I mentioned this place a week ago when it had endured seven price cuts over the years as its disappointed builder slashed and slashed again, from $11.750 million to, last month, $7.450 million. Today sees its eight price reduction, $500,000 off, down to $6.950.
(Some) agents emphasize the importance of trying to get the price right the first time because, once a house hangs around a couple of months, let alone years, it’s perceived as old and stale and buyers don’t want it. This house at its new price would almost certainly have sold quickly back in 2005. Three years on, it may require still more.