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.
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.
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?
“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.
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….