Not only is the average housing market dropping prices, million dollar homes are seeing dramatic drops:
* $125 million home was lowered to $60 million
* Nicolas Cage’s $35 million dollar home dropped to $17.5 million
* Alex Rodriquez’s Florida home was listed for $14.8 million, has now dropped to $9.9 million
* Suzanne Somers and Alan Hamel’s home dropped from $34 million to $12.9 million
* Jennifer Lopez’s original listing home price was 8.5 million, later was sold for $6.2 million.
* A 14,000 square foot home with a 3,500-square-foot guesthouse had an asking price of more than $20 million, went down to a listing price of $10.8 million
* A brand new built home on more than two acres of land in Malibu’s Paradise Cove had an asking price of $39.5 million and sold for $17.5
A square foot would cost $2,000, that amount has dropped to approximately $800. For those who are selling their homes because of financial hardship will hurt most in the market. Individuals who have ample amount of resources can afford to wait those extra days, months and sometimes years.
Potential home sellers who try to “test the market” later, end up “chasing the market”. Setting realistic prices is what will sell your home.
The real estate market has changed within the last couple of years homeowners need to acknowledge this or wait until the housing markets works in their
favor.
Over the past few years
* 332 homes over $5 million sold last year (MDA DataQuick)
* 608 properties were sold in 2008
* In 2007 565 homes over $5 million were sold
* Commercial property prices have increased 4.1% from November to December
Contributor, designer & admin for JohnHart Gazette.
