Rare is the high-end property around here that sells for the initial asking price. The question is: how far does the price have to drop before someone bites? Here are the week’s top price cuts….
Zillow says 1401 E. Pepper Lane (↓$120K to $3.375M) has only been on the market for four days, but it was first listed a year ago for $3.865 million, and it recently took a quick breather while the owner switched brokers. The 1895 house is adorable but small; there’s a terrific guest house (with the red door, above), but no garage; and the lot is huge for that location, with potential. Also of note: the “Gypsy Caravan Wagon” with full plumbing in the back yard. (“Gypsy” is considered pejorative but it’s in the listing, so….) / Open Saturday and Sunday, noon-3 p.m.
After seven months, sexy-in-an-80s-way 811 Camino Viejo (↓$500K to $7.5M) on Eucalyptus Hill gave in and slashed the price. Brokers say that buyers want contemporary, but maybe not at that price point? Or maybe the floor plan is weird? And the flooring less than ideal?
Newly built 495 E. Mountain Drive (↓$520K to $5.98M) seems like the kind of move-in-ready house that people are said to desire these days. It seemed pleasant enough to me, with the only real weak spot being the dining room looking out onto the motor court. And the fire risk, of course. / Open Sunday, 1-3 p.m.
Precious little 428 Corona del Mar (↓$255K to $3M), across from East Beach, still hasn’t found the lid for its pot. It still seems likely to end up as a vacation rental, especially given the neighboring motels, apartment blocks, et al. / Open Sunday, 2-4 p.m.
101 Mesa Lane is the funky oceanfront compound bought 21 years ago by four friends who made a pact: If anyone wanted out, they’d all agree to sell. That time has come, but two would prefer to stay. So there are three options: You can purchase all of it; just buildings B, C, F, and G (43% ownership); or just building E (14% ownership). The 100% option is now $13.95 million, after another $500K reduction; the 43% option is now $5.98 million (↓$215K); and the 14% ownership is now $1.993 million (↓$72K). The place is pretty magical, but those prices are all still eye-popping for the Mesa.