Price Adjustments East and West

By Dave Fratello May 14th, 2010.

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.

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