When I last blogged about 2846 Fillmore in June, the home had been sitting on the market for about a month. Its original list price of $3,475,000 had just been reduced to $3,249,000.
And last week, the property sold for $2,975,000–half a million below its seller’s original expectations. I think this particular sale was worth noting, because it shows you what’s possible on the luxury level in the current market. And more importantly, it demonstrates why some buyers in this price range are sitting back and anticipating further price declines. After all, if a seller is truly motivated—as in the case of Fillmore—and is genuinely willing to accept a price at what the market will bear, a buyer can get a good deal.