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…
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.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.