A slowdown in high-end housing purchases leaves the market awash in lavish condominiums and speculative homes. Now, relative bargains abound.
By Candance Jackson | The Wall Street Journal
There aren’t any 2-for-1 deals or rebates yet, but high-end home sellers across the country are offering discounts as the luxury market softens.
“Buyers are very price sensitive,” says Donna Olshan, a Manhattan-based real-estate agent who publishes a weekly report on the luxury market. “If it’s not priced right it’s going to sit until the cows come home.”
In cities such as New York and Miami, where an unprecedented luxury building boom over the past five years created an abundance of lavish condominiums and speculative homes, the market is in the midst of a full-on slowdown. In other regions, like Southern California, agents say the market is still hot but there’s concern about a potential supply glut on the horizon.
