Luxury Home Prices Dropping

August 15, 2008

Even luxury homes are experiencing price reductions in today’s market, making their purchase more feasible for a growing number of buyers. A classic example is Donald Trump’s home, Maison de L’Amitie, in Palm Beach, Florida. The property was listed for $125 million, but was reduced to $100 million. A tentative sale on the property was recently announced by Trump on the Larry King TV show.

While prices are lowering, so too is the inventory of luxury homes being offered for sale. This is partially due to the weakening of the dollar, and its attraction to the growing number of foreign buyers who often seek a luxury home in the U.S. Property owners are not only lowering prices, but are also more flexible in negotiating price and terms. The two most expensive homes in the nation, both listed at $125 million, are located in Beverly Hills, California and Greenwich, Connecticut. Two $100 million homes are located in Lake Tahoe, Nevada and Palm Beach, Florida (Trump’s home). Next in high value homes is a $95 million home in Stamford, Connecticut.

Posted in Real Estate