Hot Property: Dramatic price drop or overpriced to start with?
Of the houses I posted this week to Hot Property, this sale by two-time Emmy-winning producer and writer Gary David Goldberg for $15.15 million caught my eye because it was the largest dollar value by far. But that's not the reason it might have captured my attention.
In Brentwood, the Paul Williams-designed 1942 traditional has eight bedrooms and eight bathrooms in 6,908 square feet. The two-story house, on about 3 acres with a swimming pool and pool house, is reached by a long driveway leading to a motor court and a three-car garage with chauffeur’s quarters, etc., etc. You get the idea.
An initial search of records showed the property had been listed in January at $19,995,000 -- a pretty quick sale in this price range. But some further sleuthing revealed that it originally came on the market at $23.9 million in July 2007.
Now that $15.15 million seems like a far tumble even in this market and reminded me of my own experience selling in 2002. I priced my home too high in late spring, it sat on the market until nearly the holidays and I ended up taking much less than I might have had I priced it more competitively from the get-go when the market was hotter.
I have no idea if that's what happened in this case, but I bet others can relate to my mistake. I know we frequently say in the comments here that asking price means nothing in relation to the final sales price -- that people can ask anything. But asking price does, sometimes, mean a lot.
Just a few additional photos. Hope you enjoy them Jake.
--Lauren Beale
Thoughts? Comments?
Photo: There are greenbelt views, seven fireplaces, a media room, sun room, library, wine cellar and a two-bedroom staff wing. Credit: Everett Fenton Gidley
LA real estate was a ponzi scheme! Madoff/Obama are running ponzi scheme's. Like muscial chairs, the chairs (the market) slowly disappears. Everyone is scrambling for fewer places to sit (three people siting on one chair). Trying to prop up RE prices is impossible! Let all the hot air (real estate agents) out of the bubble they and many others created based on greed. Gog bless capitalism.
Posted by: Roger Ramjet | July 12, 2009 at 06:25 AM
The house looks like a scene from a post apocalyptic movie. If you're going to sell a house, maybe cleaning off some of the overgrown ivy would help. I understand some may like that east coast IVY League College look, but it makes the house look run down to me.
Posted by: DT | July 12, 2009 at 11:12 PM
I'm sorry, but all I can say about that house is that it is truly BEAUTIFUL. I don't know if it's $16 Million worth of beauty, but the place is on THREE Acres, for corn's sake. In Brentwood. The only thing that would have made that place better would have been if it were in Beverly Hills, Holmby Hills, or Bel Air.
Paul Williams was a genius of an architect. That house is pictured in an old Architectural Digest magazine from the 40's that I own and I swear the house looks just as wonderful today as it did when it was built. Perhaps it may even look more beautiful now that the garden has grown in.
Look at me, I'm waxing poetic over a house.
Posted by: WillyWanker | July 13, 2009 at 10:52 PM
Thank you for this useful information
Posted by: Loan Modification | July 14, 2009 at 12:01 PM