Itty-Bitty Price Reductions: What’s the Point?

Because I’ve signed up for Redfin saved searches, I get emails every day about price reductions on homes for sale, and Redfin likes me to tell you about those.  But some of the price reductions are so tiny, they’re not even worth bringing up. 

A $10,000 reduction on a million-dollar home?  Sorry, I just don’t think that’s going to get the average househunter off the couch.  “Hey, honey!  That $979,000 house we looked at last week?  They just reduced the price to $969,000!  That changes everything! Now we can afford it!”

Of course, if a property is listed too high to start with, a large reduction may still mean the house is no bargain.  As always, buyers need to do their homework.

So I’ll post about relatively substantive reductions, when I find them.  Here are a couple.

10450 Wilshire Blvd., Unit 8G, Los Angeles; was $789,000, now $739,000.  This is a 2BR/2B, 1,411-square-foot unit in a luxury building called the Churchill (pictured above). Works out to $524 per square foot.

8211 Lookout Mountain Ave., Los Angeles; was $1,200,000; now $1,100,000 for this 3BR/2B in the Laurel Canyon area.  According to Property Shark, the house has 2,301 square feet, so we’re talking $478 per square foot.