Just Reduced $1,000!

This updated listing arrived in my Redfin email today as a price reduction — from $1,299,000 to $1,298,000.

So, what do you think happened here?  The house came on the market a month ago and hasn’t sold. Did the owner and the agent sit down a few days ago, and the agent said, “I think the problem is the price,” and the owner said, “That’s crap! Do your job!” and finally agreed to a pointless $1,000 reduction, just to tick off the agent?

Who knows?  The point is, a $1,000 price reduction — or about 1/12 of 1 percent off the original asking price, if I’m doing my math right — of course doesn’t mean diddly-squat. 

Interesting house, by the way.  It’s located in the hills above Mullholland Drive just west of the 101 Freeway, not far from the northern entrance of Runyon Canyon, dog park to the stars.  (Saw David Spade there two Sundays ago.) It’s listed as a four-bedroom, 2.5 bath, but Property Shark has it as a 3+3. It has 3,090 square feet and sits on a 3,102-square-foot lot. Check out the overhead photos of the property on the Redfin listing. It looks like it has three levels, and it appears to be hanging off the edge of a steep cliff — just like the agent’s relationship with the owner?

The only other recent comparable sale was 3237 N. Knoll Drive, about a half-mile away.  It’s a five-bedroom, four-bath house with nearly 4,000 square feet, sold in December for $1,350,000. Here, the lot size was more normal — about 6,900 square feet, says Property Shark.

If this daring price strategy somehow fails to produce a stampede of buyers, we’ll look forward to the dynamic duo’s next move.  I’m betting on $1,297,500 .