More Sellers of High-End L.A. Homes Find They Must Cut Asking Prices

The L.A. Times reports:

Frisca Hong put her Yorba Linda home on the market in August, certain it was worth every penny of her $797,000 asking price.

But after almost two months and no nibbles, Hong reluctantly dropped the price nearly $30,000. Still, her house remains unsold.


"I just listed at what I thought was the right price," Hong said.

The frustration experienced by sellers like Hong reflects a cooling in the market for higher-priced homes in Los Angeles and Orange counties, according to recent price and sales data. Faced with reduced buyer demand and rising inventories of unsold properties, many sellers of homes worth more than $750,000 are dropping asking prices.

Many also are taking weeks before landing buyers.

Things are getting quite pricey.