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Sandwiths Cut Waterfront Mega-Mansion Price by $10 Million

The couple purchased the home in 2004 and poured an estimated $30 million into improvements, only to see the real estate market collapse nationwide in the run up to the Great Recession.

The Puget Sound Business Journal is reporting the owners of one of Mercer Island's most-expensive homes has cut nearly $10 million from their $28.8 million asking price in the hopes of attracting more interest in a depressed housing market. 

Principal Broker Kris Robbs will reportedly handle the sale of the on the 7-bedroom, 11 1/4-bathroom, 13,650 square-foot waterfront mansion, located at 4137 Boulevard Place. The new $18.95 million asking price is reportedly over $1 million below the valuation from a new appraisal of the property, acording to the PSBJ.

Earlier in August, Gadsden, AL-based managed auction firm but failed to attract any buyers, halting the auction once they reached a reserve price of $15.5 million.

Owners David and Becky Sandwith purchased the home in 2004 and poured an estimated $30 million into improvements, only to see the real estate market collapse nationwide in the run up to the Great Recession.

Mercer Island is and is home to the most expensive homes sold in the state since 2009, according to MLS sales records. Both of those homes also sold at auction: In 2009, the Proctor Landing Estate sold for $15.675 million after it was once listed at $39.5 million two years prior. In 2010, the Lytle Mansion sold for $12 million. It was listed for over $40 million in 2005.

(Ed. Note: An earlier version of this story incorrectly states the Proctor Landing Estate was offered for $45 million in 2006. In fact, the estate was offered for $39.5 million in 2007. Mercer Island Patch regrets the error.)

Kris Robbs November 04, 2011 at 02:44 AM
I do not know who they are but I agree. Thank you Jerry for your input. You have been, and are, a valued voice in the real estate and design world here on Mercer Island.
Jerry Gropp Architect AIA November 04, 2011 at 05:34 AM
Thanks Kris for the very kind words. We once owned a lovely lot on Boulevard Place but sold it and built further South. J-
Joanne November 04, 2011 at 06:43 AM
I have several comments on the comments :-). 1) Until this house sells, it will be in the news and how it is presented is out of the seller's control. This is the double-edged sword of press coverage. 2) Kris' job is to sell the property so it's in her interest to make sure nothing negative is said. 3) There are people who value mega-mansions or Mc Mansions so this is a subjective term for a rather large home. If you don't want that moniker, keep the square footage down. 4) It's a reality that large, expensive homes on Mercer Island have not sold for full, listed price and that's news. 5) The Sandwith's made their house news when they participated in a Wall Street Journal article last October - http://online.wsj.com/article/SB10001424052702303341904575576782381948758.html. In my opinion, that coverage was far more negative than was written in this article.
Jerry Gropp Architect AIA November 04, 2011 at 02:23 PM
My comment on the "several comments on the comments :-)" just above- I can only agree. Seeing the hyperlinked WSJ coverage added to my knowledge of the facts. And who is Joanne?
Jerry Gropp Architect AIA November 04, 2011 at 08:22 PM
As to House Prices Falling- here's a link to a today's Seattle Times Lead Article on the subject. As always, as to whether it's good news, it depends on whether you're buying or selling. http://seattletimes.nwsource.com/html/businesstechnology/2016682452_homesales04.html

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