Tuesday, January 15, 2008

$1.5 Million Dollar Price Reduction

Remember my post about this $12 million home on Strait Lane that is virtually a deteriorating shell ? Well we know it went under contract and fell out of contract a week or so ago. Today they reduced the price to $10.5 million. That's a $1.5 million price reduction! But it needed to be done. I assume the home was under contract around this price or maybe closer to $11 million when the buyers got the home inspected and probably found a slew of maintenance issues. My guess is that when the buyers saw what needed to be done just to repair this monstrosity and they either couldn't agree on a repair allowance with the sellers or just didn't want the hassle of it anymore. The repairs I would guess were to the tune of $500,000 which would bring us to the new asking price of $10.5 million. But what do I know?

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