Price Chopper: Pacific Palisades

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Interesting item over at Westside Bubble about the perils of pricing too aggressively. The house at right was listed in January at $1.699 million; here we are in July, the house is still available, now offered at $1.359 million.

We’ll let the Bubble tell it: ‘Well-priced houses have sold pretty fast in Pacific Palisades this spring. This 3 bed / 2 bath house at 461 Puerto del Mar, however, is an entertaining lesson in How Not to Price. There’s more to this house than the photo shows, two stories on the back, looking out on the canyon.

More: ‘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.’

Thoughts? Insights?
Photo Credit: Westside Bubble