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….
2190 Alisos Drive (↓$745K to $3.25M) debuted on the market in February at just under $4 million; after a break and a staging, it’s back at much less. The new interiors show off the charms of the 1934 Monterey Colonial house, and the gardens have likely never looked lovelier. The property abuts Romero Canyon Road, so street noise is a factor, but to the north is a lot rendered more or less unbuildable by a striking grove of oaks. Note: The property has gone pending, but back-up offers are presumably welcome.
Across the street from El Caserio, and with much of the enclave’s appeal, 310 E. Canon Perdido Street (↓$200K to $2.3M) is half of a 1930s house that got split into condos. If you don’t mind climbing some stairs—and sharing a wall with a neighbor—it would make a sweet pied-à-terre.
Agents all say that there’s a ton of interest from potential buyers these days, especially from people from L.A. and San Francisco who have realized they might be hunkering down for a while. That hasn’t yet translated into closings, and if the $2 million price-chop at 705 Riven Rock Road (↓$2M to $10.9M) is any indication, the interest hasn’t reached the $10 million–plus crowd. (I don’t think anything over $10 million has sold this year.) Then again, the owner of 705 Riven Rock could simply be motivated to sell the 10,000-plus-square-foot house. UPDATE 5/9: “The $10M+ sector has gotten much busier with showings in the last couple of weeks,” says a broker, who also mentioned a number of $10M+ properties that are in escrow. Let’s hope that translates into sales.
75 Olive Mill Road (↓$245K to $3.25M) is a 1925 house right next to the to-be-widened 101 freeway—but it’s also walkable to Butterfly Beach and Coast Village Road. And it has a very pretty kitchen.
Having started out at $3.3 million in mid-2018, 1383 School House Road (↓$199K to $2.45M) has come a long way down. There doesn’t seem to be a lot of usable outdoor space, and the property abuts Casa Dorinda, but that’s life below $2.5 million in central Montecito.
Meanwhile, over in Hope Ranch, the same-ish amount of money gets you the cool midcentury house at 3942 Laguna Blanca Drive (↓$100K to $2.595M). Check with the HOA first to make sure you can paint the exterior dark gray.
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