Rare is the high-end property around here that sells for the initial asking price (at least till turnkey Montecito turned hot). The question is: how far does the number have to drop before someone bites? Here are the week’s top reductions….
A seventh-floor penthouse condo at the Granada Theatre building, 1216 State Street (↓$275K to $3.9M), is trying yet again. It started out at $4.85 million in January 2018, then got cut to $4.175 million. It makes an interesting comparison with the fabulous apartment at Jeff Shelton’s El Andaluz building on Chapala that’s on the market for $4.25 million, which has three bedrooms (rather than two) and a lot of outdoor space (versus none), but lesser views and a dicier location.
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The 1920 Tudor at 67 La Vuelta Road (↓$49K to $2.65M) in Montecito first came online for $2.9 million in February 2016. After a brief jump up past $3 million, the price has been chiseled away at eight times, leaving it at the current low. Note: No one likes a Tudor more than I do, but calling the style “rare and sought after” is worthy of Stretch Armstrong.
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The price of 260 Penny Lane (↓$55K to $5.495M) in Ennisbrook just got cut by $200K two weeks ago, and now a new broker in the saddle has cut it again. Is someone getting itchy to sell?
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“At the intersection of earthly delights and otherworldly sophistication”—a.k.a. where 192 meets 154—is 1060 Cieneguitas Road (↓$145K to $3.85M), a new-build four-bedroom house on five acres. The interiors look fine, but the lack of an exteriors makes you wonder how finished the project is.
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Build your dream house at 1094 Toro Canyon Road (↓$100K to $899M), a 46-acre lot way up the hill. Just make sure you allot room for a few fire extinguishers….
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