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….
There’s a lot to love about 121 Olive Mill Lane (↓$755K to $9.995M), a sweet, stylish compound within walking distance of Coast Village Road. (And it even appears to have an in-ground trampoline.) But do people paying $10 million expect a view of something?
$12 million seems about right for a big, fancy Montecito house like 956 Mariposa Lane (↓$545K to $11.95M)—it’s 8,700 square feet on 2.5 acres, with pedigree names behind it (Don Nulty and Christina Rottman). I’m not sure I can tell what people’s objections might be, other than the wing of secondary bedrooms is accessed via the kitchen.
1800 E. Mountain Drive (↓$504K to $4.495M) is the cool-looking house you pass at the start of the San Ysidro Trail. It’s been redone since the debris flow; now it just has to hope the county finds the money to build the bridge over to San Ysidro Ranch.
The 1920s-ness of 1406 Alameda Padre Serra (↓$100K to $2.495M) can still be detected, and renovations—including, presumably, enlarging and lightening up the kitchen—have been kind. It’s just that damn road down below.
Big house. Dazzling views. But given the style choices that got made—and will have to be unmade—3102 Sea Cliff (↓$100K to $8.495M) is going to have to come down a lot farther than that.