Why the oceanfront home Frank Lloyd Wright reportedly called a work of 'genius' is sitting on the market.
Betty White's Carmel, Calif., home sold for $2 million over its asking price in April 2022.But since Pitt’s purchase, a volatile economy and a spike in interest rates have cooled white-hot Carmel considerably. The Butterfly House has thus spent 149 days on the market — with no apparent bidders.
Micek’s assessment makes sense. The rise in interest rates and a continued economic slowdown during the last quarter of 2022 have created a double-digit dip in prices. In November 2022, Carmel home prices werefrom the previous year, according to Redfin. While homes sat on the market for for 49 days in 2022, compared to 51 in 2021, only seven homes sold in November 2022. By comparison, 24 homes sold in the same period the year prior.
For starters, the home may be overpriced. The Butterfly House’s Zestimate is off the asking price, by a lot. So much, in fact, that it comes with a disclaimer: “The list price and Zestimate for this home are very different, so we might be missing something.” Zillow estimates the property is currently worth $22,847,600. That’s more than $17 million shy of its current asking price of $40 million.
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