Second Try: $450k Lower to Start

Posted by Dave Fratello on Wednesday, June 13th, 2007 at 6:19am.


Testing the market last year, the sellers at 3200 Pacific put some thought into marketing, but they put none into pricing.

Around Labor Day last year, this home was featured on the cover of the thick, glossy, and yet free Homes & Land ad-zine you can pick up all around the South Bay. Asking price for this 4BR home with a 4400 sq. ft.: $3.9 million.

The price wasn't just high, it was preposterous.

Nothing came of that listing, and the signs came down. Now they are trying again, starting at $3.45m.

That's a drop of 11% in asking, but from such lofty heights, it's hard to call this a price cut or reality check, as MBC might otherwise. Let's see what the competition looks like in the Tree Section over $3m:














Mostly the others are new construction, smaller lots, better locations. This does not bode well.

3200 Pacific was built in 1990. It is an imposing presence, ahead of its time in its styling, mixing a mini-castle feel with a quasi-Mediterranean look. But the inside seems to need a bit of updating, not to mention some color. This one has to feel right to a prospective buyer to justify the price, but it lacks soul.

What's worse, the sellers will be in no mood to bargain.

In their minds, they've just cut a half a million off their expectations. Try to drive them closer to $2.5-$3m and they'll slam the door on you. If, some day, that (overpriced) new home on 27th by Ladera School sells, this will be the most expensive home in the Tree Section, and how will the sellers justify that?
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