Price Cut Needed on Franklin

Address: 1124 Franklin - 90403

Details: 3 bed/3 bath 2,515 sq ft house, 9,000 sq ft lot, 1935 construction but upgraded kitchen and baths

Description:Gracious family home on a sunny quiet street in Franklin Elem district!Gourmet center island kitchen opens to family room, large formal living and dining room!Master suite features luxurious glass tile steam/shower bath, walk in closet, high beamed ceilings, and an attached office/work- out room/nursery. This is an allergy friendly home, central heat & air, hardwood floors.Bonus room off garage is ideal for office/maids/storage. Large lot with a long driveway that is gated.

Previous Purchase: 12/7/04 - $1,775,000

Listing History: 4/29/10 - $1,899,000

I don't know when the upgrades were done but I'm guessing before the late 2004 purchase. If that is correct, then this is an apples to apples situation. They are currently asking for a 10% profit on their late 2004 price which would put the asking price in late 2005 territory which is well above market. I would suggest that it would be appropriate for this to sell around the price at which it was purchased in late 2004. There needs to be a price cut for this to move.