Sellers of million-dollar homes should prepare to sit tight.
According to data from Reports on Housing, Orange County houses that are listed over $1.25 million make up about a third of the housing stock online yet only 14 percent of demand, Bloomberg reports. The expected time such properties are expected to remain on the market ranges from 113 days up to 427 days at the highest end of the pricing spectrum.
Even big names and historic properties aren’t helping sell the luxurious properties. Take the example of Warren Buffett’s beach house; it has been on the market for over a year asking $11 million.
“For the last few years, it’s all been milk and honey,” Newport Beach agent Bill Cote told Bloomberg, but now the county is facing a growing gap between sellers’ expectations and what buyers are willing to fork out. [Bloomberg]—Erin Hudson