Andalucian at Poinsettia Makes a Deal

By Dave Fratello | March 21st, 2011
The custom home at the corner of 2nd and Poinsettia in the Hill Section has been called Andalucian, Montecito and just plain Spanish.

Soon, it will also – finally – be called "home" by a buyer who has come along nearly 3 years after the home was first offered for sale.

Here at MBC, where we've been noting the progress of 114 N. Poinsettia (5br/6ba, 6400 sq. ft., including basement) since its first launch, we've called the home, simply, "beautiful," and its views special. But we've fretted rather openly that the home was dramatically overpriced at times. 

The listing came out at $7.750m in May 2008, which will really look incredible when you see where it's been since.

MBC readers voted the home the most likely, out of 3 high-dollar listings current in August 2008, to reduce its price to $6m or below. (See "Results: First to $6m.") In our wrap-up story on that vote, we said:

Why did Poinsettia "win" this vote? Location, for sure.

If you know the Hill Section, the notion of combining 2nd with Poinsettia might send shivers down your spine. Big strike for this home.

To compound matters, to maximize views, the house is actually built in an L-shape that is oriented toward the 4-way stop at the corner of these two busy streets. The front-yard pool (really?!?) is exposed to the intersection.

The home is inspired, stylewise, but it has farther to fall from $6.995m.
That was our view before the financial market meltdown and all the real estate carnage that followed locally. New and newer homes, even in the Hills, began to take huge hits over the next 2 years.

114 N. Poinsettia was also offered as a rental at various times. We once ran a post here with the listed rental offering price of $16,500/mo. (See "Why Sell When You Can Rent?" from Sept. 2008.) Our best information is that it has been tenant-occupied recently, but we don't know what the rate's been.

After signing off in Dec. 2009, the listing came back in Sept. 2010, for the first time using a local agent in partnership with the owners' family, who had previously listed it themselves. The start price: $4.999m. (See "They Say It's Nice to Be #3.")

And you know where we're going with this.

The most recent list price: $4.495m, a whopping $3.255m less (-42% off) that, achem, overly ambitious start in Spring 2008.

Maybe a surprise: We're told that once the bidding got serious this year, multiple offers came pouring in. Assuming that's true, it's another interesting example of homes that linger, linger and linger with interested buyers keeping an eye on them, waiting for further and further cuts – and then, pounce! Once the game is on, it all happens quickly.

Bonus fact: Try looking up "114 N. Poinsettia" on Redfin, and you'll also pull up another pending deal in Compton. It's a little triplex with bars on the windows and weeds growing in the driveway. Consider this your daily reality check.

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