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….
According to the Wall Street Journal, 771 Garden Lane (↓$4.25M to $22.5M) is back on the market with an L.A. broker and a much lower price than when it was removed at the end of 2017. It’s one of two Montecito properties that owners Peter and Stephanie Sperling are trying to sell; the other is 691 Picacho Lane ($16.495M). And it used to be owned by actor Rob Lowe, who’s been trying to sell his house at 700 Picacho Lane for well over a year. Anyway, the Garden Lane property is quite grand, as befits the billionaire scion of University of Phoenix. There are a few photos on the new broker’s Instagram, at least some of which are from the last go-round, which are still up elsewhere. P.S. The 5.5-acre property has acquired a name, Owenshire, that has never been mentioned previously. P.P.S. That bed is big enough for Goldilocks and the three bears.
The spec renovation at 677 El Bosque Road (↓$300K to $5.65M) has a lot going for it—nice touches like the living room ceiling and the master bath, and a seductive pool cabana. But for mid-$5s to feel right, it should have more of a view than the peek of the mountains from that cabana, more established landscaping, and a guest house that’s not so dim and close to the street. Still, if this reduction signifies that the developer is ready to make a deal, I could see it going for $5.2 million.
The 1900 George Washington Smith Tudor at 1321 School House Road (↓$491K to $5.499M) has some neat details. You’d have to love a historical house—and the Sisyphean task of maintaining it.
2749 Sycamore Canyon Road (↓$125K to $4.125M) got an attractive, family-friendly renovation and now seems priced about right, if you don’t mind the Sycamore Canyon Road location (which the big backyard helps mitigate).
Having started at $9 million in July, 3102 Sea Cliff (↓$200K to $8.210M) has been dropping ever since. Great views, but every surface is a hot mess and I don’t see it trading for over $6 million. Also, the house next door is going to be a construction site for a year or so.