"We have the market cornered, Fahimian boasted."
"We're noticing a lot of deals being done off market in the Flats, Harris said. We're also noticing a lot of deals selling fairly close to ask, within 10 percent of the asking price."
"Another thing that's huge is the ability to get good insurance in the Flats because it's out of a fire zone, Fahimian said."
Jack Harris and Michael Fahimian closed 722 North Maple Drive for $22.4 million, about $2,571 per square foot, representing a local family buyer while Keller Williams' Gary Gold listed the property. The closing brings the team’s Beverly Hills Flats deals to over $76 million this year and places them behind three of the five neighborhood transactions above $20 million. The team ranked No. 20 on The Real Deal's Los Angeles County top 25 list with 18 transactions totaling $200.8 million. The Flats attracts buyers due to level terrain, large lots, strong local services, easier insurance outside fire zones, avoidance of the Measure United to House L.A. assessment, and a prevalence of off-market deals that often close near asking price.
#beverly-hills-flats #luxury-residential-real-estate #off-market-transactions #insurance-and-wildfire-risk
Read at therealdeal.com
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