Episode 4 Recap by Logan Huffman
September 25, 2006
Coming up on this episode of Million Dollar Listing, in Hollywood, super agent Michael Wegmann is our newest agent we'll be following, and we see Janice Dickinson introducing herself to him, and Michael must deal with a reluctant seller whose wife is eager to move on. And in Malibu, top agent Chris Cortazzo wants top dollar for a new beach house. Everyone's hustling to sell their next Million Dollar Listing!
We begin in Malibu, and Madison Hildebrand from episode one has returned. He reintroduces himself, and tells us that he has returned to speak to all of the new agents, as today is their graduation day. He goes up to the podium and greets everyone. He starts off by telling them how excited he is, but he looks really nervous. He says that he was sitting in their position only five months ago. He tells them that when he was in their class, his goal on paper was to make $250,000. He made that in two weeks. Damn, I can't even imagine what it must feel like to make that much money so quickly, and to be able to discuss it so casually like that. Some of the students look shocked. Madison backpedals, and starts from the beginning. He says that the first thing he did was find a mentor.
We flash over, and are introduced to Chris Cortazzo. Chris is nicknamed "The Mogul", and his sales in 2005 totaled $200 million dollars! Oh my God, that is a lot of money. And I thought Lydia's $40 million dollars was damn good. Now, she kind of looks like a chump, along with all of the other agents as well. He is opening his chicken pen, and lets out his pet chickens to run around. He crouches down, and pets several of them. I love animals, and seeing Chris interact with them makes me like him already. He tells us that he sells high-end real estate in Malibu. He bends down, and we discover that he also has turkeys. He talks to one of the turkeys and pets it, and says that he raised them from little babies; otherwise, they would have been dinner. He tells us that 45 million turkeys were killed this year for Thanksgiving. Wow, that number seems ridiculously high. I can say that I don't contribute, as I don't like turkey. He says that they are the most amazing animals. How can you not love this guy? He says that his first year, he sold 10 to 12 million dollars worth of property, and last year, he sold over $200 million dollars worth of property. He's shooting for $300 million this year. He says that it's a lot of work, but it pays off.
Back over to Madison, he tells us that Chris just finished remodeling a beach house that was an extremely rare find. Madison is going to talk to him today about leasing it, and eventually selling it to some of his clients. Chris tells us that he's renting the beach house just because it's a big income-producing property for him. He says that he will sell it eventually, but right now it's such a pocket listing, which is a listing that an agent keeps hidden from their associates, and he's not ready to expose it to everyone.
Madison says that he knows Chris isn't ready to sell the beach house right now, but he knows that if the right buyer and the right price come along, Chris will sell. Madison says that the beach that this house is located on has a variety of prices for the properties, ranging from 2 to 7 million dollars.
We learn that the beach house is a 1,250 square feet bungalow on 1/7 of an acre. The house has an open floor plan, and Chris says that when you walk in the front door, you feel at home. Madison says that the house is a really relaxed atmosphere, and it is like a Bohemian Beach Cottage, but at the same time, it retains its elegance. The house also has all new appliances, and also includes a large oceanfront deck. Chris says that you can just walk around barefoot, and you would be fine if you got a couple of grains of sand on your feet. The house also has two bedrooms, and Madison says that the large windows will open up, making you feel as if you're actually outside, as the ocean is right there. It also has two bathrooms, and 42 feet of private beach frontage. The house was purchased in 2002 for $2 million dollars, and $1 million dollars was spent on renovation costs.
Chris is in his office, working at his desk, when Madison comes in. He tells Chris that he has some potential clients for his beach house, and Chris seems to welcome the prospect. Chris tells us that mentoring Madison is a lot of fun, and it's great to see how much he is learning so quickly. He says that he knows that they are interested in leasing, and he says that she definitely intends to purchase eventually. He adds that since he just finished a remodel, which makes the prospect really cool. Chris inputs that it's basically a brand new home, and Madison asks if he would consider selling it. Chris says if the price is right. Madison asks what he thinks is the right price, and Chris says that he would ask $6 million dollars for the property, being that it is on 42 feet of beach, and all beach prices are escalating quickly. The listing price will be $5,995,000, with a potential profit of $2,995,000. The potential commission is a whopping $149,875!
Madison continues to work out the details, asking what a lease price would be. Chris replies that it would be $30,000 a month. For some people, it would take a year's salary to pay a month. That's amazing. Chris says that a lot of times, you don't bring in your own buyer, and you need to rely on other agents. He adds that since Madison has been working under him, he has the ins and outs of what is on the market. Madison asks if he can bring his clients by tomorrow, and Chris says yes, and that the house is ready, he'll just put out some flowers. Chris tells us that if Madison does better than him, he'll be really happy, as he's made plenty of money in the business, and there's plenty to go around. I'm officially declaring Chris as my favorite agent, although Dia and Ray are very humorous. Madison says that he'll call later, and tells Chris goodbye, leaving his office.
Over in Hollywood, we are introduced to Michael Wegmann, who is a realtor for Remax. He's been in real estate for about five years, and elaborates by telling us the reason he went into real estate was because his partner, Craig, and him are planning to have some children, and he wanted to be financially secure. They have invited some friends over who have children, and they are all going to hang out by the pool. Michael is excited, and the friends arrive. Michael holds one of the kids, and jokes that they'll just take him. He plays with another kid in the pool, and I can tell he will be a great father. After he makes a nice income from real estate, he'll be able to be Mr. Mom and stay home with the kids. He sold $19 million dollars worth of property in 2005. He adds that Craig is committed to have two kids, but he's hoping for three. He says that he can't wait to have a baby, and jokes that he might steal one if he can't get one soon.
In Michael's house, the dog wanders through the hallway, and Michael leans down to pet it before he leaves for a client meeting. He is meeting with Ric Browde, who wants to exceed his property value, but has a very unique and eccentric home. He became acquainted with Rick through a mutual stockbroker. He says that the house is in a very private neighborhood, which is unique for Beverly Hills. Ric was a very famous record producer in the eighties, and has produced hit albums for Poison, Ted Nugent, and Joan Jett. He has a lot of gold records, and his house definitely shows the vibe of that kind of person, Michael adds.
Ric introduces himself to us, and tells us that he is a former record producer, and also was a telephone psychic. OK, I see where the eccentric part comes in. He adds that he is also an ordained minister. How…odd. His nickname is "The Manchild", which sounds inappropriate, and he has owned the house for 15 years. Ric says that when he bought the house, he was bored and tired of shopping around, which he hates, so he just bought this one. That's a great way to spend millions of dollars. He begins to play with his dogs, and adds that he called his wife and told her he bought a house, and he doesn't believe she was too happy. Really? I can't imagine why. His wife, Holly, chimes in that Ric picked the house, and she went along with it so he would be happy. Ric says that Holly has hated the house from day one, and she feels that since she has lived there for fourteen years, she deserves time off for good behavior, as he puts it. She says that it was a great house for entertaining 80 to 100 people, but that time has passed, and now her idea of a good evening is maybe having around 10 friends over, and having a nice sit down dinner, and watching a movie, which she adds that this current house isn't conducive to that. I say, if it's good for 100 people, it's fine for 10.
Ric says that he doesn't want to move.....
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