Stephanopoulos Settles for $1M Less on Georgetown Home

While not quite on the scale of Greek tragedy, political correspondent George Stephanopoulos has sold his exquisite Georgetown mansion for close to a million dollars less than the asking price.

Stephanopoulos and his wife, actor/comedian Ali Wentworth, sold the estate to Alan Adler of Chevy Chase Trust for $5.45 million, about a million less than its $6.35 million price tag. The couple even threw in $42,000 to cover the cost of repairing an elevator and sundry other issues.

HousingWatch first reported on the home when it hit the market in February. The 5,652-square-foot, Georgian-style brick mansion comes with five bedrooms, six and a half bathrooms and a spot in one of the more upscale neighborhoods in D.C.

Despite the loss, Stephanopoulos was said to be eager to close the deal, according to the Washington Examiner. The family is expected to move on June 15 to the New York's Upper East Side to be closer to Stephanopoulos' job at "Good Morning America." Prior to the sale, he had been commuting to New York.

The hardnosed buyer, Alan Adler, knows a thing or two about bargain real estate. Adler is the Managing Director of Chevy Chase Preferred Capital Corporation, a real estate investment trust. He also, apparently, enjoys a good game of polo. The Adlers are expected to move in this summer.
See more homes for sale in Washington, D.C. at AOL Real Estate.

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Latoya Rutledge

When it comes to selling real estate, one of the most difficult and frustrating situations for sellers is when market conditions make it nearly impossible to sell at the desired price point. A high initial listing price might be because the seller simply has an unrealistic idea of how their house stacks up against the competition in the area, or because the owner needs to sell for a set minimum price in order to pay off their loan against the property.

With traditional property sales methods, the only way to prevent the property from sitting on the market indefinitely is to keep dropping the price. Unfortunately, this technique doesn't always work - especially if the seller is unwilling to "discount" their house by much.

In areas flooded with homes for sale, reducing the asking price slightly will not bring the desired result. In fact, it's common that the property will continue to sit on the market without offers, alongside the multitude of other unsold properties with similarly reduced prices.

April 19 2011 at 5:25 PM Report abuse rate up rate down Reply