A good time to buy a mansion
Sellers are dropping prices by millions as more high-end homes enter the market
From the June issue: The five most expensive home sales in South Florida within the last year involved hedge fund billionaires, homebuilders, a car salesman, a controversial news executive, a liquor company exec who doubles as a race car champion, and (of course) shadowy corporate entities. Collectively, the transactions amounted to $255 million.
In all but one of those deals, the sellers had to compromise on their listing price by several million dollars. And they aren’t alone. Multimillion-dollar home prices are being slashed by potential sellers in exclusive neighborhoods across most of South Florida as more mansions continue to enter the market.
Christopher Zoller, chairman of the Miami Association of Realtors and a broker associate at EWM International, sees this as a good thing. [more]