More than one in four U.S. homes on the market as of Sept. 1 had seen their prices cut at least once, according to data released today by real estate search Web site Trulia.com. Twenty-six percent of homes on the market had seen their prices cut, up from 25 percent a month earlier. The company said the increase was due to the upcoming expiration of the $8,000 first-time homebuyer tax credit and to sellers’ desire to take advantage of the peak sale season. Home prices were discounted by an average of 10 percent, the same rate as in the previous month.
[more]

A quarter of the homes on the market nationwide had seen at least one
price cut as of the beginning of this month, according to real estate
search Web site Trulia.com. A total of $27.8 billion has been cut from
the prices of active listings, and the size of the price reductions has
increased month-over-month for the past three months, Trulia said. Cuts
have been most common in major metro markets, with 66 percent of the
top 50 markets seeing above average price reductions. Cuts have
averaged 10 percent off the original listing price. TRD [more]

August figures from Trulia.com show that 27 percent of sellers dropped
listed sales prices on homes and condos. The average cut was 15 percent,
representing a $749 million drop in the total value of properties for
sale, the company said. In Broward County, 23 percent of buyers dropped
asking prices by an average of 14 percent. That shaved about $312 million
from total sales value, Trulia.com said. [more]

Home sellers nationwide had cut the prices of their homes by a total of
$27.1 billion as of July 1, real estate data provider Trulia said
today. A quarter of the homes on the market had reduced their prices by
10 percent, on average. Homes listed for more than $1 million saw price
cuts averaging 13 percent. Trulia CEO Pete Flint said these kinds of
price cuts will eventually stabilize the market, but that stabilization
could take some time. The Trulia data does not include foreclosed
homes. [more]

Corcoran to market Landmark: The Corcoran Group has been named the exclusive sales and marketing
agent for the Landmark in Palm Beach Gardens. The building is nearly 70
percent sold, according to a press release, with move-ins slated to
begin this summer. The developer previously handled the building’s
sales and marketing. The two- and three-bedroom units range in price
from $299,000 to more than $1 million. Amenities include valet parking,
swimming pool and fitness center. TRD [more]

Bogged down by pricing that remains out of sync with plunging property
values and buyers expecting great deals, the $1 million-plus luxury
market in South Florida moves at a trickle compared to lower priced
homes. Even realistically priced but expensive homes sit on the market for
twice as long as homes in the $300,000 and under range, due mostly to
the battering of the stock market and sagging economy — and topped off
by a tough financing climate. Together, that’s taken plenty of
prospective buyers out of the equation. One doesn’t have to look far to find examples of luxury homes that
aren’t selling. A 10,000-square-foot Intracoastal home in Boca Raton
has been on the market for two years. The seller dropped the price
several times — from $12 million to $7.1 million. [more]

Delray Beach downtown development to begin: Work on the first phase of redevelopment for two blocks in downtown
Delray Beach, adjacent to Veteran’s Park at Atlantic Avenue and Federal
Highway, is set to begin this summer. The $325 million project,
Atlantic Plaza II, will include retail, residential and Class A office
space, according to a press release. Infrastructure work is expected to
take about 18 months, and the development will be completed in three
phases over five to seven years. TRD [more]