It's clear that the Real Estate Market is down across the board. While it is true that the market is weaker in certain States, no-one can argue that not all price levels have been hit by this major downturn.
Today while reviewing the Combined Westside/Los Angeles MLS (CLAW), I came across a million dollar price reduction for a property situated at 1401 Oriole Drive, Los Angeles, CA 90069 (part of the Hollywood Hills).
"MILLION DOLLAR REDUCTION! This architectural compound designed by Robert Offenhauser is the ultimate trophy in the "Bird" streets." MLS Listing by Hilton & Hyland.
This 5 Bed 6.5 Bath property was listed in February this year with a $17,500,000 price tag.
Today it's been reduced by a whopping $1 Million to $16,500,000.
It goes to show that every segment of the market is feeling the strain.