Erika Jayne and Thomas Girardi‘s Pasadena home was put on the market in May 2021 for $13 million. And now, nearly one year and several price cuts later, the 10,277-square-foot Mediterranean-style mansion is still on the market.
Following a series of discounts to the property, which have totaled a whopping 37% and brought the price down to $8.2 million, a number of real estate experts are weighing in on why buyers are likely steering clear of moving forward with a purchase.
“Anytime a seller overprices their home by 60%, there will be an issue,” Anthony Marguleas, of Amalfi Estates, told Realtor.com. “It is one thing for a $200 million home, but another for an $8 million home.”
Over the past several months, Erika and Thomas’ home, which has been featured for years on The Real Housewives of Beverly Hills, has gone from $13 million to $11.5 million to $9.98 million to $8.9 million, and finally, in November 2021, to $8.2 million.
“From the past 10 years, out of 11,000 homes sold in Pasadena, only three have sold over $13 million and only 15 over $8 million. These facts—combined with substantial overpricing and the notoriety of the seller—will make this a challenging home to sell,” Anthony noted.
While the Pasadena residence, which was built in 1928 by a famed architect, is certainly large, the average price of the area is just $1.1 million. And when it comes to the style of the home, which boasts ornate features, including a solid bronze front door, a walnut-paneled gallery, and even a chapel, it may not be the clean slate some buyers are looking for.
“When I list a property, my goal is to make it as clean and neutral as possible. Buyers need to be able to imagine their belongings, their pets, their lifestyle here,” said Shelton Wilder, CEO of the Shelton Wilder Group. “Ultimately, everything comes down to price. If a home is sitting on the market, it’s quite honestly just priced too high.”
After Shelton noted the style of Erika and Thomas’ home as “extra,” Arvin Haddad, senior estate director at Mauricio Umansky‘s The Agency, complained of the noise from the Ventura Freeway and pointed out that there is “no outdoor-indoor flow from multiple rooms.”
“It hasn’t been staged. You can’t move it away from the freeway. You can’t change the lot dimension. The only thing you have in your power here is staging,” Arvin continued.
As for the positive aspects of the house, he added, “The facade of the property is beautiful, the frontage is beautiful. It’s a great location in Pasadena.”
Adding to the already mentioned issues of the home are the ongoing bankruptcy proceedings against Thomas. After all, the mansion is part of the case, and proceeds from the sale will go to pay off the former clients and other creditors he’s reportedly ripped off for millions.
In a statement to Realtor.com, Ted Clark and Heather Lillard, the listing agents, admitted that “bankruptcy sales are always a challenge with regard to buyer perception.”
“There are many buyers who do not understand a bankruptcy procedure and may believe it to be complicated or messy. It can be quite straightforward, but the sale does need to go to court to be confirmed by the judge,” they shared. “At that time, the property can be overbid by another buyer, and that can make a buyer nervous. We have been under contract twice and by no fault of the property, the buyer has failed to complete the transaction.”
Despite the potential challenges presented by the bankruptcy, Ted and Heather are confident they will soon find a buyer.
“This estate is a piece of Pasadena history and will be an incredible purchase for some lucky buyer,” their statement added.
Erika will return to Bravo for season 12 of The Real Housewives of Beverly Hills later this year.
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