"The former Harry Chandler estate in Los Angeles, an 8,891-square-foot property with eight bedrooms and four bathrooms on approximately one acre, was listed for $6.799 million but sold for $3.73 million on October 2, representing a 45% price reduction from the asking price."
"An oceanfront property in Laguna Beach featuring four bedrooms, five bathrooms, and 4,300 square feet on a 6,251-square-foot lot was listed for $10.95 million and sold for $10 million on January 30, a 9% decrease from the original listing price."
Two high-end Southern California properties exemplify the real estate market challenges of 2008. The former Harry Chandler estate in Los Angeles, an 8,891-square-foot property with eight bedrooms and four bathrooms on approximately one acre, was listed for $6.799 million but sold for $3.73 million on October 2, representing a 45% price reduction. An oceanfront property in Laguna Beach featuring four bedrooms, five bathrooms, and 4,300 square feet on a 6,251-square-foot lot was listed for $10.95 million and sold for $10 million on January 30, a 9% decrease. Both sales demonstrate the significant market correction affecting luxury real estate during this period.
Read at Los Angeles Times
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