A report from the Denver Channel in Colorado. “Denver’s red hot housing market is finally beginning to balance out. ‘It’s still a seller’s market,’ said realtor Joy Dysart. ‘We’re not seeing quite as many showings. I would say that the feeding frenzy has certainly calmed down. If houses aren’t priced correctly, we are seeing a few reductions in pricing, and that’s a huge indicator.’”
“New homeowner Nicole Goodhew will be the first to tell you her new home isn’t perfect, but it’s getting there. She bought her condo for about $50,000 less than a recently remodeled identical unit in her complex.”
The Orlando Sentinel in Florida. “Real estate agent Vicki Foley in Volusia County said several of her clients have walked away from the market. ‘The buyers I’m working with, when we first started out, homes were in their budget,’ she said. ‘Now I don’t have anything to offer them for the amount they got approved.’ When she does find houses, she says they often aren’t in a condition to buy with financing. ‘We find out there’s a tree growing out of the roof or the roof is too old and can’t get insured,’ she said.”
The New York Post on California. “Matt Damon’s Los Angeles home just took a massive $3.1 million price cut after 216 days on the market without any offers, The Post can report. Initially listed at $21 million in January, Damon is now asking for $17.9 million for his Pacific Palisades estate. The ‘Bourne Identity’ star first purchased the home, located in the upscale Northern Riviera neighborhood, in 2012 for $15 million, property records show.”
From The Real Deal on Illinois. “It took a dozen years and a huge price cut to sell a St. Charles house designed as a replica of the Virginia Governor’s Mansion. The five-bedroom house went on the market in 2009 at an asking price of $1.775 million before being reduced in April of this year to $950,000 and sold it for $915,000 on August 16. The St. Charles house, built on a 1.25 acre lot in the Hawk Country Club in 1995, sits about 50 miles west of Chicago.”
The New York Post on New Jersey. “You thought those friends who snagged a Catskills farmhouse just before all hell broke loose in March 2020 were getting a deal? Well, in Englewood, New Jersey, the resplendent ‘Gloria Crest’ mansion — once one of the Garden’s State’s most expensive listings at $39 million in 2013 — just closed for a mere $4.6 million, a staggering 88% reduction from its original asking price.”
“It took a rotating cast of brokers and years of price drops — $25 million in 2014, $24 million in 2015, $12 million in 2018 and even $9.99 million in 2019 — to close the deal. In 2017, the so-called ‘White House of Englewood’ nearly headed to a foreclosure auction with a $17 million asking. Michelle Pais, CEO of Michelle Pais Group, who finally sold the house attributes the wild discount to the $168,000 annual tax bill and the not-so-humble abode’s need for significant renovations.”
“‘It was corporate-owned and there were multiple decision makers and many hoops to jump through to get an offer voted through to acceptance,’ said Pais. ‘Throughout the listing, we generated multiple offers higher than for what it sold. Unfortunately, at that time, the powers that be were not willing to vote through anything less than the full asking price.’ Finally, they relented and approved Pais’ suggested price adjustment following rounds of formal appraisals.”
The Seattle Business Journal in Washington. “Some investors and developers continue to place money in Seattle despite its anti-business reputation and the encampments of homeless people along some streets. The new owners of the tiny property where Jiffy Lube operates in Seattle’s Belltown neighborhood plan to build a 45-story residential and hotel tower there. The post says the tower at 2033 Fourth Ave. will have 32 floors of co-living space above nine floors of hotel and three levels of amenity space.”
“Silver Cloud Inn & Hotels, which planned a tower where Jiffy Lube operates, sold the property in March for $6.2 million to a Hoboken, New Jersey, limited partnership. That was $2.8 million less than the listing price; the listing broker said the ‘dystopian nightmare’ state of downtown was part of the reason for the price reduction.”
From Bisnow Washington DC. “A development site in the booming NoMa neighborhood that has been planned as a condo project for over five years has hit the market for sale. Avison Young this month began marketing the site at 1109 Congress St. NE, a 10K SF lot that has approval for an eight-story, 62-unit multifamily building. The brokerage firm is marketing it on behalf of a partnership consisting of high net worth individuals that acquired the note on the property in June from J Street Cos., Avison Young Senior Vice President Matt Weber said.”
“J Street filed a planned unit development application with the Zoning Commission for a 62-unit condo project in June 2016, and it received approval in September 2017. The developer had told Bisnow in August 2018 it planned to start construction on the project by the end of that year, but that groundbreaking never occurred. Weber said J Street wasn’t able to secure the construction financing necessary to break ground, and it is no longer involved with the site. ‘It’s a unique situation because this project should have been developed four or five years ago, but now we need a developer with financial strength that can come in, and you’re in an even better position than you were in the previous set of circumstances,’ Weber said.”