furniture with cash. Otherwise you’re essentially paying for that furniture for the length of the mortgage (typically 30 years). It’s doubtful you’d want to keep it that long. 

[TheLastKidPicked]

5 hours ago, CrazyInAlabama said:

On Tracy's website it still mentions the Castle, the Dubai project, and a few others by the Atlantis group (Mexico for one), so I think some get mentioned, even after they are no longer her exclusive.    I bet she still represents the U.S. sales for Dubai, but I'm guessing the super picky Castle owner dumped her. 

One thing Tracy picked up on was the fact that the developer wanted to market the entire Malibu experience.  That was pretty smart.

When she asked if she could put down her purse, and he hesitated so long and finally said she could put it on the floor on the carpet.  That wasn't OCD and that wasn't Asperger's.  That was a power play for the benefit of the cameras and was a dick move. 

Edited July 14, 2020 by TheLastKidPicked

[CrazyInAlabama]

David did a good thing on the new show tonight.   He was showing homes to the woman and husband that are having their baby in a week, and he kept reminding them about pool safety and little kids.     I wish that would be mentioned more often. 

[njbchlover]

2 hours ago, CrazyInAlabama said:

David did a good thing on the new show tonight.   He was showing homes to the woman and husband that are having their baby in a week, and he kept reminding them about pool safety and little kids.     I wish that would be mentioned more often. 

I also liked that James was giving them a gift of baby-proofing items (at least, I think that's what he did - I was only half paying attention at that point).  

I really like David and James, and their children are adorable!  

[Marley]

The developer is such a dick I really don’t like him or care to see him anymore. I liked Altman bugging him made me laugh. Also was he driving on the driveway? Douche.

I like Bobby. I’d like to see more of him and Flagg.

Still don’t get why anyone would pay 75 million for that house.

[njbchlover]

Did anyone else notice how similar the Altman Brothers new logo is to The Agency's logo?  Aside from Josh's hat being black and gold, I thought he was wearing a hat from The Agency.  

[Jess14]

I was glad that James and Josh/Matt both pointed out that the Malibu house was not on the beach and was overpriced due to that fact. That seemed like a glaring omission in the discussions about price during the prior episode. The situation doesn’t seem like it will end well for Tracy at all.

Each to his own, but I thought that the Brentwood house that James showed to the pregnant couple was way nicer than what they ended up getting. I’m just not into the super modern look, and I though James was spot on about it not being kid-friendly at all.

[65mickey]

2 hours ago, Jess14 said:

I was glad that James and Josh/Matt both pointed out that the Malibu house was not on the beach and was overpriced due to that fact. That seemed like a glaring omission in the discussions about price during the prior episode. The situation doesn’t seem like it will end well for Tracy at all.

Each to his own, but I thought that the Brentwood house that James showed to the pregnant couple was way nicer than what they ended up getting. I’m just not into the super modern look, and I though James was spot on about it not being kid-friendly at all.

I thought the same about the Brentwood house. Much nicer home with a lot of charm and style.   I don't care for these starkly modern sleek all one color cold looking homes. But that's just my opinion. They seem to appeal to a lot of folks. One question, when they say all cash which they do on this show all of the time, do they mean no loan of any kind. Someone just hands over $6,000,000 in cash?  

[Jess14]

48 minutes ago, 65mickey said:

I thought the same about the Brentwood house. Much nicer home with a lot of charm and style.   I don't care for these starkly modern sleek all one color cold looking homes. But that's just my opinion. They seem to appeal to a lot of folks. One question, when they say all cash which they do on this show all of the time, do they mean no loan of any kind. Someone just hands over $6,000,000 in cash?  

Yes, it means no mortgage, so no appraisal or financing concerns that could derail the closing. I assume that the buyers wire the money into the seller’s account, similarly to how the bank does when they finance a purchase. Of course, I’ve never been to an all cash closing, but I would think that they’re not actually handing over straight cash. That would seem to be dangerous and a robbery waiting to happen lol.

[65mickey]

8 minutes ago, Jess14 said:

Yes, it means no mortgage, so no appraisal or financing concerns that could derail the closing. I assume that the buyers wire the money into the seller’s account, similarly to how the bank does when they finance a purchase. Of course, I’ve never been to an all cash closing, but I would think that they’re not actually handing over straight cash. That would seem to be dangerous and a robbery waiting to happen lol.

I knew it wasn't actual "cash" but it boggles my mine that these people have 6.6 million in liquid assets to pay for a home purchase. This was the couple with the Marijuana business? I guess business is booming. 

[TV Diva Queen]

25 minutes ago, Jess14 said:

Yes, it means no mortgage, so no appraisal or financing concerns that could derail the closing. I assume that the buyers wire the money into the seller’s account, similarly to how the bank does when they finance a purchase. Of course, I’ve never been to an all cash closing, but I would think that they’re not actually handing over straight cash. That would seem to be dangerous and a robbery waiting to happen lol.

that's exactly how they happen.  Money wired a day or two before closing to the Title company (as least that's how we do it in Illinois) and then title company disburses the monies to seller, attorneys, real estate agents, taxing bodies, etc.

11 minutes ago, 65mickey said:

I knew it wasn't actual "cash" but it boggles my mine that these people have 6.6 million in liquid assets to pay for a home purchase. This was the couple with the Marijuana business? I guess business is booming. 

Getting a license here in Illinois is a license to print money.  Its unbelievable what they're making.  

[Jess14]

20 minutes ago, 65mickey said:

I knew it wasn't actual "cash" but it boggles my mine that these people have 6.6 million in liquid assets to pay for a home purchase. This was the couple with the Marijuana business? I guess business is booming. 

Yep. It’s crazy. I remember last season on MDL:NY, one seller seemed offended that the buyer was using financing to purchase the townhouse. I wanted to be like, “Welcome to the real world!” Even lots of wealthy people, don’t have millions of dollars to just pay out at a moments notice! 

[CrazyInAlabama]

I think buying the super modern house was a mistake.   The traditional would have looked totally different with modern furniture, and been much better for the family.      I love that David and James were talking safety of the baby, and were willing to do baby-proofing for the couple.   

[TwopLurker]

I think this is my favorite cast of MDLLA so far, everyone seems to get along and their teasing feels light hearted. 

Can anyone in real estate explain how compensation works for the people who work under our brokers? Tracy’s team members are agents themselves, right?

 

 

[TV Diva Queen]

I think this is my absolute favorite Bravo show.  and I'm loving the two Josh's together.  The more I see them together, I more I believe they're RL friends.  More of them please....

[Stan39]

1 hour ago, 65mickey said:

I knew it wasn't actual "cash" but it boggles my mine that these people have 6.6 million in liquid assets to pay for a home purchase. This was the couple with the Marijuana business? I guess business is booming. 

Yup. Historically, a lot of all cash real estate purchases are actually illegal money laundering schemes. You hear stories about some super exclusive neighborhoods all over the world that are almost vacant because the owners buy them but never live in them. Even though that couple had a legal dispensary, they’re probably sitting on a lot of cash because it’s still hard to put that money in federally insured banks. But, there are also rich entrepreneurs and celebrities with cash. 
 

I still don’t understand Scott. He’s clearly done this before, but for him to be that difficult to deal with you’d expect Howard Hughes-level vision. But it seems like he doesn’t understand the market he’s in so I’m not sure how he’s been so successful. Also surprised Douglas Elliman would let another agent work with him if Altman knew how impossible it was. Others noted that it looks like Tracy is no longer on the portfolio, so I wonder how much money DE spent marketing the property(ies) without getting a commission. 
 

Agree with everyone who preferred the Brentwood house. Modern house is really a misnomer, because that style won’t be modern in another five years. They should just say, “I love boxes! Can I live in a giant box?! And then have smaller boxes inside the giant box?! And then get furniture made out of boxes to put in the smaller boxes?!!! And then get a bathtub shaped like an egg, to show how sophisticated I am. But only if the shower, sink, and toilet are more boxes!!!!”

[hula-la]

2 hours ago, Jess14 said:

Yes, it means no mortgage, so no appraisal or financing concerns that could derail the closing. I assume that the buyers wire the money into the seller’s account, similarly to how the bank does when they finance a purchase. Of course, I’ve never been to an all cash closing, but I would think that they’re not actually handing over straight cash. That would seem to be dangerous and a robbery waiting to happen lol.

My ex’s mother sold her home for $2 million. I got to sit in the offers presentation (I kept my mouth shut). One of the offers was from the realtors, and they had a certified cheque ready to go.  Like @Stan39 stated, money laundering is a big issue. I live on the west coast of Canada, where inflated real estate prices and empty homes are a huge issue. Our government has issued a foreign buyers tax and empty homes tax to help calm the market down. We know there are huge issues with money laundering as well, but the government is loathe to address that part.

[TheLastKidPicked]

1 hour ago, hula-la said:

I got to sit in the offers presentation (I kept my mouth shut). One of the offers was from the realtors, and they had a certified cheque ready to go.  Like @Stan39 stated, money laundering is a big issue. I live on the west coast of Canada, where inflated real estate prices and empty homes are a huge issue. Our government has issued a foreign buyers tax and empty homes tax to help calm the market down. We know there are huge issues with money laundering as well, but the government is loathe to address that part.

Thank you for sharing that.  It would be interesting to be in on the offer presentations.

Edited July 15, 2020 by TheLastKidPicked

[TheLastKidPicked]

5 hours ago, CrazyInAlabama said:

I think buying the super modern house was a mistake. 

It was fun to watch the juxtaposition between the super modern, glass and box houses and David's Pasadena Brady Bunch house.  When David said,  "The fireplace is original!"  And the broker said,  "Is the popcorn ceiling original, too?"

HA!

But what is really funny is that one day, those super modern glass and concrete boxes will be as outdated as the popcorn ceiling on the Pasadena house.

[dleighg]

Yeah, stainless appliances vs white vs off-white vs "slate" or whatever they call dark grey vs wood cabinets vs white cabinets vs green cabinets. Buy what you like. Period. Don't think it's going to be the be-all and end-all forever. 

[CrazyInAlabama]

I've thought about it, and as long as the house changed are done quickly, these people are rich enough to change the kitchens out once a year, when ever they feel like it.   It must be interesting to be that righ. 

[Starlight925]

Re:  These super-rich buyers with all cash, quick closes.  Yes, I believe a lot of it is money laundering.

Also, EB-5 Visas.

We hear the realtors often talking about their "international" buyers. 

A lot of international buyers are looking to bypass U.S. immigration laws via an EB-5 Visa, which was initially put in place in 1990 to stimulate the U.S. economy via foreign sources.  With an investment of $1.8 million, and an agreement to employ 10 people in the U.S., a foreign buyer obtains an EB-5 Visa, thereby granting them a U.S. Visa and removes the obstacle of waiting for a Visa.  So they buy one of these houses, and "employ" 10 people (often their own family members), and....voilà.....U.S. status.  

There's a $2 million property near my home that is unfortunately full of dilapidated houses.  The land is very valuable because of where it is, in a very gentrified neighborhood, but the foreign owners will not sell to developers, due to loss of their Visa status.  They must keep 10 people "employed".  The physical homes on the property are literally falling down, while the property owners live in a nice neighborhood, in a nice house, across town.  (It's my understanding that after a certain period of time, the EB-5 can convert to a typical U.S. permanent Visa).

Edited July 16, 2020 by Sterling

[Diane Mars]

Am I the only one that noticed Tracy's 100% pristine new shoes ? WTF ?!? loool !

[BlueHawk]

Quote

28 minutes ago, Diane Mars said:

Am I the only one that noticed Tracy's 100% pristine new shoes ? WTF ?!? loool !

 

Lordy! Only thing I could see that whole segment! Obviously purposely showing them off ... Wonder if they're "Loubiton Lite"--some expensive wannabe upstart/ knock-off line thus the pink sole ?  She probably put them on after she sat down at the desk. Maybe keeping them returnable... 😁

They are pretty tho'  & I liked her dress. Creamy leather & cashmere do go together well. 

Edited July 16, 2020 by BlueHawk
It's @2am & I become semi-illiterate after 1...

[Grrarrggh]

2 hours ago, BlueHawk said:

Lordy! Only thing I could see that whole segment! Obviously purposely showing them off ... Wonder if they're "Loubiton Lite"--some expensive wannabe upstart/ knock-off line thus the pink sole ?  She probably put them on after she sat down at the desk. Maybe keeping them returnable... 😁

They are pretty tho'  & I liked her dress. Creamy leather & cashmere do go together well. 

Hope when she gets foot/knee/back etc problems she realises how stupid it is that she did all that to impresses assholes like her current client. 

[dleighg]

And the developer didn't give Tracy sh&* for wearing her stilettos on that perfect deck?

And the developer telling Josh "he has no holding costs"? Is he really an idiot? Even if you aren't paying a mortgage, there is "time value of money."

Edited July 16, 2020 by dleighg

[OdinO.]

On 7/15/2020 at 11:45 AM, 65mickey said:

I knew it wasn't actual "cash" but it boggles my mine that these people have 6.6 million in liquid assets to pay for a home purchase. This was the couple with the Marijuana business? I guess business is booming. 

Since most banks won't do business with Dispensaries, they have to use cash.

[OdinO.]

4 hours ago, dleighg said:

And the developer didn't give Tracy sh&* for wearing her stilettos on that perfect deck?

And the developer telling Josh "he has no holding costs"? Is he really an idiot? Even if you aren't paying a mortgage, there is "time value of money."

And maintenance costs, taxes etc. . That guy is FOS.

 

[Jess14]

22 minutes ago, OdinO. said:

And maintenance costs, taxes etc. . That guy is FOS.

 

Right. I know he’s rich, but the taxes alone would seem to be reason enough to try and unload the house.
 

I haven’t watched all seasons of MDL:LA though I’ve watched almost all seasons on MDL:NY. How many other homes on either show have been this expensive? I’m drawing a blank though I’m sure there have been some.

[lynxfx]

3 hours ago, Jess14 said:

How many other homes on either show have been this expensive? I’m drawing a blank though I’m sure there have been some.

There have been one or two. The Bradbury estate I mentioned earlier was the most expensive but I dont recall there ever being a conclusion to it. 

But not many were at this level. Used to be $40m or so for the top end that they would show. I still think the castle is way over priced and not at all unique enough to justify being over priced. At least the Razor house has many interesting architectural features. And that is a third of the cost. 

[dleighg]

1 minute ago, lynxfx said:

Used to be $40m or so for the top end that they would show. I still think the castle is way over priced and not at all unique enough to justify being over priced. At least the Razor house has many interesting architectural features. And that is a third of the cost. 

well the Castle has a CIGAR ROOM! Now that's unique! However does more than one person out of ten even WANT a cigar room?

The Razor house is likely much less expensive because it's in SD, not LA. But I agree, it's far more interesting. 

[retired watcher]

Not at the show level of expensive but my daughter and son-in-law lost 3 houses to all cash buyers even though they have no contingencies. I'm amazed that people have $400,000 in cash floating around. #reallife

[TheLastKidPicked]

19 hours ago, Sterling said:

A lot of international buyers are looking to bypass U.S. immigration laws via an EB-5 Visa, which was initially put in place in 1990 to stimulate the U.S. economy via foreign sources.  With an investment of $1.8 million, and an agreement to employ 10 people in the U.S., a foreign buyer obtains an EB-5 Visa, thereby granting them a U.S. Visa and removes the obstacle of waiting for a Visa.  So they buy one of these houses, and "employ" 10 people (often their own family members), and....voilà.....U.S. status.

That explains a lot!

And thank you for posting that.  I sometimes forget how many smart people we have posting here.