Last month, November the highest priced home sold was 931 Gainsborough Drive Pasadena. This 2019 built estate originally listed for $8,980,000 in early 2019. After changing brokers in 2020 the sellers relisted for $8,368,000. This home ultimately sold for $6,980,000. Two million dollars less than the original asking price!
MLS Remarks for 931 Gainsborough Drive Pasadena read:
This New magnificent Colonial Estate situated in the exclusive area with San Marino School District. This Luxury Home also exquisitely designed, constructed, and furnished throughout featuring architecturally accurate and authentic amenities to include Double Staircases, Private Elevator, Wine Cellar, Home Theater, 24-Hour Fitness Room, Sauna, Crystal Chandeliers, etc. Located on over 32,000 square foot lot in the highly desirable Pasadena area. This impressive estate of 9,050square feet consists of 7 Bedrooms and 8 1/2 Baths. All Bedrooms are En-Suites, including a luxury downstairs Master Bedroom.
The entire Right Wing in Upstairs is privately designed for the Grand Master Suite with adjoining Sitting Area boasts a Fireplace, Balcony, Wet Bar, 2 spacious Walk-in Closets and elegant designed Master Bath with Jacuzzi Tub, Steam Shower, and an private Office/Library. The incredible Gourmet kitchen includes an Large Center Island, top-of-line Appliances such as, WOLF, SUB ZERO, Thermador, etc. and a separate Prep-kitchen. The Stately Library w/ Wood Panels and Mahogany Cabinets. The impressive Wine Cellar w/ Climate Controlled, a Gym/Dance Studio, a unique design Powder Room, and a Laundry Room for each Level.
“Home prices climbed in recent months due to heightened demand and ongoing home supply constraints. The supply shortage could further intensify as COVID-19 cases continue to rise. And would-be sellers remain hesitant about putting their homes on the market. However, to keep up with the rising demand, new home construction surged in October. And builder confidence reached a new high for the third consecutive month. The decreased pressure on supply could moderate home price growth over the next year. This is reflected in the CoreLogic HPI Forecast, which shows home prices slowing to 1.9% by October 2021. However, should the economic recovery from the pandemic be more robust, then we would expect projections for home price performance to improve”. Read more
Wow. Two million less than expected. Or at least hoped for. That’s a big hit in anyone’s pocket book.