Last year I wrote quite a bit about prices dropping in the Palisades Riviera. Although we have seen some slight stabilization lately, 1136 Corsica Drive shows how far the market for high-end new construction dropped. This 6,800 square foot Mediterranean villa detailed with fine qualities and design, featuring a gourmet kitchen, vaulted ceilings, his and hers baths, and lush landscaping complete with pool, spa and barbeque debuted on the market in January of 2008 for $9,275,000.
After being leased in October 2008 for $35,000 it is now listed for sale at $6,495,000. This is a classic example of what happens when a seller doesn't understand market reality and tries to catch a "falling knife" as opposed to adjusting to the market quickly. The current price properly reflects the market in that area and it should garner serious interest. Please feel free to call my office at 310-255-3447 if you would like further information or want to schedule a tour.
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