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What does specific performance have to do with luxury Glendale home sales?

Last month, the most expensive Glendale home sale was 1644 Grandview Ave. This luxury home was originally listed at $3,750,0000. Later reduced to $3,400,000. And again reduced to $3,325,000 which was the final selling price. There’s more to the history of this luxury Glendale home than meets the eye. It has to do with specific performance… more on that later.

Glendale Luxury Homes

Glendale Luxury Homes

MLS remarks read: Tranquil 2009-built Halcyon House is a stately, detail-rich, modern yet classic gated retreat positioned on one of NW Glendale’s finest estate streets. No expense has been spared in this sophisticated home. On the main floor of the house, the handsome formal Living and Dining Rooms beckon chic gatherings. While the more casual Kitchen/Family Room accommodates the energy of the everyday. A versatile entertainer’s grand covered outdoor Living Room, a Powder Room, Study, Bedroom and Bathroom finish off a very contemporary flowing main floor plan.

The second level, which can also be reached by a back staircase, consists of 4 en suite Bedrooms, including a spacious yet intimately refined Master, also features a Den, Laundry, Terraces and views of the foothills. Taking advantage of our Mediterranean climate, this expansive lush property with tennis court, pool, and outdoor kitchen, invites casual gatherings, grand entertaining, or peaceful meditation in a magnificent setting. Studio close.

The sellers purchased the home for $1,800,000 in 2007 as a tear down. The home had previously sold in 2006 for $1,600,000.

This luxury Glendale home has a back story. The estate was purchased by flippers in 2005 for $950,000.

Landmark Glendale Estate

Landmark Glendale Estate

At that time this beautiful Monterey Colonial had been very poorly maintained. But the home had good bones on a beautiful large level lot with tennis court, pool and pool house. Escrow was opened and after several weeks into the transaction the seller changed her mind and no longer wanted to sell. The flippers successfully sued the seller for specific performance which meant the seller was compelled to honor the signed contract.  They closed escrow in 2006 for the $950,000 price which was a great price for this landmark Glendale Estate.

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