Oslo Villa Price Cut: Luxury Property Sees Asking Price Drop to NOK 59 Million

A luxury villa located in the Ullern district of Oslo, Norway, has seen a significant price reduction. Originally purchased for NOK 40 million in 2021 and subsequently renovated at a substantial cost, the property was initially listed for NOK 85 million. It is now being offered for sale at NOK 59 million, according to a recent advertisement on FINN.no.

Extensive Renovation and Initial Valuation

The property, situated in Hoffsjef Løvenskioldsvei, underwent a complete rehabilitation following its purchase in August 2021. The owners, Christian Leonthin and Cathrine Kjær Leonthin, invested heavily in upgrading the 1961-built villa, reportedly tearing it down to its concrete shell while preserving original elements. According to Leonthin, the renovation was a comprehensive overhaul, aiming to maintain the villa’s character while incorporating modern luxury.

The renovated estate boasts a total area of 786 square meters, including a 775-square-meter internal living space, a 290-square-meter terrace, and a swimming pool. It also includes a share in a tennis court.

Price Adjustment and Brokerage Change

The reduction from the initial asking price of NOK 85 million to NOK 59 million represents a considerable shift in the property’s valuation. The sales assignment has also been transferred from Privatmegleren to Sem & Johnsen. Estate agent Tom Elliot Johnsen of Sem & Johnsen declined to comment on the price reduction, and seller Christian Leonthin has not yet responded to inquiries regarding the change.

Market Considerations for High-End Properties

According to Henning Lauridsen, CEO of Eiendom Norge, very expensive homes often require a longer time to sell due to a limited pool of potential buyers. This can lead to extended sales processes compared to more moderately priced properties.

Owner’s Intentions

When the property was first put on the market after the renovation, Leonthin emphasized that the project was not undertaken as a financial investment. He stated the renovation was driven by a desire to create a home for personal enjoyment, but changing circumstances led to the decision to consider selling.

Source: E24