LA Times discovers that big houses are cutting their prices

Including Leona’s here in Greenwich. They missed the latest $5 million cut, but they get the point.

Eisenberg has the listing of a home that tops 14,000 square feet with a 3,500-square-foot detached guesthouse nestled on more than an acre of land — and an asking price that has been reduced by about half to $10.8 million. Its rooftop tennis court has city-to-ocean views, and the ballroom can hold 200 people.

“I listed it for this seller a few years ago in a different market,” said Eisenberg, who has been selling real estate for 15 years. “Quite simply, there was a time that Sunset Strip showplaces were garnering close to $2,000 a foot.”

That figure has dropped to probably $800 today, he said.

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