Everly and Marlowe at Playa Vista: Awful Progress Released

Back in August 2015, prices started moderately as follows for the three new detached developments in Playa Vista:

Anticipated Pricing (August 2015) Pricing (December 2015) Pricing (Now)

Everly Mid $1,000,000s $2.2 Millions $1.9 Millions

Marlowe High $1,000,000s $2.7 Millions $2.5 Millions

Jewel Mid $2,000,000s Mid $3,000,000s n/a

Considering that Asher by KB homes started in the $1.4 millions in late 2013, with elevators included, the original pricing was decent, but the updated pricing was more than ridiculous...

Now, Brookfield Residential is feeling the pressure. Brookfield knows that there are only 55 Everly homes and 30 Marlowe homes, so they believed they could price extremely high (to milk the profit out of the unwitting buyers who didn't notice the past pricing). However, that has backfired per their website now...

As you can see, Everly only released 2 phases, or 10 homes, in about 8 months. Of the 10 released homes, only 3 sold (and those were the cheapest after price cuts came). Because they managed to sell 3 homes, Brookfield raised the remaining homes' prices by about $50,000. Even at $1.88 million, for a 2300 square foot home, I would want it to be about $1.48 million (somewhat comparable to Asher) if I was buying one...

Marlowe has done even worse... In 7 months, they released 6 homes, none of which sold. They dropped prices about $200,000 (but prices are still pathetic), with the 2 homes farthest away from the models being discounted $100,000 (there is a lot premium for the middle Residence 1 and a hefty one for the one bordering the Playa Greens). Honestly, the prices should be discounted about $700,000 more for me to believe that people will seriously consider buying...

If the detached projects are doing this bad, I don't expect the attached projects (Mason and Cleo) to do any better. Hence, I'm sure many of us are crossing our fingers for a more significant haircut in terms of pricing...