ThisMay,

ElaineBurrell

pulled off

what seemed

impossible:

She closed on a house she loved,

within her budget of just over$1

million,in Contra Costa County.

“We were just really aggressive

because we heard that you need

to be,” said Ms. Burrell, a 34-year-

old directorof sales foranevent

company.

Contra Costa County, Calif.,

represents the most extreme

seller’s luxury marketin the coun-

try, according to a recent analysis

by Realtor.com(News Corp, owner

of The Wall Street Journal,also

operates Realtor.com under li-

cense from the National Associa-

tion of Realtors). The supply of

homes priced at$1 million and up

in some ZIP Codes is so low,ev-

erythingis snapped up withinjust

overamonth.

Conditions for buyers are nearly

as constrainedin Ashburn,Va.,a

suburb of Washington, D.C., where

luxury homes are moving quickly.

PartsofSacramentoare similar.

Coldwell Banker agent Rich Ca-

zneaux saiditreflects “an exodus

from the BayArea.”

Boulder, Colo.,isfirmlya

seller’s market,which makes

Renée Berberian’s quest fora

PleaseturntopageM6

THE

SELLER’S

MARKET

MATTHEW MOMBERGER / JUWAN LI; MICHAL CZERWONKA FOR WSJ (GILLEN); GETTY IMAGES/ISTOCKPHOTO (2, SKUNK; RACCOON

)

Are you abuyer ina

seller’splayground,a

buyer’s paradise ora

second-home dream

destination?

Here’s some expert

advicefrom agents and

recentbuyers onhow to

prevail in anymarket

By Katy McLaughlin

close toMr. Bezossaid the e-commercebillionaire has de-

terminedit was overpriced.

The coming auction follows a failed attempt by the cur-

rent owner, a limited-liabilitycompanyknown as Secured

Capital Partners, to secure chapter 11 bankruptcyprotection.

AU.S. bankruptcyjudgein Los Angeles dismissed the com-

pany’s petition last month, seeking

to put an end to years of litigation

and setting the stage for a foreclo-

sure. The companyhas accumu-

lated more than $200 million in

debt on the property, according to

court filings, though Secured Capi-

tal Partners has disputed that

amount, citing a differenceinopin-

ionover late fees andinterest.

The auction, currentlysched-

uled for Aug. 20,is slated to be

held “behind the fountain” at

Civic Center Plazain Pomona,Ca-

lif., with biddersinstructed to pay

bycash or check. But Ronald

Richards, a lawyer for Secured

Capital Partners,said the auction

could still be derailed. The prop-

erty has been subject to legal

wrangling between the owners

and creditors foryears.

Hamid R. Rafatjoo of Raines

Feldman, a lawyer for unsecured

creditors such as attorneysand

consultants whohave workedon

the property,saidhisclients are also unhappy,since an

auction could resultinalowerprice for the propertyand

theymaynot be repaid.

“We are disappointed that the propertyisgoing to auc-

tion asit wouldn’t bring as highaprice as an orderly sale

PleaseturntopageM5

T

he country’s priciest

residential real-estate

listing, a 157-acre Bev-

erlyHills parcel

known as TheMoun-

tain,is scheduled to be sold at

auctionthismonth. If the sale

proceeds as scheduled,it could

bring an end to a decades-old

saga full ofinfighting and finan-

cial strife.

The vacant parcel,also known

as The Vineyard, with sprawling

views of the Los Angeles basin

was listed for sale at $1 billion lastyear, but the price has

since been lowered to $650 million. The propertyhas

drawninterest from a number of Hollywood celebrities and

business titans over theyears;in recent months, Amazon

chief executive Jeff Bezos has scoped out the propertysev-

eral times as aninvestment opportunity, though a source

BYKATHERINECLARKE

The Mountain, a 157-acre vacant parcel in Beverly Hills, has panoramic views ofthe Los Angeles basin.

Once Upon a Time in

Beverly Hills

Once asking$1 billion

andluringbig-name

suitors like Jeff

Bezos andTom

Cruise, America’s

priciestlistinggoes

to auction

MANSION

$100 Million

Developer

lists L.A. house

that isunder

construction.M1 0

NAPLES, Fla.

5,000 SQ FT

Listed: $10.95M

Sold: $9.6M

Barrington, Ill.

6,900 SQ FT

Cost to build (1997):

undisclosed

Listed: $1.075M

WildWild

Life

The experts that

helpkeephomes

critter-free.M 3

BUYER’S

MARKET

HOMES|MARKETS|PEOPLE|REDOS|SALES THE WALL STREET JOURNAL. Friday, August 16, 2019|M 1

Pompano Beach, Fla.

3,430 SQ FT

Purchased (2011): $1.2M

Listed: $2.2M

Walnut Creek, Calif.

2,400 SQ FT

Listed: $1.15M

Sold: $1.175M

SELLER’SMARKET

The 201 9

Buyer’s Guide

Lake Geneva, Wis.

12,357 SQ FT

Listed: $6.5M

Sold: $5.2M

Palm Springs, Calif.

3,150 SQ FT

Listed: $1.4M

Sold: $1.4M

SECOND-HOME

MARKET

COUNTERCLOCKWISE FROM TOP LEFT: JOSH RITCHIE FOR THE WALL STREET JOURNAL

(^2

); JASON HENRY FOR THE WALL STREET JOURNAL; JAMES BUTCHART; SARA STATHAS FOR THE WALL STREET JOURNAL; JASON ADRIAN