After yesterday's news that Schindler's DeKeyser duplex offering price was reduced by $100,000, our property guru weighs in with his expert opinion:
First, given the "unique" nature of the house's relation to its siting and access (no driveway, no garage, no parking) and the fact that the few hundred yards around it are "in flux" at best, a reduction is not surprising. Additionally, the house was marked down last time after a much longer time on the market. The list price in late 2002 was $599,000 and the sale price in early 2003 was $515,000. So the latest is an 11% mark-down, versus a 14% discount last time. And nothing has really been done to the house since the last sale.
The potential market for this house is tiny. And most people who would "sacrifice" so much to own a Schindler cannot afford $800,000. Those who love these houses, would rather pay more and get into a better neighborhood and/or property. Witness the sale of the Silverlake Schindler at damn near its $1.9 million ask in under a month. The more telling number will be the final gavel on the Schindler in Sherman Oaks, currently listed at $1.5 million for 1,600 sq/ft.