Rare is the high-end property around here that sells for the initial asking price (at least before the recent demand for move-in-ready Montecito). The question is: how far does the number have to drop before someone bites? Here are the week’s top adjustments….
Two weeks ago, I thought the auction of 706 Park Lane (↓$4.7M to $4.25M) had a whiff of desperation because of the giveaway of Amazon gift cards to brokers. Well, a massive $4.7 million price cut has turned the whiff into a full-on cloud—and then a Concierge Auctions rep emailed prospective buyers to say that as of Wednesday afternoon, the current high bid was only $3.75 million. The house is dated, for sure, but 3.67 acres off Park Lane for $4 million would have to be considered a steal. Bidding closes Monday at 7 p.m. Eastern time….
117 Crestview Lane (↑$300K to $5.295M), meanwhile, thinks its future has brightened. The
castle house came on the market in May 2019 for $5.995 million, then got cut five times till it was at $4.995 million. Now, with the Montecito market all hot and bothered, the price has been raised back up to $5.295 million.
The 1895 Crocker Row house at 2014 Garden Street (↓$300K to $2.695M) in the Upper East needs a bit of work upstairs, but otherwise it’s a treat. Why can’t this pot find its lid?
The price of 1630 Mira Vista Avenue (↓$500K to $4.999M) seemed ambitious when the property came online three months ago. Its new price is closer to reality, at least if the fever for turnkey Montecito extends to the Riviera and prospective buyers are open to all that color.
Likewise, the big house at 2896 Hidden Valley Lane (↓$255K to $4.495M) should now be able to woo a Los Angeles family looking to escape the big city. When I visited it months ago, it felt like an inn—especially the extremely airy living room.