Hot Property: Dramatic price drop or overpriced to start with?

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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?