Million Dollar Listing Episode 6

As I mentioned last week, I had the pleasure of being interviewed along side one of the stars of MDL-LA, Josh Altman. If you would like to hear Josh and I chat about the show and real estate, please check out

http://www.producingpodcasts.com/?p=412                Thank you.

The show opens with Josh Altman meeting Orlando Scandrick of the Dallas Cowboys. I happen to know that Josh has worked with many athletes in the past and continues to do so. It’s sometimes a challenging endeavor but “SHOW ME THE MONEY” definitely fits into tonight’s episode. I think Josh did a good job in asking Orlando what he needed in a house and immediately telling him he would have inventory to show him within two hours. That was impressive. I was a little surprised when Orlando gave Josh a budget of between $2MM and $6MM. That’s a pretty wide range. I think Josh did the right thing by showing, as the first stop, a home at the higher end of the scale. We all heard that budget straight from Mr. Scandrick, correct? I wasn’t at all impressed with the first showing. That type of house is just not my taste. Also, I am not so sure how child friendly that home would have been. It did have great views, albeit, smoggy ones! Obviously, Orlando was totally disconnected with looking at houses and Josh was pushed off to a business manager. Enter, the Jerry McGuire wanna-be. The scene of “Jerry” ranting and raving about pumping up pricing for commission sake, blah, blah, blah was ridiculous. Josh was doing exactly what Orlando told him. Maybe it was the editing or maybe “Jerry” was drunk but that was all too dramatic and unprofessional. I understand that “Jerry’s” job is to protect his client’s financial future but he should have been better informed by his client. That seemed too scripted.. I might have to find out.. The house that was previewed by Josh and Jamie, aka “Jerry”, was a lot nicer than the first. More subtle and more child friendly. Unfortunately, that house did not fit into the “new and revised” budget of $2MM to $2.5MM so its back to the drawing board. That range is slightly different than $2MM to $6MM. I despise wasting time and that encounter was certainly an unfortunate example of just that..

Josh Flagg got off to a difficult start by being invited to co-list a very modern and contemporary home located in Santa Monica in an otherwise delicate neighborhood. It seems Josh is always presented with the tough deals. My notes about the show were reflected in the comments we heard over and over about the house being a tough sell due to the very specific buyer that that type of décor and layout would appeal to. It was very ornate in the finishes, the lighting fixtures and the overall appearance. Again, not my taste but certainly unique. And not $9MM unique but more like $7MM unique. The client, Ben was not into $7MM unique but truth be told, the final listing price ended up at $7.95MM. I was surprised at that compromise since I doubt that a full ask will be the final selling price so Ben needs to expect a closing figure of far less than his expected or hoped for, $9MM. I did think that Josh did a great job in setting up the circus themed open house. It truly was a one of a kind for me to see and I think everyone was impressed. I just hope that it leads to a sale and is not remembered as that great party at the house that’s been on the market for 2 years. That would truly be a circus! Speaking of circus, at the end of the show we are left in suspense, as Altman and Heather along with Madison are about to collide at the open house. I will tell everyone now, I may not even address the antics in next weeks blog. Everyone knows I like Josh and Heather and I have been critical of some of the things that Madison has done. I would hate to write something so one-sided in favor of, who I see, is on the right side of this ordeal. Have to give that some thought.
It would be remiss of me to not put some type of comment in today’s blog about the conversation between Josh and Colton about starting a family. It doesn’t matter what the make-up of the couple is, whether by gender or nationality, this is a very common and sometimes challenging discussion. I was really happy to see Josh assure Colton that he loved him and they would work it out. I hope Colton was reassured by Josh’s calming demeanor and I am hopeful that everything will work out in the end.

At the end of the day, Madison was right. He said all along that Michaels house needed to be finished in order for people to really see the $3MM value. We definitely saw that come to life when Madison scheduled the open house and the turn-out was great. Having the art displayed was a nice idea and I think it went well with that type of home. It really added a finishing touch. As I watched, I was hoping that this house also wasn’t going to end up as the house with the great party and art show and still be on the market. I was ½ right. I think Michael reversed course well when Madison presented the offer of a rental contract as opposed to a sale contract. I thought it was going to be a disaster but Madison did an o.k. job at diffusing his client and stating the facts that led to this deal. I am not sure that $10k/mth will cover the carrying costs of the house but it is what it is. The “flipping” business is not an easy one. I was slightly disconnected though when Madison stated that in 18 months current inventory would be off the market and the home may be easier to sell. I don’t agree with that 100%. It is true that “current” inventory may be off the market, let’s hope that includes Flagg’s listing, but inventory is evolutionary and there will be new product on the market in 18 months to compete with. Just made me think…

I am going to point out, so no one thinks I missed it, that I am not going to address that scene where Madsion’s new Heather, well there is only one Heather, (LOL!!), tells him that the real Heather called. Just not going to do it.. Sorry folks.. Until next time…..