When is it time to cut the price?

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Good morning. Pop quiz for sellers out there: If your property is sitting on the market, how long do you wait before reducing the price? Sixty days? One hundred days? Two hundred days? Would you believe... 300 days?

That’s what just happened at 2812 Elm Ave. in Manhattan Beach, according to the ever watchful Manhattan Beach Confidential:

‘The obstinacy of the sellers has been on full public display since Sept. 13, 2006, when they began at $1.769m and then never budged.... The sellers wanted their $1.769m in part because they paid almost $1.6m in June 2005.... The new price is $1.699m, down $70k of the $185k extra the sellers had sought.’

Just down the block, Manhattan Beach Confidential also has an item about one of the larger price reductions we’ve heard about: 2909 Elm Ave. was originally listed at $2.8 million in November; it’s now listed at $2.025 million -- a reduction of $775,000.

Comments? Thoughts? E-mail story tips to lalandblog@yahoo.com.
Photo Credit: Manhattan Beach Confidential