Most expensive home to sell this week in Studio City

Original asking price: $4,750,000
Sold price: $4,250,000
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After being on the market for only 25 days, the owner of this #StudioCity home decided to accept a offer that was $500,000 below asking price.
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Do you think the owner was too quick to accept such a low offer... or should the owner have kept the home on the market a little longer in hopes of getting more money?
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Comment "accept" or "wait".