Buyers willing to dish out big bucks for properties priced at more than $20 million are also primed to receive the biggest discounts.
Sellers with properties priced at the top tier often walk away with far less than their asking prices, the Wall Street Journal reported, in a pricing game where the priciest pads wind up doling out major discounts thanks to a lack of comparable properties.
Only 210 homes listed for more than $20 million sold above that price point since January 2008, according to an analysis by Zillow.
In New York, where such homes typically begin with a list price of $25.9 million, 47 percent of properties listed above the $20 million mark undergo at least one price change and remain on the market for an average of 316 days. [WSJ] – Kerry Barger