Holiday Discount: $1.325m

Posted by Dave Fratello on Wednesday, December 17th, 2008 at 5:10pm.

There's a gorgeous, huge new Craftsman at 511 Pacific, at the lower end of the Hill Section but boasting big views nonetheless.

Last year, pre-completion, it was offered at $8.150m. It began last month at a flat $8m.

When these big-dollar listings cut, they really cut.

How about $1.325m in one swipe?

Suddenly an $8m listing is not even a $7m listing. It's at $6.675m.

So if you haven't yet completed your holiday shopping, and you find interest rates favorable...

This is not the only Hillie with a $1m+ chop. The new home at 218 N. Dianthus has cut $1.255m to $5.495m, and the lot sale at 222 Poinsettia is down $1m to $6.9m. Very close: 930 John has chopped $960k to $3.999m.

The tactic can work. In the past 6 months, 3 other sales in the Hills have chopped $1m:
  • 900 Pacific, the grand estate near the peak of the hill, grabbed a cool $9.85m, but that was $1.050m off the $10.9m start price.
  • 700 8th cut $1.1m and closed at $6.9m, but it's actually back now, lower, at $6.75m (change of plans for the new owner).
  • 808 Highview cut $1.65m to close at $3.6m (see "High Up, But Below Trend").
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