“Bob Hurwitz never, in his 30-year career, spent this much to push a single home.” This is what writer Andrew Scoggin reports in a recent Housing Wire Magazine article that chronicles the momentous sale of the Razor residence. Bob Hurwitz shoveled out $150,000 to market the “Razor Bluff” luxury La Jolla estate built by world-renowned architect Wallace E. Cunningham. As you probably remember from the numerous headlines, the Razor was finally sold after three years on the market to a software engineer for only one third of the original asking price.
Hurwitz told the magazine that ”The way this property sold, if anything, reflects the real world in the luxury marketplace.” While certain individual high-end home markets are doing relatively well – mainly, coastal cities including New York, Los Angeles and Washington D.C. – luxury homes are still struggling with declining property costs and the other issues that are plaguing the rest of the national housing market. According to the article, the high-end home construction industry is remaining “cautiously optimistic.” Luxury homeowners, however, will have to continue to deal with few high-end homebuyers and sinking property values.