How About a 10 Million Dollar Price Reduction
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The Pink Palace, one of the toniest homes in Atlanta, has taken a 50 percent cut in price this week. From 20 million to 10 million dollars this home has cut down in an attempt to sell it.
Now many questioned the original pricing as extravagant, but the price reduction has tongues wagging in this exclusive section of Buckhead. The real estate agent’s reaction was not one that is normally seen in newspapers. She said publicly that the reduction was not her idea.
So what do you think? Is a 50 percent price cut on an overpriced listing a good idea if it ends up as the top story on the local paper and gets lots of publicity? Or does this capitulation on pricing make the broker look a little off center?
The price for the “Pink Palace,” a 1926 mansion built for the Rhodes Furniture family on West Paces Ferry Road, was slashed in half Friday. It’s gone from $20 million to $10 million.
The home, designed by one of the architects of the historic Swan House, debuted like a Southern belle last year as the most expensive listing in Buckhead.
But with the price reduction — coming on the heels of historic volatility on Wall Street — it’s now tied for seventh most expensive.
“Believe me, this was not my idea” said Rosina Seydel, the listing agent with Atlanta Fine Homes Sotheby’s. She is a sister of Rutherford Seydel, a co-owner of the Atlanta Hawks and Thrashers. They lived in the house in the 1970s as children.
She doesn’t see it as a fire sale. “This is not a discount,” she said. “It’s an opportunity. I really look at it like a blue chip stock, or like art.”
When asked if the house had been overpriced, Seydel said, “The market always shows us what things are worth. Was Coca-Cola stock overpriced before?”
The pink stucco Italian Baroque home is on 3.5 acres on Buckhead’s toniest avenue.
It has six bedrooms, seven bathrooms and a four-car garage.
Pink Palace re-priced to sell | ajc.com.
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Comment by frank nublee on 14 November 2008:
what is this mansion valued at; my investors from abroad are looking to invest 100 million dollars in the US but will only buy at 40 cents on the dollar and property that is not on the market but are not limited to a location or property type.