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We’re familiar with flipping. Savvy developer buys distressed property below market value, spends time and money remodeling, and then reintroduces the finished product to the market and makes off with a sweet return on investment.
However, the speed and scale of the flip making its debut as this week’s most expensive new listing on realtor.com® was unlike anything we’ve seen.
The sale of this ’70s-era beach house in Malibu closed on Sept. 13 for $18 million. It came back on the market on Oct. 11 for $42 million. Let those figures wash over you like a tidal wave of greenbacks.
Astonished, we reached out to listing agent Sandro Dazzan for the story. Despite competition from other buyers this summer, Dazzan said he and developer Scott Gillen were able to score a “good value” on the home on Pacific Coast Highway. He said their $18 million offer prevailed because they have a deep understanding of the city planning process in Malibu.
One of those pesky local regulations means developers have to preserve at least 50% of the existing structure. As a result, the outdated home on the property couldn’t be razed without raising red flags locally and with the California Coastal Commission.
Dazzan said Gillen is used to working within those city-based constraints and dreamed up a redesigned beach delight visible in the renderings of the property. And although the sale technically closed in mid-September, the agent said they had a 60-day escrow process, allowing the duo a couple of months to begin work on the home.
As for why the property is back on the market when the remodeled home won’t be finished until summer 2017, Dazzan credited the builder’s local track record.
“We had an offer before we even put it on the market [this week]. When you combine Scott’s reputation with a one-of-a-kind location, buyers are already circling.”
Other residences fat-walleted buyers might be circling this week include an oceanfront retreat in the Hamptons, a full floor in a classic Upper East Side building, and a brand-new modern stunner in L.A.
Scroll down for the full rundown.
1. 27724 Pacific Coast Hwy, Malibu, CAPrice: $42,000,000
Luxe factor: The mother of all flips: Sold a month ago for $18 million, this 1.6-acre beachfront property (with a ’70s-era home) was offered earlier this year for $21.5 million. Now in the hands of developer and architect Scott Gillen, a “reimagined and redesigned” home will be completed next summer. But if a buyer wants to be first in line, the beach house is now available—for $24 million more than its recent sale price.
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2. 27 Beverly Park Ter, Beverly Hills, CAPrice: $30,000,000
Luxe factor: This 90210 estate isn’t exactly new to the market. It was listed for $36 million when Curbed reported on it late last year. The site linked the 10-bedroom mansion’s ownership with the ruling family of Indonesia. The glam home is now back on the market with a serious price cut.
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3. 370 Fowler St, Water Mill, NYPrice: $29,000,000
Luxe factor: With the ocean on one side and Jule Pond on the other, this five-bedroom Hamptons retreat has stunning water views from every angle. Sitting on over 3 acres of desirable dunes, the estate comes with 330 feet of beachfront and a private boardwalk.
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4. 993 Fifth Ave Unit 11FLR, New York, NYPrice: $27,900,000
Luxe factor: Across the street from the Met, this luxe unit on the Upper East Side has an entrance gallery made for displaying fine art. Complete with a private elevator, the 12-room residence takes up the entire 11th floor of the building.
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5. 1822 Marcheeta Pl, Los Angeles, CAPrice: $25,500,000
Luxe factor: Designed by architect Paul McClean, this brand-new home epitomizes Southern California style. Open and airy, one of McClean’s main goals was to “make the most of the views.” Mission accomplished. In addition to the fabulous indoor-outdoor flow in the main living spaces, the home features an 18-seat screening room and a “car museum” with space for up to 10 of your finest autos.
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The post A Massive Flip in Malibu Rules This Week’s Most Expensive New Listings appeared first on Real Estate News and Advice - realtor.com.
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