Rare is the high-end property around here that sells for the initial asking price (or at least that was the case before the Covid-19 bump in Montecito). The question is: how far does the number have to drop before someone bites? Here are the week’s top reductions….
If you like the Tuscan style, 1045 Cold Spring Road (↓$90K to $4.795M) has some curb appeal, and it would look more impressive if you softened the faux-rustic elements, painted everything cream, and added contemporary decor. The floor plan of the 5,651-square-foot house is idiosyncratic—just three bedrooms, with six-and-a-half baths—but the view from the master bedroom is a peach.
···················
After 206 days on the market, the cute spec-renovated 1911 cottage at 428 Corona del Mar (↓$200K to $2.395M), near East Beach, got a new broker and a new price. It started out at $3.595 million, but before you cry too many tears for the developer, bear in mind that he/she only paid $1.35 million.
···················
I hope you got a chance to see 340 E. Los Olivos Street (↓$245K to $2.75M) back when open houses were still a thing, because it’s a fantastic old house that’s a hoot to explore. It started out at just under $4 million.
···················
And 340 E. Los Olivos certainly seems like a better deal than another Upper East property on the market, 1819 Santa Barbara Street (↓$200K to $2.195M), where the kitchen and baths need to be redone.
···················
I still want someone to turn 75 Conejo Road (↓$150K to $1.35M) into something midcentury chic.
···················
Compare and contrast two properties on Estrella Drive in Hope Ranch: 1299 Estrella Drive (↓$305K to $2.795M) is a 1969 Donald Ziemer house that’s dying to be freshened up, while 1126 Estrella Drive (↓$150K to $2.95M) is a 1974 house made move-in ready by a spec renovation. The latter can likely be had for less, given that it was priced at $2.85 million as recently as last November.
···················
Ten days after cutting its price by $45,000, 581 Las Alturas Road (↓$55K to $3.195M) slashed it again—the sixth reduction since it was first listed for $3.79 million last October.
···················
It wouldn’t take much zhoosh—maybe some tongue-and-groove paneling?—to raise 2275 Featherhill Road (↓$55K to $2.895M) to the next level, and anything workable under $3 million in Montecito is noteworthy, especially when you get nearly an acre.
···················
Rather than a sizable price cut, the 1928 house at 224 Canon Drive (↓$125K to $2.45M) in San Roque might’ve benefited from painting away the quirk in the interiors.
···················
On the market for 436 days—it started out at $11.5 million—1130 Garden Lane (↓$480K to $7.495M) in Riven Rock might now be in the sweet spot for a family that can’t bear living in Brentwood any longer.
················
Why not try subscribing to Siteline’s email newsletter? You’ll never miss a post, and you can always unsubscribe.
Comment: