Originally listed $7.5M, then dropped to $7M, then to $6.5, and now $5.85M. Either the original price was way overpriced, or market is really slow and there is $1.6M discount.
Redfin doesn’t have estimate. Zillow estimate is $3.3M. What? It is a new construction, so maybe the estimate is not updated?
I don’t know anything about the housing market at this price range.
I have nowhere near a $6m budget but I do watch Old PA out of curiosity. The market there was INSANE a few years back so I am surprised this one is sitting.
I do know that Old PA was really hot with investors from China. I heard from a neighbor who wanted to buy a house for his family in China that it is becoming more difficult to get money out of the country for investment. Not sure if that is true or not but if true, that could be impacting the market in Old PA.
Thank you for the info. No wonder higher end houses are sitting longer than mainstream houses.
So far, I have only heard it from one family but it definitely would explain some of the high-end slowing. Big paydays from IPOs and mergers have slowed over the last year too so that doesn’t help the high-end either.
This one surprised me too: https://www.redfin.com/CA/Palo-Alto/2350-Ramona-St-94301/home/1507046 . It is near Oregon Expressway and unfortunately for a new home, it has a dated Mediterranean style and finishes but I thought it would be gone by now.
It looks real tacky. Big turn off.
