Well Malibu,CA 90264 the coveted Zip Code's Land Values hav Skyrocketed
When you give advice to your clients and they do not listed, how do you feel?
I spend a great deal of research, time and energy making sure that I give the best advice to my clients. Well interestingly enough last year one of my Foreign Clients came and we went to Malibu, CA. We were looking at vacant lots. We found a few lots in the coveted 90264 Malibu Zip Code. Perfect Ocean Views, the Best Part was the project was shovel ready.
To give a little history, in Malibu and any place that is near the ocean needs Coastal Commission Approvals. That means “…three years to never ...”is the joke amongst Malibu and vicinity Realtors, who understand the entitlement process.
Well, long and short of it, my client flew back to Asia and did not buy. I was sad and disappointed that I was unable to show him what a fantastic value this lot had. Clearly you buy it for $5 million dollars and you can start building as soon as you close escrow….No three year waiting period, just build and re-sell the finished product for around $12-15million….
The Broker and I had conversations that this lot will sell for more money and my clients are making a mistake…I agreed …but last time I checked I could not put a “gun” to my buyers head to convince them what a great value this was.
How ironic, today I saw an email blast from the Broker and the Lot sold for $9,000,000. Clearly the anticipated upside is huge…forget my thought of $12-$15million for the finished product…it will be closer to $25 million….
Just as a courtesy I sent the email to my client who did not buy, just to make him aware that the advice I gave was solid. So now back to my original question: How do you feel if you were in this situation? Just the land value doubled in less than 12 months…
If you are looking for a Realtor who gives you straight forward, no sugar coated advice…than please reach out to me! To answer my own question I look at the facts and say where did I go wrong that I was not able to provide solid, convincing data and reasons why they should buy? I feel terrible that I could not convince them and they could have been making three times the profit I was anticipating….
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Playa Vista, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.
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