Courtney Poulos, ACME and SERHANT.
1107 Le Gray: How We Created an Opportunity That Wasn't Really for Sale

1107 Le Gray: How We Created an Opportunity That Wasn't Really for Sale

Finding the house was only the beginning. The real work was spending weeks creating a deal that actually made sense.

My clients weren't originally looking to buy 1107 Le Gray.

They were looking for a high-end rental in Highland Park.

That distinction matters, because this wasn't a story about finding a house on the MLS, writing an offer and waiting to see what happened.

It was a story about figuring out what my clients actually wanted, identifying a property that fit, contacting the agent directly, and then spending weeks trying to create a transaction where one didn't initially exist.

That's often what people mean when they tell me they want access to "off-market" homes.

But I think they misunderstand the most important part.

Finding the house isn't necessarily the hard part. Creating the deal can be.

The Search Started With a Rental

My clients were looking for a high-end rental in Highland Park.

At that end of the market, the inventory can get thin very quickly. Once you add specific architecture, location, privacy, outdoor space or views, you're no longer choosing among dozens of interchangeable properties.

You're looking for something particular.

1107 Le Gray caught our attention.

It's a Mid-Century home sitting above Highland Park with expansive views across the neighborhood and toward the Los Angeles skyline.

It was the kind of property that made sense for what my clients wanted.

So I contacted the agent.

And the conversation changed.

Sometimes You Have to Ask a Different Question

Real estate searches are usually built around a simple question:

What's available?

I think a better question is sometimes:

What could become available?

Those aren't the same thing.

A homeowner may consider selling even when a property isn't being actively marketed for sale.

An agent may know that a seller's plans are changing.

A property being discussed as a rental might have a price at which the owner would rather sell.

Or a house that failed to come together in one context might make perfect sense under a different set of terms.

None of that guarantees there's a deal.

But you don't know until someone starts the conversation.

That's what happened with Le Gray.

Then We Had to Get the Price Back to Reality

Finding a potential path to buying the house didn't mean the seller and buyer suddenly agreed on its value.

They didn't.

The seller's initial expectations were significantly higher than where my clients believed the property made sense.

That's where the real work started.

We negotiated for weeks.

Not because I enjoy dragging out negotiations. I don't.

But because there was a meaningful difference between wanting the house and wanting the house at any price.

Those are two very different things.

My clients liked the property.

My job wasn't to use that enthusiasm to convince them to overpay.

My job was to keep working the problem until either the economics made sense or we walked away.

Eventually, we reached a number that worked.

And importantly, the property appraised.

Off-Market Doesn't Mean Cheap

This is probably the biggest misconception I hear about off-market real estate.

People assume that if a property isn't publicly listed, there must be some secret discount.

Usually, that's not how it works.

Sometimes the opposite is true.

If an owner isn't actively trying to sell, you may have to give them a compelling reason to do it.

The advantage isn't necessarily that you're getting the house cheaply.

The advantage is that you're getting the opportunity to buy a house that otherwise might not have been available to you.

That's a completely different value proposition.

For my clients at Le Gray, the opportunity was access.

Then we still had to determine what that access was worth.

A Good Buyer's Agent Should Be Willing to Lose the House

That may sound strange coming from a real estate broker.

But I believe it.

If my only objective is getting a transaction closed, every negotiation eventually becomes:

"Just pay a little more."

That's not representation.

There are moments when stretching makes sense. A truly unusual property may justify paying a premium because replacing it could be difficult or impossible.

But there's still a number where the deal stops making sense.

A buyer's agent needs to be willing to identify that number.

At Le Gray, we kept negotiating because I believed there was a transaction to be made.

But we weren't going to manufacture one at any price.

Eventually, patience worked.

The Appraisal Mattered

One of the most satisfying parts of the transaction came after we'd finally agreed on price.

The house appraised.

An appraisal doesn't magically prove that someone made a brilliant purchase. Real estate is more complicated than that.

But after weeks of negotiating against a seller with ambitious expectations, it was useful third-party confirmation that we'd brought the transaction back into defensible territory.

That's particularly important with distinctive Highland Park homes.

Views, architecture, renovations, lot position and privacy can make them difficult to compare.

You can't always grab the three closest sales and arrive at an obvious answer.

That's where experience in Northeast Los Angeles becomes valuable.

What "Off-Market Access" Actually Means

I see agents advertise "off-market access" constantly.

It makes it sound like there's a secret database containing all the best houses in Los Angeles.

There isn't.

Real off-market work is usually much less glamorous.

It's phone calls.

Relationships.

Following up.

Talking to other agents.

Talking to owners.

Remembering a house you saw six months ago.

Knowing who represented it.

Recognizing that a rental might become a sale.

And then being willing to spend weeks working on something that might never turn into a transaction.

Access isn't a list. It's a process.

1107 Le Gray is a good example.

Why This Matters in Highland Park

Highland Park has become a much more sophisticated real estate market than it was when I started selling homes here more than 15 years ago.

The best properties can be highly specific.

A buyer may want Mid-Century architecture rather than Craftsman.

A hillside rather than a flat lot.

Views.

Privacy.

A particular pocket.

Walkability to York.

A renovation with real architectural integrity rather than something that was simply flipped.

Once the search gets that specific, relying entirely on active inventory can become limiting.

That's when I start looking beyond the obvious choices.

Sometimes nothing comes from it.

Sometimes you find 1107 Le Gray.

What I Tell Highland Park Buyers

If you're looking for something very specific, tell your agent exactly what you're trying to find.

Don't just say:

"Three bedrooms under $2 million."

Tell me what matters.

Architecture?

Views?

Walkability?

Privacy?

Outdoor space?

A particular street?

A renovation project?

A house you can live in for ten years?

The more specific we can make the target, the more intelligently I can search outside the obvious inventory.

And if we find something?

Then we still have to make sure the deal makes sense.

Because finding the house and buying the house are two different jobs.


Frequently Asked Questions

Can you actually find off-market homes in Highland Park?

Yes, although there is no guarantee that a particular off-market owner will sell. Opportunities can come through agent relationships, direct outreach, previous listings, rentals, past clients and conversations with property owners. The key is identifying potential properties and creating a reason for the owner to consider a transaction.

Are off-market homes cheaper than listed homes?

Not necessarily. An owner who isn't actively selling may actually expect a premium to motivate them to move. The advantage of an off-market opportunity is often access to a property with little or no buyer competition—not an automatic discount.

How do you determine the value of an unusual Highland Park home?

I look beyond simple price-per-square-foot comparisons. Architecture, street, views, privacy, lot position, renovation quality, parking and outdoor space can materially affect how buyers value homes in Northeast Los Angeles.

Can a real estate agent approach an owner whose house isn't for sale?

Yes. Agents routinely contact property owners and other agents to determine whether a homeowner might consider selling. Whether an owner wants to have that conversation is entirely their decision.

Should I pay more for an off-market property?

Sometimes a premium makes sense for an unusually good or difficult-to-replace property. But "off-market" by itself isn't a reason to overpay. I still want to understand comparable sales, the property's characteristics and what alternatives exist before recommending a price.

Why use a Highland Park agent when buying in Northeast Los Angeles?

Local experience becomes particularly useful when properties aren't easily interchangeable. Understanding individual streets, architecture, hillside locations, renovation quality and previous transactions can help both with finding opportunities and determining what they're actually worth.


Looking for Something Specific in Highland Park?

Some buyers don't need more listings.

They need a better search.

If you're trying to find a particular kind of home in Highland Park or Northeast Los Angeles—especially something architectural, design-driven or difficult to replace—I'm happy to talk through what you're looking for and whether expanding the search beyond active inventory makes sense.

Courtney Poulos
Founder, SERHANT. California

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