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….
1398 Oak Creek Canyon Road (↓$950K to $9.95M) is a big house with a funky, second-story entrance and little usable exterior space—just a terrace, loggia, and slice of lawn. But the light and views are splendid. It just slashed its price by nearly a million dollars, probably because the neighbor below, 1379 Oak Creek Canyon ($10.85M), just came on the market at a hair under 1398’s original price. Inside, 1379 is a similar style, if done with a heavier hand, but as you see in the photo directly above, there’s an expansive, appealing yard to the south. Both properties will need to contend with the imminent construction of a new house directly to the east.
The “dream house” at 857 Picacho Lane (↓$500K to $5.7M) is now at a shockingly low price for the 6,181-square-foot size and prime location. The gingerbread styling isn’t to everyone’s taste, to be sure, and the terrace is behind the house (i.e., in its shadow), but still, what a steal! The owner used to also have 859 Picacho, next door, but he put it up for auction. Could 857 be headed the same way? / Open Sunday, 1-3 p.m.
The minor reduction at 3102 Sea Cliff (↓$85K to $8.410M) is a small step in the right direction. The current owners paid $5.5 million for it in 2015, and there’s no mention in the listing of any improvements, let alone ones that justify a $3 million jump. The location and views are great, but the style is painfully dated. At a minimum, they should paint everything white, stage the pool deck, and hope someone craves a throwback.
Built in 2019, the new house at 2049 Boundary Drive (↓$325K to $5.95M) in Birnam Wood has the golf course on one side—and East Valley Road on the other. It started out at $6.55 million in June.
Three reductions at the Villas at Olive Mill, the complex at the corner of Coast Village Road: the two-bedroom “courtyard-level” units at 105 Olive Mill Road (↓$105K to $2.995M) and 107 Olive Mill Road (↓$555K to $3.695M), and the three-bedroom penthouse at 109 Olive Mill Road (↓$504K to $4.495M). / Open Sunday, 1-4 p.m.