Great story about the competition between Sotheby's and Christie's. "Venturing into the land of carports and doublewides," Sotheby's is increasingly adding less expensive properties to its listings--like a $34,000 trailer in Goleta (pictured)---causing rival Christie's much glee. "Norman "Pete" Callaway, a former Sotheby's broker who is now with Christie's, keeps a photo of a rival listing -- a hot dog stand -- in his desk drawer. 'They've lost that high-end credibility,' he says."
By the numbers: "The average asking price of a Christie's property is $5.4 million, according to the company, and nearly all its listings are for $1 million or more; the average asking price for a Sotheby's Realty property is $1.6 million, and about 60% of its properties are listed for under $1 million." (Photo courtesy of WSJ.)
· Movin' on Down [WSJ]