The surprising thing is that it sold at all

With apologies to Dr. Johnson. Business Sheets reports that a mega mansion in LA finally sold for $8,000,000, wich is a tad less than its original asking price of  $15 million but still, an $8 million sale is an $8 million sale. Some folks still have money and a few of them are willing to spend it. I haven’t seen this phenomenon in Greenwich in the past month but some waterfront did sell in November and it won’t leave me gobsmacked if we see properties in this price range going to contract soon. But notice the difference between asked and bid – buyers want bargains.

Update: Same phenomenon in New York City and same conclusion.

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2 responses to “The surprising thing is that it sold at all

  1. greenmtnpunter

    Big news on the Vermont luxury real estate scene in 2008 was an $18 million sale in Barnard, a small hamlet about 10 miles north of Woodstock. Big news for several reasons including the fact that the $18 million sale price was $10 million more than the last record residential sale in VT, quite a leap in any market, and a mega-leap in the current market.

    This sale is interesting for many other reasons including the fact that the seller was a very unpopular part-time resident who had sued a town zoning board in federal court on a civil rights violation and won a judgment against the individual board members. And no, this owner was not a minority or other protected class but was a retired Arkansas banker now residing in Dallas.

    Talk about leaving a bad taste in the “locals” mouths! Anyway, the whole saga has many more interesting twists and turns too numerous to bore you with here. But as a fellow real estate broker, albeit on the commercial/industrial side, I say “Hats off!” to the young broker who made both sides of the deal, and by re-listing an expired listing to boot.

    One final note of interest, though, is the fact that the buyer hailed from Palm Beach, not exactly a major demographic for VT real estate. Must be this chap was the last investor in Palm Beach not fully invested with Bernie?!

  2. christopherfountain

    Or maybe he was a Madoff investor, trying to hide his money far far away. Watch for a “claw-back”.