Luxury homes around the world are now seeing substantial price reductions in an effort to perk up the sector. I have long been of the opinion that realistic selling prices will provide stimulus and get the inventory moving once again. Most buyers in the $30 million range are not reliant on financing from outside sources and are more able to finance the purchase themselves.
Speaking of $30 million, this listing caught my eye after a $5 million reduction. Now listed at $29,900,000 after the prices decrease, the listing agent, Susan Weir of “Prudential California Realty,” has this to say about this luxury property overlooking Laguna Beach:
Rarely do events of history so conspire to create a private place, privately owned, with a record that traces the life and times of a public place known and revered by countless thousands. Such a place is Villa Rockledge of Laguna Beach, California. Built in 1918 by builder Frank Miller builder of the Mission Inn or Riverside, this three bedroom three and a half bathroom historical landmark, sits built into the cliffs of Laguna Beach. This is a 5,500 square foot home with and office loft, huge great room with vaulted ceilings, two sitting rooms, two kitchens, and it’s own private beach. This home is one of a kind!
It certainly is a unique property, and I would expect that this size of a reduction will be enough to spur some interest. I am not quite sure of the approach some realtors are taking in making small reductions in price. No one is going to get too excited about a $100,000 price drop on a $30 million luxury home. I suspect it is the client refusing to see that the financial landscape has changed and refusing to listen to advice that means dropping their sales prices. The seller of this property is not making the same mistake though. The listing is here along with more photographs – Historic property for sale
Luxury home for sale overlooking Laguna Beach
