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Wednesday, September 28, 2016

Silver Lake home seller reduces expectations $1 million at a time

Silver Lake has seen several million-dollar home sales this year. But there is a limit as to how much people will pay for a Silver Lake address and an architectural landmark – especially in a weak real estate market. That’s what the owners of the How House, regarded as a masterpiece by modernist master R.M. Schindler, have learned as they have chopped the asking price for the Silver Ridge Avenue home by more than a $ 1 million – the home’s second such price chop. Still, that leaves the asking price for the four-bedroom house at a steep $2.79 million.

The home, built in 1925, originally hit the market in 2008 at $4.995 million, reports agent Matt Morgus. In June of this year, the home was re-listed at $3.995 million, reported Curbed LA. That substantial cut was apparently not enough, leading to the most recent $1.2 million reduction.

The house when originally listed at nearly $5 million did not come close to offering the privacy, seclusion, views, amenities and location that often come with properties in that price range, Morgus said.

“While this property has some major architectural significance in architectural history books, this house is still located in Silver Lake and a $5 million dollar price tag just doesn’t make sense,” Morgus said. “We’ve had a handful of homes sell in Silver Lake over the $2 million dollar mark in the last 3 or 4 years. I think with this price reduction, the seller is a lot more realistic.”

Photo from MLS.com



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