Luxury sellers aren’t going to like this

John Legend And Chrissy Teigen Manhattan condo

REALTORMag

More high-end home sellers across the country are being forced to offer discounts as the luxury real estate market shows signs of softening, The Wall Street Journal reports.

“Buyers are very price sensitive,” says Donna Olshan, a real estate professional based in Manhattan. “If it’s not priced right it’s going to sit until the cows come home.”

Real estate pros and sellers in the luxury market are having to adjust their expectations. In the third quarter of 2016, the median asking price for homes in the top 5 percent of listings reached $1.2 million, an 18 percent increase from a year ago, according to realtor.com® market data. The actual sales prices in that luxury segment, however, only rose by 3 percent during that period.

Continued:

Share this!

Additional Articles

News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.