Monday, February 22, 2010

Patricia Kluge's Albemarle House: Price Reduced By $52 Million

Once priced for an alternate universe at $100M, after just 115 days on the market, Patricia Kluge's Albemarle asking price falls to $48 Million. 

Via Trulia:
The "Asking details:"

The "Home Facts:"
Related Reading:
Patricia Kluge Property Up for Foreclosure Auction and Other News in the Charlottesville Albemarle Downturn


Anonymous said...

It's a steal... but who's the thief?

Bleed It said...

It's still overpriced by at least. Possibly 75%.

Digby said...

These people, seller and agent, are clueless. Was the $100million a publicity stunt? It's the chicken/egg which came first issue: who priced the house,seller or realtor? And who came up with the new $48 million asking?

As a 30something civil servant, I know this spread would be lucky to get half of current asking price even if it'sfive years from now. Why don't kluge or Sotheby's know this?

Joe and Jenny said...

So, what, they set the price so the house will show up for the many buyers who've set their searches for local properties with an "under $50 Million" maximum price?

The agent has a real finger on the pulse of the local market. Good luck with that...

buy now or be priced out forever said...

Kluge's pricing strategy explained in paragraph five: