41,000 sf Bel Air mansion with regulation indoor basketball court.

March 05,2023 | Posted By Flavia Brown in Real Estate

Attention celebrity Lakers and Clippers fans (and other basketball fans): A luxurious four year old 41,000 sq. ft. Bel Air mansion with a regulation-size professional indoor basketball court and a 20-car garage is back on the market after being upgraded and renovated with the highest quality material and workmanship, and with a greatly discounted asking price of $59 million (original price: $100M). But get this: I have information that will help me substantially drive down the price for the buyer whom I will represent, which will likely make this “the deal of the decade.” In addition, this estate could make the new owner multi-millions. How so? In a few years if the owner wants to sell (and downsize), this mansion could be worth $100M+. No guarantee, of course, but based on past and recent history and trends, it is very possible. In the Greater Beverly Hills area, demand is almost always much greater than supply, which increases property values. The demand is great because of the desirable location and scarcity of buildable land. Another factor that may or will help make this a profitable investment is my effort and ability to drive down the asking price, Not meaning to brag, but I know how to present acceptable low offers more convincingly than most Realtors. I have an offering strategy that persuades sellers to accept low offers. If you are interested so far, please continue reading. If you continue to be interested after reading more, you might want to act asap before another buyer’s offer is accepted. I believe this home will sell fairly quickly.

With 41,000 sq. ft. of living space, magnificent panoramic views of the canyon and city (DTLA), a short drive to the Rodeo Drive Shopping District, a 20-car subterranean garage (not part of the 41,000 sf of living space), 1.34 acre lot with beautiful park-like grounds, a regulation-size indoor basketball court, high quality upgrades, a 36-seat theatre, sauna room, steam room, large fully-equipped gym/fitness center, 75 ft indoor pool, outdoor infinity edge pool (disappearing edge) and spa, hair salon, gigantic chef’s dream gourmet kitchen, multiple kitchens with high-end appliances and enormous islands, 1200-bottle wine cellar/tasting room, maid’s quarters, a technology-advanced smart home system with state-of-the-art security system, and so much more, this home is a one-of-a-kind rare find. Two other L.A. homes for sale have indoor basketball courts, but the courts and houses are smaller. This unique estate (subject property) is the place to invite a few NBA players and team owners and staff for a friendly game and a catered feast.

For any interested potential buyer who would like me to present an offer on his/her behalf, I will present the offer with no upfront money. That is, no earnest money deposit or proof of funds will be required until after the offer is accepted. You probably know the drill right after an offer is accepted, but in case you want a quick refresher: After the earnest money deposit (EMD) is wired to the escrow company the buyer's 17-days investigation period begins, which includes inspections, reviewing the seller's mandated disclosures and any reports. Within the 17 calendar days the buyer presents to the seller a Request for Repairs form, then they may or may not negotiate over the cost of repairs. (My job is to persuade the seller to be responsible for all repairs, including any termite damage). Within this period the buyer either removes all buyer contingencies and moves toward close of escrow or cancels the contract and gets the deposit back.

FYI, during my 17 ½ years as a Realtor and 256 closed escrows, I never had a complaint and my California DRE record is spotless. The best way for me to honor my fiduciary duty and provide exemplary service to you is to drive down the asking price and be sure every step in the transaction is performed perfectly. That is what I do. My transactions run smoothly, partly because my transaction coordinator (TC) is exceptional and my business partner/husband has been in real estate 27 years. l will be proud to represent you, and of course, my service won't cost you a dime because the seller will pay the buyer and seller broker fees.

Important note 1. Please take this as constructive advice: Don’t let the negative (“the sky is falling”) press discourage you from investing in real estate in 2023, for at least two reasons: 1) I can drive down asking prices at least as much as the expected 10% decline in 2023. But depending on the property and number of days on market, the discounted price could be considerably lower. 2) You will have much less buyer competition because many potential buyers are waiting for prices to decline (trying to time the market rarely works well). A truism: “The best time to buy is yesterday; the second best time is today.”

Important note 2: Want other choices? Several Bevery Hills-Bel Air-Holmby Hills mansions are ripe for low offers because they have been on the market longer than 150 days. Why haven't they sold? Several reasons, but here are two primary reasons;1) Relatively very few buyers of mansions. 2) Unscrupulous agents "buy the listing," meaning they tell the owner they can get the home sold at a higher price than fair or true market value, therefore, the house is overpriced. Other long-time-on-market luxury homes are in Malibu, Manhattan Beach, Hermosa Beach, and other upscale cities. I can find and create good deals in these locations.

By the way, if anyone would like the buyer’s steps in a real estate transaction – from preparing an offer to close of escrow, I will be glad to send the info. Same if you want the seller’s steps. (A good idea because buyers should know what to expect from sellers).

The buyer whom I will represent can see this mansion with a 24-hour notice or make a site-unseen offer (blind offer) until after the offer is accepted and ratified, which has become quite common because there is no upfront money needed yet. If you want to see this home or make an offer, please provide proof of your ability to purchase this home. Even a website like celebritynetworth.com or a note from your banker will suffice. Of course, there is no obligation or cost to see this property. Meanwhile, click here for a preview and photos:

https://www.zillow.com/homes/10697-Somma-Way-Los-Angeles,-CA-90077_rb/2087104502_zpid/

Any questions or concerns are always welcome. Contact me via phone, text, or email. By the way, I am very diligent in assuring confidentiality for my clients.

Best regards,

Flavia Brown, Realtor (17 years)
Cal DRE #01729313
homesbyflavia@gmail.com
310-702-6335 (cell/text)

P.S. If this home is not for you and you prefer another property, like an oceanfront luxury home in Manhattan Beach or Malibu, for example, I know where they are and I will send the details and photos. I also know the locations of off-market properties in all price ranges. Meanwhile, I wrote more than 50 informative real estate-related blog posts. Visit homesbyflavia.com and click “Blog.” (I’m half finished writing a unique real estate book, partly based on my blog posts).

###

Testimonials

Flavia did an exceptional job of getting my duplex sold, and found a 6-plex to complete a 1031 exchange transaction, all on time t...

- John Baker

View All Testimonials

Popular Pages

Location

22939 Hawthorne Blvd., Suite 203
Torrance CA 90505

310-702-0293

DRE# 01729313

Real Estate Websites by Strategic Agent Inc.