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Million Dollar Listing LA Recap: New Beginnings
August 15, 2012 11:30 PM by Melissa Stavarski
As the fifth season of Bravo‘s Million Dollar Listing LA comes to an end, Josh Flagg, Josh Altman, and Madison Hildebrand are all looking forward to new beginnings. Babies, new houses, making amends… it appears as if the real estate agents are all acting like whispers adults. Let’s take a look at the high points from the season finale.
After dating for two years, Josh Altman and Heather Bilyeu are ready for the next step in their relationship – are they talking babies? Can you imagine the spawn of Altman terrorizing the Los Angeles playgrounds?! Nah, they’re not talking babies, but they do take a big step when they decide to move in together! They’re excited.
The Altman family, plus Heather, is all together for dinner. They’re laughing and enjoying one another’s company. Matt Altman, Josh’s brother, is also a real estate agent. Josh’s father is a sex doctor, which makes for some fun – and awkward – family dinners. Josh says of his childhood, “When you were talking about homework, we were talking about vaginas.”
Papa Altman has a lead on a new listing. Initially, neither Josh nor Matt want to take the listing. Strike one – it’s in Newport Beach, which is nearly an hour away from Los Angeles. Strike two – they assume the listing is a “favor” and not a paying gig. This isn’t the case, and once the brothers hear how much the house is worth, they’re both salivating over the potential commission. The brothers go back and forth for a bit, then Mama Altman suggests they share the listing.
The Altman brothers go to Newport Beach. The homeowners want to list the house for $1,000 per square foot, which is a whopping $13 million! The agents feel this price is a little high for the area. The two sides agree to list the house for $13 million, with the agreement that they’ll re-evaluate the prices after the broker’s open, if needed. At the open, the Altmans hold a contest. “The Gue$$ List” is a way for them to generate excitement among the agents. As well as, giving Josh and Matt an idea about where the price should be.
Josh and Matt bring this new knowledge back to the homeowners. The vast majority of the local agents guessed the list price to be somewhere between $11 million and $12 million. The owners take the news well and agree to lower the list price to $11.5 million. The new list price brings an offer of $10.5 million to the table. That’s not going to happen. Both sides agree on a price of $11 million.
Josh Flagg and Colton Thorn tell Josh’s parents that they’re considering adopting a child. They’re thrilled. Josh’s dad says, “If you want to do it, it’ll be one of the greatest joys of your life.”
Josh is dealing with homeowners who are emotionally attached to their home. Any and all talk about price brings Brenda to tears. The house is currently listed just under $7 million. Everyone loves the house. However – common trend alert – it’s priced too high. The homeowners feel they deserve what the house is “worth” despite the sad market. Josh gently explains to the owners that potential buyers don’t care what a house is worth – they just want a deal. The homeowners agree to drop the purchase price to $6.5 million. They also add a lease option to the listing.
Edith calls Josh three times in a row. First message – a simple dinner invitation. Second message – “My message is like this. If you want blueberries, I have some here. If you want strawberries, I have some here too. And that is my house. Bye bye.” Third message – “I’m leaving a message for Joshua Flagg. This is Edith Flagg. Please call me.” She’s hilarious.
Leasing their house is not Stu and Brenda’s first choice, but they said they’d be willing to entertain lease offers starting at $30,000/month. Josh presents a lease offer of $19,000/month. Low-ball offer? Not so fast. Josh explains the offer includes taking responsibility for all expenses – property tax, gas, electric, grounds maintenance, etc. When it’s all said and done, the value of the offer is $27,000/month. Brenda’s only question, “Do they love the house as much as we do?” Josh says yes. Stu and Brenda accept the offer.
Madison Hildebrand invites his friends to share in a celebration of Rex’s life. Madison is completely caught off guard when Heather shows up. Madison is touched that Heather came, and the former friends are able to put their differences aside in honor of Rex’s memory. He does joke,”Thanks for not bringing Altman.” They laugh.
Madison invites Camilo, a house flipper, to look at a bank-owned property. Camilo is immediately turned off by the yellow caution tape and the unfinished house. Urging Camilo to keep an open mind, Madison introduces him to David. David is the architect who designed the plans for the house. Unfortunately, the owners lost the house to the bank before it was complete. Madison says to Camilo, the house plans and drawings are already bought and paid for, so allow David to help you see the full potential.
Camilo can see it, but the numbers have to be in his favor. Madison tells him the house is listed for $1.2 million; however, Madison knows a previous offer of $750,000 had been accepted by the bank. That deal fell through, so the house is available once again. Once complete, Madison believes the house will be worth $1.5 million.
Camilo thinks – he wants to write an offer for $600,000. Madison thinks this is way too low, but he writes it up. Camilo is pleasantly surprised when the bank sends back a counter offer of $650,000. It’s a deal. Camilo tells Madison, “Let’s close before they change their minds!” Camilo spent a total of $900,000 on the house. Madison re-lists it for $1.5 million.
Madison ends the season with some great advice – Be grateful for your challenges, and use them to become a better person. And, enjoy life, as it’s too short.
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Photo credit: Bravo
Topics: Bravo Reality TV Shows, Million Dollar Listing |
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