A Beverly Hills home that has been slated for demolition is set to get a grand makeover courtesy of Josh Flagg, an agent with Rodeo Realty who has appeared regularly on the hit Bravo series “Million Dollar Listing.” The property is located at the end of a cul-de-sac on Heather Road, a celebrity-adored street in Beverly Hills.
The property was formerly the home of a sprawling estate belonging to the late television and Broadway producer Michael Filerman. Flagg picked up the property on auction for $4.8 million and plans to tear down the existing 5,000-square-foot home and rebuild an East Coast-inspired home of about 8,000 square feet.
Construction is expected to last about two years, but the intended result looks to be nothing short of a spectacular luxury property. The home will feature a two-story gallery for antique books, a 120-foot-long infinity pool and an interior filled with white oak paneling. The design of the home is said to be inspired from the Coral Casino Beach and Cabana Club in Santa Barbara and will feature a contemporary look with a nod to the Hamptons.
Flagg is supposedly developing the property for himself, but ever-the-salesman, he has intimated that the property might attract a buyer who can put in the right offer in the $15-million range.
“Everything is always for sale,” he said to The Los Angeles Times.
Luxury Home Buyers Find Good Company in Beverly Hills
If Flagg does end up putting the home on the market, that special buyer will move into a rather elite neighborhood in Beverly Hills. Paul McCartney’s estate is located nearby as is the home of writer-producer Jenji Kohan. Other famous faces to have laid their heads within this exquisite area are Courtney Love, Prince and Bert Lahr.
With the median home value climbing in Beverly Hills it’s no wonder that such an elite group of people call this area home. According to Altos Research, a California-based real estate analytics company, the median single-family home value in Beverly Hills is $4,927,884. This value has been on the rise since November 2014 and has increased by more than $1 million in just that short amount of time.
Home buyers are still soaking up Beverly Hills luxury properties despite the inflation. Altos’ unique measure of buyer and seller activity is showing a near-neutral Market Action Index of 31.61. With a neutral point set at 30, any higher value indicates there are more buyers than sellers and thus a steady demand for properties in Beverly Hills.
Homes are also flying off the market faster than they have at any point in the last year. The average property in Beverly Hills has been on the market for about 129 days and falling, which is remarkably fast for the luxury end of the market.
If you are looking for the perfect Beverly Hills home, please contact our team of luxury property agents today.