Rare is the high-end property around here that sells for the initial asking price. The question is: how far does the number have to drop before someone bites? Here are the week’s top reductions….
Getting away from it all sounds pretty good these days—and that’s certainly the main appeal of 59 Hollister Ranch Road (↓$755K to $4.995M), way west of Gaviota. The new four-bedroom house is on 105 acres, which should be enough of a buffer. Perhaps once inside, you can persuade the other Hollister Ranch owners to stop being schmucks and allow public beach access.
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 holding steady at $13.95 million, but the other two options—101 Mesa Lane Unit #2 (↓$1.5M to $4.495M) and 101 Mesa Lane Unit #3 (↓$298K to $1.695M)—just took substantial price cuts.
If you’re up for a project, take a look at 1465 E. Mountain Drive (↓$695K to $5.8M), which needs new surfaces. The views are awesome. Plus, there’s a safe room and an “endearing life-size bronze sculpture depicting a trio of dolphins.”
Why did the stylish 15 E. Los Olivos Street (↓$190K to $2.195M) take an 8% reduction just 10 days after being listed? Much of the house sits right on an alley, which probably isn’t helping.
The spec renovation at 401 El Cielito Road (↓$120K to $2.875M) went pending quickly after the property came on the market, but the purchase fell through. I would have thought that the house—even with a quirky floor plan—had a fair chance of selling near the initial asking price, but evidently the owner disagreed. Or maybe he/she is feeling financial pressure….