Thursday, September 20, 2007

Pacific Palisades price cuts

Three under-$2M houses in Pacific Palisades seem to be getting serious about price cuts to move not-selling houses. This could be a good trend for the Westside.

First is this 3 bed / 2 bath house at 461 Puerto del Mar, previously featured in "How Not to Price in Palisades": Originally listed 1/10/07 for $1,699K, it's slowly nibbled the price down every couple of weeks, to $1,649K and $1,599.5K in February; $1,525K, $1,499K, and $1,449K in March; $1,429K and $1,399K in April; $1,379K in May; and now $1,359K at the end of June.

Another little step to $1,329K in July didn't do it. Off the market for a month, it's now back with a real price cut to $1,199K. That's a record 29% overall.

Second is 3 bed / 2 bath 16602 Pequeno Place, originally listed for $1,495K way back on 11/10/06, then down in three steps to $1,379K in May, and finally after over 300 days on market now to $1,299K, 13% overall.

Third is 3 bed / 1.75 bath 360 Aderno Way, above the Bel-Air Bay Club (but with no view), originally listed for $1,829K on 7/25/07, cut a second time now to $1,689K, 8% overall.

12 comments:

Anonymous said...

But but but ... prices can't ever fall here!

150 multiple choice questions said...

And considering it was purchased for $1,227,671 in 10 of 04, and they did a fair amount of remodeling, that's REALLY a bitch. Falling back to what? '02? '00 prices? Where will it stop?

Gaurang said...

Thank God i did not buy that 2 bedroom condo in Culver City for 340K in march 04 or the dumpy homes i was looking far of in altadena and pasadena for 450K and getting outbid before i even made a decision to buy a place. I guess that must have been the best decision i ever made not to listen to people to the right and left telling me you are young and this is the right time to buy...Now i can look forth to buying a much better home in the 500K+ range in 2 years when all the 3-5 year arms from 03/04 start resetting.

Anonymous said...

hey westside....check out 15461 albright in PP. originally listed at 2.895. four reductions and now 2.425. listing agent represented the seller in summer '05 who paid 2575 and put about 125 into it.
some agent that ellen conrad.

Westside Bubble said...

Good one, Anon. Whew!

There are so many listings in PP that I've only been tracking their low end (less than $2M).

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Anonymous said...

Rich Saudi investors will be picking these properties up tomorrow!

Anonymous said...

Good God, $1.2 million for that dump? The rental equivalent needed to justify that price would be about $8,000. No way on earth will someone pay that kind of rent. That house is worth half a million on a very good day.

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