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PriceChopped: Venice Canals Duplex Drops Quickly

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We're used to unrealistic sellers hoping their asking price reflects the height of the bubble, instead of the middle of the bust. And slowly, their hopes and dreams deflate into something a bit more realistic. What we're not used to is pricechops of $350,000 just a week after a house comes on the market. This Venice Canal side-by-side duplex, built in 1999, features two units, each with two bedrooms plus den, a fireplace, a roof deck with built in barbecue, and a dock with four canoes. The property was originally listed at $2.35 million last week and has dropped to $1.995 million or $695 per square foot - a 15% drop in one week. Did a broker try to talk some sense into a seller? Is it still too much? With nearby asking prices averaging about $513 per square foot, we're guessing yes.
· 2212 Grand Canal Venice, CA 90291 [Redfin]