You know there’s something “over the top” when the sale of a waterfront home makes the front page lead story of the Seattle Times… The 23,000 square foot Mercer Island waterfront home of the Lytles (founders of Leisure Care retirement community chain) finally sold after 6 years on the market and eventually being put up for auction (though not a foreclosure auction). The original $40 Million asking price was always overpriced, even in the go-go heyday of a few years ago. It was a classic case of asking too much in the beginning and continually chasing the market down, never getting ahead of the actual market value and market trends to make it truly in sync with real buyers. If it had been priced right initially they would have sold much quicker and they would have received a higher sales price.
The home sold – to the owner of the Video Only electronics stores chain – for the auction’s minimum bid of $12 Million. It is set up with grand spaces, indoor and outdoor saltwater pools, large dock and waterfrontage, great views, and all the details you would expect in a $12M waterfront home. Mr. Edwards will be having some great parties soon!