Luxury Homes Are Slow Sellers In Today’s Market

November 13, 2009

The inventory of unsold upper-end homes is rising. Many of these pricey properties are in or close to foreclosure. Even more are "underwater" with their mortgage and owners are trying to negotiate a "short sale" agreement with their lender.

There are about 320 luxury homes on the market for prices over $20 million, according to results of a survey by Ultimate Homes. In the year since the economic crisis began, sales of these homes have all but stalled, even as the bottom of the housing market is showing some life, the report noted. Very few of $50 million-plus homes sell even in the best of times, it was reported in a Business Week feature. The last major trophy home to sell was Donald Trump’s 60,000-square-foot Palm Beach mansion. It sold to a Russian tycoon for about $95 million.

Posted in Real Estate