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Josh Altman Lands an “Insane” $26.8M Listing — But There’s an Unexpected “Hurdle” (VIDEO)
The Million Dollar Listing Los Angeles agent is determined to earn $671K in commission on an incredible house with a unique challenge.
After frustrating listing drama caused Josh Altman to lose out on nearly $400,000 in commission on Million Dollar Listing Los Angeles Season 15, Episode 2, the powerhouse agent is ready to sell his next major property. However, there's one potential problem.
In the above preview for Season 15, Episode 3 of MDLLA, which is set to air on Wednesday, July 24, Josh reveals he's working to sell a $26.8 million home in Newport Beach. But there's an issue to contend with. Instead of an outdoor pool — as is the norm for the area — the house features an indoor pool. It's gorgeous (and temperature regulated!), but not every buyer might be so enchanted. Especially when they're looking to buy in one of the world's most gorgeous outdoor destinations.
"It's going to be a hurdle having an indoor pool as opposed to an outdoor pool," Josh explains in a confessional. "I mean, we're in Newport Beach. You come to be outside."
Here's What You May Have Missed on Bravo:
Josh & Heather Altman's OC Home Renovation Is Almost Finished: "Knocked It Out of the Park"
Josh Flagg and Josh Altman Prepare to Hash Out Their Drama: "Clearly in the Wrong"
Josh & Heather Altman Lose Out on $400K After "Unprofessional" Listing Drama: "Giant Waste"
Details on Josh Altman's $26.8M Pelican Crest Listing
In the beginning of the clip, Josh arrives at the home after driving along the stunning Newport Beach coast.
"1 Island Vista is in Pelican Crest, one of the best guard-gated communities in all of Newport coast. High-priced houses, big price per square foot, and the location is just best of the best," he explains in a confessional. This particular mansion was developed by a man named Mike, who Josh has known for years through the car collecting community.
Ringing in at 11,438 square feet, the home features a $68,000 crystal chandelier, 156 slabs of natural marble (the total stone material and fabrication cost was $2 million), a 1,200 square-foot primary bathroom, and a cigar humidor. As Mike notes, no expense was spared.
"This house has been taking, like, a lot out of me for like the last year," the developer tells Josh.
So, how much was invested in 1 Island Vista's renovations? According to Mike, quite a lot.
"I'm pushing $7 million dollars right now without holding costs," he explains. His ideal price for the space? $26,850. That works out to $2,200 per square foot, which is under market — music to Altman's ears.
"I want to be realistic, and I'm not ready to gamble on this property," Mike adds. "I don't want it to be putting me at a disadvantage, letting this property sit on the market. I want to roll it into the next project, do it again, keep going, keep going, keep going."
Knowing his client is so business-focused, Altman hopes to do a stellar job selling the property, especially because he knows there will be more where this came from.
"He's a guy who's going to buy and sell 50 houses over the next decade. I want those to be sold by me," he says.
After Josh promises he will get the job done, Mike makes something abundantly clear: "Friendship is friendship, and business is business."
With that clarification agreed upon, he decides to go ahead with Josh as his realtor — meaning Josh stands to make $671,250 in commission on the property.
"In this market, pricing aggressively is actually a very smart way to approach selling a house," explains Josh. "Otherwise, you're going to go stale. But also, it puts a lot of pressure because I have to get him an offer close to that price."
Even with an indoor pool.
Watch Million Dollar Listing Los Angeles on Bravo Wednesdays at 9/8c. Episodes stream the next day on Peacock.
