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USA Real Estate Blog

Once in a Lifetime Opportunity Fails to Fetch its 2017 Price

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As we outlined this past July:

Designed by Alan Page and built on a nearly one-acre lot “in the heart of Lafayette’s sought–after Happy Valley,” the roughly 6,000-square-foot home at 22 Toledo Court boasts “elite craftsmanship, state-of-the-art technology, elegant lines and quality finishes throughout,” with an infinity-edge pool, outdoor fireplace and a covered loggia adjacent to its outdoor kitchen with a built-in barbeque, refrigerator and views of the surrounding hills.

Listed as a “once in a lifetime opportunity,” with a $6.595 million price tag in the second quarter of 2017, the brand new 5-bedroom home sold for $6.3 million that June.

And having returned to the market priced at $6.195 million this past April, the list price for 22 Toledo Court has just been reduced to $5.895 million, a sale at which would represent market depreciation of 6.4 percent for the luxury home over the past two years on an apples-to-apples basis (while the median sale price in Lafayette is up).

Further reduced to $5.795 million in September, the sale of 22 Toledo Court has just closed escrow with a contract price of $5.525 million, down a total of 12.3 percent ($775,000) over the past two years on an apples-to-apples basis while the “median sale price” in Lafayette is up.

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