Just Closed for $11,500,000 | Record Breaking Transaction

Just Closed for $11,500,000 | Record Breaking Transaction | $821,429/Unit | 14 Condo Mapped Units near Beverly Hills

Sale Details:

Price: $11,500,000

Price/Unit: $821,429

Price/SF: $530.66

Year Built: 2009

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Transaction Overview:

The Liberow Group of Marcus and Millichap is pleased to present the sale of 858 S Bedford Street, a 14-unit condo-mapped building located in Pico Robertson.

The seller, who built this property himself back in 2009, had been meeting with several agents to get different opinions on value, as he was looking to move his equity out of California.?

We connected with the seller after being referred by another client of ours who asked us to assess his property. After a thorough evaluation, we came back to him with our numbers and explained that we were confident we could sell his property based on our experience and credibility in the area.

Although our evaluation came in at a lower price than other agents, the seller believed that we were the best equipped to sell his property for the highest price possible, and respected that we were not inflating the price just to obtain the listing.?

Within weeks of listing and marketing the property, we were able to generate seven (7) competitive offers during a time when interest rates started sharply rising.

Our client was thrilled with the amount of activity and, upon consulting internally with our team, decided to give a multiple counteroffers to all buyers.

Although we were faced with multiple obstacles along the way, such as finding out that the property was rent controlled or consisted of a non-conforming unit, we were determined to negotiate our way through the challenges.

Being that we were able to generate so many competitive offers, we were ultimately able to have the buyers do a walkthrough of the property and open escrow fully non-contingent, therefore limiting the buyer’s ability to renegotiate later in the transaction.?

It was an honor and privilege to have the opportunity to sell this unique property which very rarely trades in this market. According to Costar, this sale sets a new record for price per unit ever sold in 90035!

We are proud of our result for being able to get a market-leading price for our seller and are happy for our buyer that he was able to purchase a truly unique property in one of the best parts of Los Angeles.

Since 2020, The Liberow Group has been one of the most active teams in Los Angeles County. Collectively, we have closed 79 transactions across various product types, resulting in over $461M in sales. If you are interested in getting a complimentary evaluation done on any of your properties, please let us know – we’d be happy to put one together for you!