Meryl Streep discounts her updated midcentury in Hollywood Hills

As homeowners (and their Realtors) in the Greater Los Angeles area can attest, selling a house is as much about timing and pricing as it is about location. Case in point being Meryl Streep, who has discounted her updated midcentury modern home in Hollywood Hills West.

The Academy Award-winning actress had lofty expectations in April, when she listed the Honnold & Rex-designed home for sale at $6.75 million. Since then, however, the 1954 Research House has seen two price adjustments; the latest of which, recorded in the Multiple Listing Service on May 31st, has dropped the ask to $5.25 million.

The home, overlooking Sunset Plaza on more than a third of an acre, was updated by celebrity interior designer Xorin Balbes, who added a range of designer touches while reconfiguring the two-story floor plan. The 3,700-square-feet of living space, designed for both indoor and outdoor living, boasts Italian marble flooring, rough-hewn stone features, skylights, walls of glass and a handsome staircase framed in walnut.

A gourmet kitchen, a living room with a large stone fireplace, and a smartphone-controlled media and security system are among its features. Outdoors, a patio with fire pit, pool and spa sits among tall palms.

Streep, 64, has been nominated for a record 18 Academy Awards, winning three Oscars. She is set to star alongside Jeff Bridges, Katie Holmes and Taylor Swift in the film adaptation of the Louis Lowry novel “The Giver,” which will hit theaters in August.

Property records show that the Research House last sold for $4.5 million in February 2013. Ian L. Brooks of Berkshire Hathaway HomeServices California is the listing agent.

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