The Real Deal Miami

Prices drop for high-end homes

September 23, 2009 02:03PM

While recent data from the Federal Housing Finance Agency shows mainstream home prices are rising, many brokers say steep discounts can still be found among higher-end homes. In higher cost areas like the Upper East Side and Greenwich, Conn., homes are seeing drastic cuts, according to real estate Web site On the Upper East Side, at least 40 percent of the homes have been slashed by an average of 18 percent, Trulia found. While homes over $2 million only account for 2 percent of the properties listed on the Web site, they represent 25 percent of all home price reductions. “In Greenwich, the $8 million homes are selling for $6 million, and the $10 millions are selling for $8 million. When you do the math, it looks like an adjustment of 20 to 30 percent,” Eric Bjork, vice president and director of sales at Prudential Connecticut Realty, said.