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?
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$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.
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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.
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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.
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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.
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