A stunning Bel-Air mansion originally priced at $36.7 million has seen a substantial price cut to just under $24 million after two years on the market. Listing agent Antony Arkel clarifies that the reduced price does not reflect a lack of demand but rather the complexities of the real estate market. The property, known as El Canto del Agua, features unique design elements, sourced materials, and luxury amenities making it a distinctive offering in comparison to conventional homes in the area. At $1,300 per square foot, it presents an appealing deal against local averages.
"With the prices rising dramatically since the home was conceived and constructed, it would be impossible to build it now for that price," says Arkel.
"Occupying a premier location, this property is a far cry from the ubiquitous white stucco, boxy, character-free homes that have proliferated..."
"El Canto del Agua, or 'The Song of the Water,' was inspired by the sound of the waterfalls of the pool..."
"The current price of the mansion is about $1,300 per square foot; comparable homes in the area are listed at about $1,600 per square foot."
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