When ‘Hot Property’ runs cold -- the Teri Polo story

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Those of you who don’t like celebrity items, move along, this doesn’t concern you. Go ahead, move along.

Now then. The best beach read in town, the reliable blog Manhattan Beach Confidential reports that actress Teri Polo had to drop the price quite a bit to sell her Manhattan Beach home.

Once featured in the The Times’ Hot Property column as a $2.6-million listing, MB Confidential reports the house sat on the market for months, and the asking price was dropped to $2.09 million before the home finally sold.

MB Confidential further reports that Polo paid $2.5 million for the home in May 2006, and concludes, ‘You Can Lose in MB.’

More from MB: ‘Remember that May 2006 was not a bad time in our local market. Just the first hints of buyer skepticism and flattening prices were beginning to be heard. There was plenty of contrary evidence –- maybe the local market would keep rocketing forward. It didn’t. Fall 2006 saw a real slowdown, and the Spring 2007 rally was quickly subsumed by the credit crisis last summer.’

Big giant caveat: The blog doesn’t report the ultimate sales price. It’s quite possible Ms. Polo did better than $2.09 million.

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