But now that Alex Abad figured he needed to add ANOTHER home to the $1.4 million dollar club I figured it was worth a look.
Originally listed a year ago at $1.635 million. Took an 11% price drop and a full year of sitting in overpriced purgatory to get an offer. Looks like that fell through and it’s back on.
This home will be another great economics 101 lesson in supply and demand. We now have eight homes priced between $1.3 mil and $1.5 mil. That’s eight of 13!.
Equilibrium (the sales price) will be met when either supply or demand changes enough to warrant someone sticking their neck out. Here we have lot’s of inventory in a tiny area. A small pool of buyers that qualify for $1.4 million AND want to live in El Segundo enough and political and potential economic turmoil. Sounds like a great recipe to see the prices come down.
The ironic thing is that Alex has the listing for three of the eight homes in the $1.4 million club. Which client is he going to convince their home isn’t worth $1.4 mil?