Price Adjustments East and West
Posted on Friday, May 14th, 2010 at 5:15pm.We all know what happens to listings that don't sell – they cut till they find the market.
Even the big-dollar trophy properties go through this cycle. For instance:
Back for another go 'round this year is 100 S. Dianthus (7br/7ba, 6200 sq. ft.), a lush corner estate home that delivers just about everything you want in a Hill Section home. (Need we even mention the ocean views?)
This year, you get it all for $1.3m less than you might have paid last year.
The listing began at $6.299m in March 2009, and ran for a quiet 8 months with modest cuts. It's back now at $4.995m, and something suggests this time they're serious about selling.
East of the border – er, Sepulveda – there's action at the custom-built home of a prominent local RE agent.
1501 9th is a very big (6br/10ba, 8550 sq. ft.) new home on a rare double corner lot with a courtyard design, a covered outdoor living room and kitchen plus all the big stuff inside – tiered home theater, huge catering kitchen, all kinds of extra entertaining spaces and a luxe home office.
Just like 100 S. Dianthus, it first hit the market in March 2009. Its start was $6.5m, which MBC allowed back then "might be a reach."
Last year's listing ran 9 months, returning in March this year $1m lighter. This week, it cut twice to reach $4.995m, just like Dianthus. Bigger, newer, east of the Hwy., same money.
One of the newer Hill Section offerings is down 10% this week.
901 Pacific is a new Spanish that's bigger than it appears from outside (5br/6ba, 7300 sq. ft.), with ocean views in abundance. It began at $6.995m in February and now stands at $6.250m.
Meanwhile, another Hacienda unto itself east of the border is down more than any of the listings mentioned so far.
116 Terraza Place debuted in Sept. 2009 at $10m, and MBC noted at the time that this was a cool $1m discount off the pre-completion price suggested at the builder's website.
It turns out this huge (7br/9ba, 10,500 sq. ft.) home with private driveway and motor court wasn't a $10m or $11m house. Over the months, it's tricked down steadily.
The listing still leads with "$1 MILLION PRICE DROP!," but there have actually been 2 of those, not counting the discount from the builder's spec price.
Another $700k has also come off, bringing Terraza to $7.299m now (-$2.701m/-27%).
It's still one of the very priciest offerings in MB that's not on The Strand, but like all these others, it's trying to find its market.
Even the big-dollar trophy properties go through this cycle. For instance:
This year, you get it all for $1.3m less than you might have paid last year.
The listing began at $6.299m in March 2009, and ran for a quiet 8 months with modest cuts. It's back now at $4.995m, and something suggests this time they're serious about selling.
East of the border – er, Sepulveda – there's action at the custom-built home of a prominent local RE agent.
1501 9th is a very big (6br/10ba, 8550 sq. ft.) new home on a rare double corner lot with a courtyard design, a covered outdoor living room and kitchen plus all the big stuff inside – tiered home theater, huge catering kitchen, all kinds of extra entertaining spaces and a luxe home office. Just like 100 S. Dianthus, it first hit the market in March 2009. Its start was $6.5m, which MBC allowed back then "might be a reach."
Last year's listing ran 9 months, returning in March this year $1m lighter. This week, it cut twice to reach $4.995m, just like Dianthus. Bigger, newer, east of the Hwy., same money.
901 Pacific is a new Spanish that's bigger than it appears from outside (5br/6ba, 7300 sq. ft.), with ocean views in abundance. It began at $6.995m in February and now stands at $6.250m.
Meanwhile, another Hacienda unto itself east of the border is down more than any of the listings mentioned so far.
It turns out this huge (7br/9ba, 10,500 sq. ft.) home with private driveway and motor court wasn't a $10m or $11m house. Over the months, it's tricked down steadily.
The listing still leads with "$1 MILLION PRICE DROP!," but there have actually been 2 of those, not counting the discount from the builder's spec price.
Another $700k has also come off, bringing Terraza to $7.299m now (-$2.701m/-27%).
It's still one of the very priciest offerings in MB that's not on The Strand, but like all these others, it's trying to find its market.
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