Million-Dollar Coupon?

Posted by Dave Fratello on Monday, July 6th, 2009 at 5:16am.

If there's truth in advertising, then one ad in this weekend's Beach Reporter entitles you to $1m off a Hill Section home.

The ad, for 407 Larsson, prominently features a gigantic markdown from $3.150m to $1.949m (in red, to boot).

Hey, that's a whopping $1.2m chop. Take notice!

But no, that'd be a typo. (Sue the free weekly!)

You can't get this 6br/6ba, 5000 sq. ft. home for $2m. The actual price is closer to $3m – $2.949m. (Click to enlarge the ad.)

The listing is nearly 300 days old, with fairly little movement. The current version of the listing began in late April at $2.999m, with a cut to $2.949m in early May. Hardly worth the special treatment.

Well, there's this... With that cut, the sellers – for the first time – conceded they'd be losing money on the transaction. They paid $2.980m for the home new in Nov. 2005.

But the current price is still a wish for limiting the losses, and wishing right now is not a great strategy.

We'll grant that this is a real nice house, but it's on Larsson in a glutted Hill Section market where the low $3m range could get you ocean views, even new construction. Larsson is a street you settle for. Today, you sell on these streets with impressive pricing. See, for instance: 1825 Oak (mentioned in "Trees en Fuego?").

If the sellers succeed in unloading 407 Larsson, we'll bet this blooper of an ad actually had it half right.
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