Waterfront Manalapan Estate Receives 40 Percent Price Cut

A beautiful estate located on South Ocean Boulevard has been on the market since June 2008 and, as you can imagine, the owner is ready to sell. His solution? Cut the asking price by 40 percent.

The waterfront home in question is a five-bedroom, six-and-a-half  bathroom Manalapan estate that began its run on the real estate market in June 2008 with an asking price of $13.5 million. 18 months later, the owner is asking just $7.995 million, more than 40 percent down.

This most recent reduction is the third time the price has been cut since it was originally list in 2008, and in September, prior to this most recent drop in price, the listing broker noted that the property was “priced to move.” Today, with the new slashed price standing, he says, “we need to get rid of it…it’s priced to sell immediately.”

It looks like their approach is working. Just days after what the owner hopes to be his final price cut, the home has already generated eight scheduled appointments to see the property. The home features 150 feet of ocean and 150 feet of Intracoastal frontage, a pool, guest house, six-car garage, and an elevator. Ivan Mullenix, founder of real estate and development firm Mullenix which is based in St. Louis, only lives in the home six months out of the year.

Some of the new prospective buyers have been investors, said the agent involved with the property, but he’s also “had plenty of interest from buyers who want to live in the home.”

To end on a high note, the agent adds, “Overall we’re 100 percent seeing a lot of movement in high-end over the last six months, so things are looking good, fortunately.”