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….
Technically, the price of 4265 Cresta Avenue ($10M) hasn’t changed. But the agent representing the Hope Ranch property—which the listing compares to Monticello and the White House—sent out an email to other agents saying this: “After discussion with the Seller, if you have clients interested in this property, now would be an opportune time to submit an offer.” That certainly sounds like expectations have been lowered.
101 Mesa Lane is the funky oceanfront compound bought two decades 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 latter two recently took substantial cuts, and now the whole enchilada has been reduced again (↓$1M to $12.95M). It’s now $2 million off the price it debuted at in November.
There’s a lot to like about the big new-build house at 495 E. Mountain Drive (↓$680K to $5.295M), which initially hit the market at $6.495 million. On the other hand, location3: the houses to the west are decidedly less fancy; the fire risk is high; and potential buyers might not like the way the driveway leads down to the house, given Montecito’s history of debris flows.
The agent for 4002 Cuervo Avenue (↓$400K to $4.25M) sent out an email announcing that the property is “coming soon.” In January, however, it was on the market for $4.65 million, so we’ll call it a reduction rather than a debut. This would be the first time in 50 years that the 1950 Hope Ranch house has changed hands.
You don’t see a lot of contemporary architecture in Samarkand—or at least I never have—so 2926 Serena Road (↓$50K to $1.549M) stands out. It looks like an architect had his/her way with some, but not all, of the house.